In 1987 the Town of Southborough established the Scholarship Fund. All Southborough residents planning post-secondary undergraduate study, as well as those presently in a post secondary
undergraduate program, are eligible to apply for these scholarships. The Southborough Town Scholarship takes into consideration academics, financial need, extracurricular activities, work and volunteer experiences, as well as written expression.
In 1999, the Southborough Youth Gymnastics Association (SYGA) established the Carroll Harris Memorial Scholarship. It is given to a student who participates in gymnastics, or who plans to major in physical education, recreation or education, or who has demonstrated active participation in a town recreation program.
In 2011 the Capital Group Academic Scholarships were established to be awarded to two town of Southborough students. This scholarship awards students with the highest academic standing of all applicants. This scholarship uses the same criteria as the Town Scholarship. The Carroll Harris Memorial Scholarship uses the same criteria, but the applicant must have participated in gymnastics, or plan to major in physical education or recreation, or have demonstrated active participation in a town recreation program.