Established in 1986 to foster and encourage excellence in science and mathematics, Goldwater Scholarships provide opportunities for American undergraduate students with excellent academic records and outstanding potential who are studying in the fields of mathematics, engineering and the natural sciences as preparation for careers in these areas.Up to 300 awards (for college juniors or seniors) are made on the basis of merit.Each grant covers expenses, up to a maximum of $7,500 per year for one or two years.