Phi Sigma Iota Foreign Language National Honor Society, Inc. offers a competitive scholarship program for collegiate and alumni/professional members. The members of the Scholarship Committee will determine the number and amount of the awards based on the strength of the applications.

All scholarship applications are due by March 30, 2025.   Award notification will be announced before April 30, 2025.

The first scholarship was established in 1939 in memory of the founder and first National President, Dr. Church.

In 1970, another scholarship was established in memory of Dr. Anthony S. Corbiere, who for nearly thirty years was National Historian, Editor of the Newsletter, and Executive Secretary of Phi Sigma Iota Foreign Language National Honor Society, Inc.

In 2000, two additional named scholarships were inaugurated, one to honor Dr. Cleon Capsus, professor of Spanish and Portuguese at the University of South Florida, and one to honor the years of devoted work on behalf of PSI by former National President Dr. Santiago Vilas.

The Dr. Marie-France Hilgar Scholarship was established to honor former President Dr. Hilgar.

In September 2015, the Phi Sigma Iota Foreign Language National Honor Society, Inc. Executive Committee members voted to establish a scholarship to honor the memory of Dorothy I. Mitstifer, former President of the Association of College Honor Societies (ACHS), for her dedication in promoting high standards for all honor societies, as well as her instrumental stewardship of, and invaluable counsel to Phi Sigma Iota Foreign Language National Honor Society, Inc. during a difficult period of transition.