The Barry M. Goldwater Scholarship and Excellence in Education Program was authorized by the United States Congress in 1986 to honor Senator Barry M. Goldwater, who served his country for 56 years as a soldier and statesman, including 30 years of service in the U.S Senate. The purpose of the Barry M. Goldwater Scholarship and Excellence in Education Foundation is to alleviate a critical current and future shortage of highly qualified scientists, mathematicians and engineers. The Scholarship Program was created to encourage outstanding students to pursue careers in mathematics, the natural sciences, or engineering and to foster excellence in those fields. The Foundation will award approximately 300 scholarships to outstanding students. Columbia can nominate a maximum of 4 students per year. The awards will be made on the basis of merit to two groups of students—those who will be college juniors and those who will be college seniors in the 2009-2010 academic year.

Each scholarship covers eligible expenses for undergraduate tuition, fees, books, and room and board, up to a maximum of $7,500 annually. Scholarship monies not used during one academic year are not transferable to the succeeding academic year. Junior-level scholarship recipients are eligible for a maximum of two years of scholarship support, and senior-level scholarship recipients are eligible for a maximum of one year of scholarship support. Scholars may opt to study abroad, but their Goldwater funding will be based on their U.S. institution's budget.