Two, $1000 scholarships to be awarded to applicants from Prospect who will be attending an accredited post-secondary college or university. One award is based upon merit without consideration of financial need. One award is based upon merit and financial need. The Prospect Scholarship Foundation, Inc. ( PSF ) determines its awards for both scholarships based on a combination of academic achievement, character, demonstrated leadership, community service, and participation in school activities. Financial need is a consideration for one of the scholarships.