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In 1957 the UWFA initiated a scholarship fund and in 1958-59 began the tradition of awarding at least one full-tuition scholarship a year to a student at the University.  Through the years, numerous and varied projects undertaken to raise funds for these awards have included Bridge Parties, International Nights featuring foreign foods and entertainment, Faculty Follies spotlighting faculty talent as well as evening dessert and theater parties.  Later the cookbook Cooking With All Your Faculties was compiled, published and successfully marketed.

Through continued membership donations, gifts and, since the mid-80's, at which point the Visiting Faculty Housing Service (VFHS) came into existence and to which considerable donations have been made, there has been provision for at least three full-tuition awards each year.  Since the first awards (when annual tuition was $213) to fifty some years later (when tuition has exceeded $5300), UW students have been the recipients of more than 100 full-tuition scholarships.