A retired teacher who donated all his life savings of about 500,000 yuan ($77,150) to help impoverished students in North China's Hebei province died on Wednesday, Hebei Daily reported.

Fang Guifu was born in 1922. He had been working in Cangzhou Technical College since 1958.

He was deaf due to previous illness.

He never married and had been living a frugal life.

In 2014, he made a will to donate his savings of more than 300,000 yuan to help poor students. "I'm 92 years old and I guess I won't live for a long time. I want my ashes to be scattered in the Beijing-Hangzhou Grand Canal. I have more than 300,000 yuan savings and I'd like to use it to help poor students," the will says.

He then put his will and his 73 deposit books at the college's bureau of retired teachers.

The college organized a donation ceremony on Dec 18, 2014, to accomplish his wish. When asked about how long has he saved the money, he wrote, "half of my life."

Ten days later, when students and teachers of the college went to visit him and express their gratitude, Fang took out another 12 deposit books. The college refused to accept his money, saying that he might need it if he falls ill one day. He wrote on the paper: "Don't worry. My medical bills will be covered by the college. And I have kept 9,400 yuan for myself. That's enough."

In April 2015, the college set up the Fang Guifu scholarship with his money to aid poor students. He donated another 100,000 yuan in the following years.

By 2016, more than 50 students had benefitted from the scholarship.

When asked about his purpose of donation, he wrote "Money should be used for good. I have to do this before I die."