"I've been so blessed, and it makes me proud do give back, especially to my hometown," Dean said in a statement.
Known primarily for his breakfast sausage, Dean also dabbled in country music with his band, the Texas Wildcats. Dean, who starred in "The Jimmy Dean Show" from 1963 to 1966, made the donation along with his wife, Donna Meade.
Wayland Baptist has about 1,000 students and is located about 290 miles west of Dallas.