Most scholarships are awarded on the basis of academic achievement and financial need. Honors Program and some athletic scholarships are awarded based solely on individual criteria such as academic standing or athletic performance.

It should be noted that the selection criteria for the awards vary significantly. Among the factors which may impact upon a student's eligibility are: major course of study, quality point average, SAT scores, class rank, athletic prowess, recommendations of professors and teachers, and in some cases, geographic area.