The first Phi Delta Theta Foundation scholarships were awarded in August, 1962, at the General Convention in Bedford Springs, Pennsylvania, when checks for $500 were presented to two outstanding undergraduate Phis: David Hakman of California Alpha at the University of California and James Gross of Ohio Zeta at Ohio State University. The third and fourth scholarships were awarded at the officers conference in August to Fred Favor of Arkansas Alpha at the University of Arkansas, and William McCarty of Pennsylvania Epsilon Dickinson College.

Today the Phi Delta Theta Foundation annually awards more than 400 scholarships and fellowships totaling nearly $600,000.