The scholarship shall be awarded to a sophomore or junior collegian member of Alpha Theta/University of Texas-Austin who will pursue an undergraduate degree during the academic year for which the scholarship is awarded. Should no applicants meet the criteria in #1, the scholarship shall be awarded to any collegian or alumna member of the Fraternity who will pursue an undergraduate or graduate degree during the academic year for which the scholarship is awarded. In the event Alpha Theta is disestablished and ceases to exist, unless and until Alpha Theta is reestablished, the scholarship shall be awarded to a collegian or alumna member of Alpha Theta who is qualified under the Foundation's then current general scholarship criteria. Should no members of Alpha Theta qualify, the scholarship shall be awarded to any collegian or alumna member of the Fraternity who is qualified under the Foundation's then current scholarship criteria. To be eligible for Theta Foundation scholarships, you must be a college or alumna member of Kappa Alpha Theta in good standing with the Fraternity.