The $500 scholarships are all one-time awards. Class of 2023 winners of $500 awards need to access their scholarships by October 1, 2024. The $40,000 awards will be disbursed in installments based on what's most advantageous to the student. Winners of $40,000 must use their funds for undergraduate studies. Winners of $40,000 will forfeit any unused funds after October 1, 2029.