Established in 2000, Presidential Scholarships recognize National Merit Finalists, National Merit Semifinalists, and National Achievement Finalists. The scholarships are for four years, guaranteed, and are available to entering freshmen who designate UT as their first-choice college with the National Merit Corporation by the National Merit deadline. Students must be admitted to UT by February 1.
Initial award amounts were a total scholarship package of $8,000 per year for National Merit or Achievement Finalists, and $4,000 a year for National Merit Semifinalists with a minimum ACT of 26. In 2007 the availability of the scholarships was extended to Tennessee residents transferring from Tennessee community colleges who met the original requirements for first-year students.