The Episcopal Actors' Guild's Scholarships Program was established in 1968 to recognize excellence in those studying the performing arts. In 2004, the program was named in honor of EAG member, benefactor and actor Mr. Thomas Barbour.
Currently, EAG awards six annual scholarships. Five of these are given to students at the American Academy of Dramatic Arts in New York. The sixth, The George C. Scott Memorial Scholarship, is presented to a student studying Theatre Arts at the University of Missouri. Additionally, The Claire Strakosch Scholarship, currently endowed by the Margaret G. Plumb Irrevocable Trust, is given periodically to students in theatre programs.