The Elks National Foundation will award 500 four-year scholarships to the highest-rated applicants in the competition. Male and female students compete separately. Most Valuable Student scholarships are for students pursuing a four-year degree on a full-time basis (minimum of 12 semester hours) in a U.S. college or university. All scholarships are in the form of certificates of award conditional upon the full-time enrollment of the winner in an accredited U.S. college or university.
The top 20 scholars will interview with the national judges. These 20 finalists will be vying for two first-place awards of $50,000; two second-place awards of $40,000; and two third-place awards of $30,000. The remaining 14 finalists will receive awards of $20,000. The 480 runners-up will receive fifth-place scholarships of $4,000. The Chicago office of the Elks National Foundation announced the 500 national winners in April. (Many local lodges, districts and state Elks associations award their own scholarships through this program. These scholarships are not to be confused with the 500 Elks National Foundation Most Valuable Student Scholarships.)