The goal of GMS is to promote academic excellence and to provide an opportunity for outstanding minority students with significant financial need to reach their highest potential by:

• Reducing financial barriers for African American, American Indian/Alaska Native, Asian Pacific Islander American and Hispanic American students with high academic and leadership promise who have significant financial need;
• Increasing the representation of these target groups in the disciplines of computer science, education, engineering, library science, mathematics, public health and the sciences, where these groups are severely underrepresented;
• Developing a diversified cadre of future leaders for America by facilitating successful completion of bachelor's, master's and doctoral degrees; and
• Providing seamless support from undergraduate through doctoral programs, for students selected as Gates Millennium Scholars entering target disciplines.

The Gates Millennium Scholars Program, established in 1999, was initially funded by a $1 billion grant from the Bill & Melinda Gates Foundation. 

The GMS Scholarship Award Provides:

• Support for the cost of education by covering unmet need and self-help aid;

• Renewable awards for Gates Millennium Scholars maintaining satisfactory academic progress;

• Graduate school funding for continuing Gates Millennium Scholars in the areas of computer science, education, engineering, library science, mathematics, public health or science;

• Leadership development programs with distinctive personal, academic and professional growth opportunities.