The Macy's Foundation announced a new scholarship program in 2006 that awards a total of 54 $1,000 scholarships per year to high school seniors who are children of full- or part-time Macy's, Inc. employees – or who are employees themselves.

The program is administered by the National Merit Scholarship Corporation (NMSC), and the scholarships are awarded for four years at $1,000 per year. Scholarships are awarded based on academic records, test scores, leadership and a record of significant extracurricular activities, as well as recommendations from the applicant's high school.

Following the NMSC's application and review process, the first scholarships will be awarded to the high school graduating class of 2008.