The Mildred S. Bunton and Calvin Waller Undergraduate Fellows Scholarship seeks to enhance the diversity of undergraduate representation at the Pennsylvania State University. Bunton-Waller Fellows must enroll at the University Park campus and live in Pennypacker Hall during their first academic year in order to receive the scholarship.

The Bunton-Waller Fellows Scholarship is inclusive of all students who have demonstrated academic potential and are eligible to attend Penn State. The scholarship offers full in-state tuition, room and board to Commonwealth of Pennsylvania residents, and out of state tuition to non-resident freshmen, resulting in a student body that more closely reflects the cultural, racial, and ethnic diversity in Pennsylvania and the nation.