The Presidential Fellowship is a competitive scholarship covering tuition, on-campus housing (double occupancy), and a meal plan. It is renewable for up to four years.

Murray State offers several Academic Achievement Scholarships based on GPA and, for some awards, ACT/SAT scores. Awards range from $1,000 to $10,000 annually. The minimum GPA required is 2.75. Scholarships are renewable for up to four consecutive years if renewal requirements are met. Scholarships include: Trustee Scholarship: Requires a GPA of 4.00–3.80 and ACT 33+ or SAT 1450+ ($10,000 award). Regents Scholarship: Requires a GPA of 4.00–3.80 and ACT 28–32 or SAT 1300–1440 ($8,000 award). Provost Scholarship: Requires a GPA of 4.00–3.80 (no test scores required, $5,000 award). Additional scholarships, such as Carr, University, Deans, and Opportunity Scholarships, are available for GPAs between 2.75 and 3.79, with awards ranging from $1,000 to $4,000.