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.