In August 2017, a scholarship fund for Residence Scholars was established by former participants in the program. Recipients are undergraduate students at Indiana University who have a minimum GPA of 3.0 on a 4.0 scale, are in need of financial assistance, and are residents and members of the Residence Scholars Program or similar co-op program. Preference is given to students who are in the first generation of their family to attend college and who hold an Indiana high school diploma. The Scholarship may be renewed, provided the recipients are returning residents and members of the Residence Scholars Program or similar co-op program.