"We decided that as Akaitcho Territory we would split that in five ways," said Raymond Beaver, sub-chief of the Salt River First Nation in Fort Smith.
The money will be used exclusively for counselling and tutoring, said Beaver.
"Hopefully students will recognize the dedication of their leadership and this effort will encourage the students to stay in school," Darrell Beaulieu, Yellowknives Dene First Nation chief said in a press release.
Surplus funds in the Akaitcho Territory Government made the donation possible, said Beaver.
The money will be delivered in time for the new school year.