On September 23, 1948, at which time Mr. Charles A. Fry was President of the Marshall Rotary Club, this loan scholarship fund was converted to a grant scholarship called the Rotary Student Scholarship Fund, in which the money was given to Marshall High Schooll graduates as a scholarship to encourage and assist their college education.
One of the primary donors to this fund was Mrs. Frank Davis. She was primarily interested in this Student Scholar­ship Fund because her husband, Mr. Frank Davis PDG 1932-33, was a big supporter of the student loan program and had an extra-­ordinary part in keeping this student loan program alive. Mrs. Davis’ family was the primary donor to this fund, and it was and has been a success because of the Davis Family.
As stated earlier this fund reached an amount of about $6,000 but the fund having been been invested wisely since then, coupled with contributions over the years from Rotarians, has grown to a point now where the income from the principal covers the scholarships that the Marshall Rotary Club gives away each year.
A select committee chooses the recipients of the Rotary Scholarships each year. The applications are carefully reviewed, and recipients are chosen by the committee. It is not any easy job to select so few from so many excellent applicants.
 As with the Student Loan Fund, the grants have had some notable successes as well; one of the most famous being Bill Moyer.