Fergus Falls Area Dollars for Scholars was established in 1991 with encouragement and contributions from numerous alumni and area businesses. Scholarships have been awarded each year since 1992.

Dollars for Scholars supporters who have contributed $10,000 or more are recognized for their generosity with named scholarships that are awarded annually. Donors are recognized on three levels, Legacy, Heritage and Scholar. 

The Dollars for Scholars criteria that are used to award many scholarships include a student's work experience; community, school and church activities; a recommendation from a school official; and academics, including SAT or ACT college entrance exam scores and grade point average.

Graduating seniors attending Fergus Falls Public Schools-including IQ Academy and ALC, Hillcrest Lutheran Academy, excluding dorm students and Homeschooled students who live in and are registered within District #544 are eligible for Fergus Falls Area Dollars for Scholars scholarships.  The only exception is that Fergus Falls Public Schools students attending IQ Academy MN must live within the boundary of Independent School District No. 544 in the state of Minnesota.