Hinman was also a fervent supporter of the nascent university and raised over $63,000 from the sale of the perpetual scholarships. These scholarships, purchased in four installments of $25, entitled the purchaser and his male heirs (after the university became coeducational, female heirs were also recognized) to free tuition in perpetuity and were sold until 1867. The university also sold less-expensive limited term "transferable" scholarships guaranteeing a certain number of years of free tuition. While Northwestern still recognizes the scholarship, only one family member per generation is entitled to the scholarship and it must be specifically bequeathed to a descendant. Hinman's untimely death in October 1854 resulted in the "ad interim" appointment of Professor Henry S. Noyes as president until the 1856 election of Daniel Bonbright, a Professor of Latin, and 1857 election of Randolph S. Foster, a Professor of Theology. Noyes would also succeed Foster, and again serve as president between 1860 and 1869.