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In 1984, the Alumni Association established its first scholarship program. This annual scholarship was awarded to a student within a particular college. The colleges would rotate the Alumni Association Scholarship so that every tenth year, it would be awarded to the same college.

Eventually, the guidelines stated the Alumni Association would permanently endow one scholarship per college. In 2000, the Association was proud to complete that early goal. Ten endowed scholarships of $500 per academic year ($250 each fall and spring semester) were created: one for each of the nine colleges and one for an Association of Future Alumni member.

In 2008, the Alumni Association was able to increase its contribution and thereby increase its award level for these scholarships to $1,000 per academic year ($500 per fall and spring semester). In 2014, the contribution was increased to $2,000 per academic year ($1000 per fall and spring semester).

Funding for these scholarships comes from restricted scholarship gifts to the Alumni Association through the Alumni Loyalty Fund and other sources.