Held on Monday night, April 30, at the Grand Hyatt hotel adjacent to a Grand Central - glamorous in its own right - present and past students like Parsons alum Donna Karan mingled with Tim Gunn, Parson's Honorary Fashion Chair, New York mayor Michael Bloomberg and other fashion elite that included Oscar de la Renta, Diane von Furstenberg, and Kate and Andy Spade. The benefit raised a record $3.4 million for scholarships and academic programs.

But it was the presence of former president Bill Clinton, who introduced presenter Oscar de la Renta, that solidified just how high profile fashion education in America has become.

"Oscar de la Renta is a man who has been faithful to his roots," said Clinton. "I know him by the schools he's built for the children [in the Dominican Republic]. And he's a wonderfully committed card player!"

"He's the best, the best player," responded de la Renta when he stepped up to the podium to introduce Susan Kronick, Vice Chairman of Federated Department Stores, the evening's honoree. "But as great a man as he is, I am the one who is going to dress the next president of the United States," he joked, referring to Hilary Clinton?s bid for president.

Only one other person at the benefit could outshine even a former president and famous designer ? educator Tim Gunn, who after 25 years at Parsons was recently named chief creative officer of Liz Claiborne Inc. In honor of Gunn, the company announced a $350,000 gift to Parsons The New School for Design for the establishment of a scholarship fund.

"It's bittersweet," said Gunn of his exit. "But I am so thrilled and exhilarated to be in this new environment with these incredible people, and I'm on this huge learning curve, speaking of education, and I'm loving of every second of it."

Bravo's "Project Runway," the show that introduced him and the school to the mainstream, has inspired ever-increasing design hopefuls. In the past five years, applications to the school have "strongly increased," said Parsons spokesperson Deborah Kirschner, and continue to rise.

"Parsons fits in to what's great about New York, and what the future of New York is ? industry that requires intellectual capital. The fashion industry is a good example of that, it's all intellectual capital," Mayor Bloomberg told FWD before the show.

In the cutthroat fashion industry, the unfortunate reality is that not all of the 187 students in the Parsons undergraduate class, - already one of the most elite fashion schools in the country - will make it. Even out of those students, only 26 of the top thesis collections were selected for the benefit's runway show.

Top honors went to Boaz Eli and Michelle Ochs for Womenswear Designer of the Year, while Soo Mok was named Menswear Designer of the Year.