The only eligibility requirements are that the applicant be enrolled, for the academic year following the award, in a degree program in an accredited American institute of post-secondary education, and be a resident of the area of a participating local group of American Mensa. For the general awards, the applicant need not be a member of Mensa nor qualified for Mensa, and the general awards are unrestricted as to age, race, gender, level of post-secondary education and financial need.

Awards will be made on the basis of an essay of fewer than 550 words, which describes the applicant's career, vocational, or academic goal toward which the scholarship is to provide aid. Entries will be judged and awarded at three levels: local, regional, and national. Awards are made in amounts ranging from $500 to $7000.