The Iota Phi Theta Fraternity Scholarship Foundation Award is a merit-based scholarship presented to undergraduate students at HBCUs and other institutions who exemplify the Fraternity’s founding principles of scholarship, leadership, citizenship, fidelity, and brotherhood. Founded in 1963 at Morgan State University, Iota Phi Theta is one of the National Pan-Hellenic Council’s most distinguished fraternities. Applicants are evaluated on their GPA, community involvement, and a personal essay.