In 1989 the Iron Arrow Honor Society gave birth to a new tradition at the University of Miami. The purpose of this award is to recognize an outstanding sophomore student who demonstrates leadership, scholarship, and service to the University of Miami. Moreover, even though it is not a specific requirement for selection, financial need is considered when selecting a candidate. Likewise, it was the hope that these young student leaders would be recognized early in their careers, so that they could serve as role models for their contemporaries. Each year, early in the spring semester, full-time sophomore students and faculty members are advised of the scholarship.
Students can either apply directly for the award, or they can be nominated by another individual.
By mid-spring, a volunteer group of Iron Arrow members reviews the applications of all interested students, and unanimously selects an appropriate candidate based on the aforementioned criteria.