The Shipman Scholarship is a merit-based scholarship for incoming U-M students that show high academic achievement, leadership abilities, and exceptional talent in the arts and sciences. There is no application process. Each year, 32 incoming U-M students are invited to come to campus for consideration for the scholarship. The College of LSA nominates approximately 16 students each year based on their admissions application. All early action admitted LSA students are considered for this scholarship.

Students that receive the full Shipman Scholarship and are Michigan residents are awarded $20,000/year for four years or completion of their undergraduate degree program, whichever comes first. Students that come from out of state and receive the full Shipman Scholarship are awarded $30,000/year.

Students that are invited to campus as Shipman nominees but are not selected for the full Shipman Scholarship receive a Shipman Scholarship award of $15,000/year as in-state students or $25,000/year as out-of-state students.

Students that receive either of the two awards and choose to attend Michigan are considered to be members of the Shipman Society.