A Massachusetts Institute of Technology (MIT) scholarship, set up by funds raised by the MIT club of Singapore, annually gives out cash prizes to two students – one from SMU and the other from SUTD – pursuing science, economics or engineering degrees. The SMU student receives $2,000, while the SUTD student receives $1,500. The aim of these awards is to raise the profile of MIT among undergraduates in Singapore. The cash prize may be extended in the future to include NUS and NTU students.