What would you do if you pocketed more than $600 million for selling your headphone company?

If you're Dr. Dre and Jimmy Iovine you start up a college. The Beats Audio duo have donated $70 million to the University of Southern California to fund what is being called the "USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation."

Of course, Andre Young is Dre's real name.

The four year program's inaugural class is already half way through their first semester. About 30 students will be admitted a year, and will be taught a curriculum that includes courses in computer science, audio production, graphic design and other creative endeavors. The goal of the program is to prepare students for the rapidly changing music industry.

According to one of the program's freshmen, Arjun Mehta, the two founders are more than just the acedemy's money men.

"We see Jimmy and Dre, as we affectionately like to call them, from time to time," Mehta told Hypertrak. "In late August, we went on a 'field trip' to Jimmy’s home for a backyard BBQ where we met with him, Dr. Dre, will.i.am, and others. Two weeks ago, Jimmy visited our on-campus works pace and checked out some of the class projects we've been working on."