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The Wings Club Foundation Scholarship Fund was established to encourage education in aviation and aerospace. The fund helps today's students become tomorrow's leaders.  Its objective is to foster educational opportunities for individuals pursuing an education in the field of aviation through making grants to educational institutions for the establishment of student grants and loans.

Each year at the Wings Club Foundation Annual Awards Gala in October, scholarships are awarded to one student from each of the schools participating in the Wings Club Scholarship Fund program.

Current participating schools are Auburn University, Embry-Riddle Aeronautical University, Massachusetts Institute of Technology, Purdue University, Tuskegee University, University of Texas at Austin and Vaughn College of Aeronautics and Technology.