"The award will serve as a dedicated university-based fund for each selected student throughout the duration of the student's enrollment. ... Qualified students must demonstrate academic excellence and show financial needs that would make it hard for them to enter a college or university for the academic year 2018-2019," the release said.
The Shawn Carter Foundation, founded as a public charity in 2003 by Jay-Z and his mother, Gloria Carter, bears the rapper’s birth name. It has awarded more than $4 million to youth and communities through programs that include scholarships, college prep and professional development.
Related: Beyoncé launches 'Formation' scholarship for college women
This is the third scholarship awarded by BeyGOOD. The first, awarded for the 2017-2018 academic year, was the Formation Scholars award. It was awarded to four women studying creative arts, music, literature or African-American studies at Berklee College of Music, Howard University, Parsons School of Design and Spelman College.
Related: Beyoncé, Google announce more HBCU scholarships
The Homecoming Scholars Award Program was announced for the 2018-2019 academic year. It awarded $25,000 each to Tuskegee University in Tuskegee, Alabama; Bethune-Cookman University in Daytona Beach, Florida; Xavier University of Louisiana in New Orleans; and Wilberforce University in Wilberforce, Ohio, for studies. The scholarships were matched by Google to create a $50,000 scholarship at each school.