The Department of Economics offers a number of scholarship opportunities and awards to outstanding undergraduate students. These scholarships and awards are made possible through generous contributions by alumni and friends. Follow the links provided below for detailed information and application forms.

Economics majors with a minimum of 45 hours of academic credit at the time of application are eligible to apply. Applicants should demonstrate strong academic achievement as evidenced by a cumulative grade point average of at least 3.0 on a 4.0 scale along with demonstration of financial need.

Dr. John Chizmar and Dr. Anthongy Ostrosky Undergraduate Scholarship

This scholarship was established to honor the exemplary careers of Dr. John (Jack) Chizmar and Dr. Anthony (Tony) Ostrosky as professors in the Department of Economics at Illinois State University.

Application Form

Application Deadline: March 28, 2018

Ron Ulmer Endowed Scholarship in Economics

Ron Ulmer writes, “The objective of the Ron Ulmer Scholarship is to provide students who may have only average grades and a passion for learning Economics the opportunity to receive a degree in Economics. Economics affords one the ability to have various great careers as well as make better decisions in all areas of life. When I was an instructor I always appreciated average students who had passion for learning and the willingness to work harder and put in more study time than the top students who with moderate effort could earn an A or B in most classes. I relate to the fighters and scrappers and ‘late bloomers’ in life, having been one.”

Applicants should be undergraduate economics majors who have 1) completed at least 2 semesters at ISU and demonstrated academic achievement, as evidenced by a cumulative GPA of at least 2.2 on a 4.0 scale, or 2) transferred to ISU with a cumulative GPA of at least 2.2 on a 4.0 scale in academic coursework at their previous institution. Recipients should also have demonstrated financial need.

Application Form

Application Deadline: March 28, 2018

Scott M. Elliot Undergraduate Scholarships

Established in 2007 to provide support to a student in economics who has exhibited academic excellence. Economics majors with at least 75 hours of academic credit at the time of application. Applicants must also be enrolled for at least one semester following the semester in which they apply for the award. For instance, if a student applies in Spring 2013, s/he is eligible for this award even if they plan to graduate in December 2013. Preference will be given to applicants that have established an outstanding academic record.

Application Form

Application Deadline: March 28, 2018

F. Russell Glasener - Economics Advisory Board Scholarships

All undergraduate economics majors with between 75 and 90 hours of academic credit at the time of application are eligible to apply. Preference will be given to applicants with a strong academic record. In addition, established financial need will be viewed favorably.

Application Form

Application Deadline: March 28, 2018

Undergraduate Research Award for Best Capstone Paper

This award program was established to promote and recognize the scholarly contributions of undergraduate students and their faculty advisors to the field of economics. All undergraduate capstone projects completed during the Fall/Spring academic year are eligible for consideration.

Faculty submissions on behalf of students will be evaluated based on (1) nature, relevance and importance of the questions addressed in the project; (2) appropriateness of methods used; and (3) overall organization, readability and clarity of the paper.

Application Form

Application Deadline: March 28, 2018

Omicron Delta Epsilon Honor Society

Applying for Omicron Delta Epsilon Membership

To become a member of Omicron Delta Epsilon, you must apply for membership through the chapter at your school, and you must fulfill the eligibility requirements set out below. The minimum requirements for admission for undergraduates are:

  1. completion of 12 semester hours of economics courses; and
  2. attainment of at least a “B” average in economics courses and an overall “B” average in all classes.

Students do not have to be economics majors, but must have a genuine interest in economics in addition to meeting the above requirements.

Graduate students in Economics are judged solely on their graduate work. They must have completed one semester of full time work, with attainment of a “B” or better average.

The Economics department is currently in the process reactivating its chapter of ODE. Please email Dr. Adrienne Ohler for more information.

About Omicron Delta Epsilon

Omicron Delta Epsilon (ODE) is one of the world’s largest academic honor societies. The objectives of Omicron Delta Epsilon are recognition of scholastic attainment and the honoring of outstanding achievements in economics; the establishment of closer ties between students and faculty in economics within colleges and universities, and among colleges and universities; the publication of its official journal, The American Economist, and sponsoring of panels at professional meetings as well as the Irving Fisher and Frank W. Taussig competitions.

Currently, Omicron Delta Epsilon has 578 chapters located in the United States, Canada, Australia, the United Kingdom, Mexico, Puerto Rico, South Africa, Egypt, France, and United Arab Emirates. With such a broad, international base, chapter activities vary widely, ranging from invited speakers, group discussions, dinners, meetings, etc., to special projects such as review sessions and tutoring for students in economics.

Omicron Delta Epsilon plays a prominent role in the annual Honors Day celebrations at many colleges and universities. For more information on ODE, go to

Graduating with Honors

Candidates for honors in Economics must fulfill the general requirements for participation in the University Honors Program and must be Economics majors with a grade point average of 3.30 overall and 3.75 or higher in Economics courses. Students will be expected to complete 6 hours of course work designated as honors course work within the Department of Economics. These could include ECO 105 honors and in-course honors at the 200- or 300-level. The in-course honors requires individual negotiation with the faculty member teaching the course. In addition, the achievement of honors requires the writing of a substantial original paper. The student will enroll in Independent Honors Study, ECO 299, for 3 hours credit and will receive help from an assigned faculty member. At the end of the semester the student will make an oral presentation of the paper to a meeting of Department faculty and students. One copy of the original paper will be kept in the Department office and be available for inspection. Honors credit will show on the official transcript and will be stated on the diploma.