The scholarship component is designed to have Sigma grow its impact in the area of assisting with the cost of education at both the high school and college levels through the awarding of scholarships at both levels.

Chapters are tasked with raising money in various ways, as per chapter decision, to award these scholarships. The local scholarships will go to high school and/or college students using criteria set by the chapter, and it is requested that Alumni Chapters target high school seniors and college students, and Collegiate Chapters target middle school and high school students.