Every year in April – May, announcement is published in local newspapers in the districts inviting applications from needy students for free scholarship.
Free Scholarship :
Students of schools and colleges in India are awarded free scholarship from  standard 5 at school level  up to the Degree / graduate level for studies anywhere in India. Freeship is granted only to needy and deserving students of Saraswat community, whose parents are unable to fully meet student’s expenses on education. The League presently DO NOT give free scholarship to post graduate courses ( M.A., M.Sc./ MCA etc )
On request, application form is sent by post. It may also be collected from the League’s office. Filled in application form along with the supporting enclosures must reach the Leagues office  by the due date as stated in the form, only by post / by hand delivery. The form is revised each year as necessary.
During the year 2014 -15 the League has disbursed free scholarship of Rs 53.20 lacs among 4051 students. Bulk of this went to about 2320 school students in villages and towns at Rs. 1,000 per head per annum.). Of the total,  2268 were girl students .
The League has a scheme of giving preferential treatment to girl students in one or more categories depending on funds availability and without creating a precedent, at the sole discretion of the Managing Committee. This scheme is intended to encourage the girl students to continue education.
Free scholarship scheme is presently the main activity of the League.
Loan  Scholarship for professional  courses in India  :
This scheme introduced in 1956 and functioned till 1986. It was discontinued due to poor repayment from beneficiaries.
Foreign Loan Scholarship :
Foreign loan scholarship was instituted in the year 1982. Since then over 100 students have been benefited  by the scheme. The per student grant of loan was Rs. 5,000 in 1982 which was increased over the years and presently it is Rs. 1 lac per student ( one time ). The rate of interest is nominal. Generally up to 6 students avail of this scheme in a year. The loan scholarship amounts are repayable with in two years of completion of the period of such studies.

This fund is revolving in nature. Repayments are ploughed back into the Fund. Corpus of this fund stood at Rs. 12.28 lacs as on 31.03.15

Following are the names of the Foreign Loan Scholarship beneficiaries 1982-2014 

Sudarshan V. Bhat B.C.S.Baliga Sudhakar K. Mallya
Ateen A. Khatkhate Rajkanth K. Kamath Abhay V. Borkar
Prasad V. Pai Manjunath Prabhu Ravindranath Kamath
Nandita S. Aras Amit P. Rege Prakash D. Tendulkar
Nitin R. Prabhu H. Jawahar Kamath Madhukar N. Thakur
Dhanwanti R. Nayak Omprakash Nayak Dattatray N. Gawaskar
Rajesh R. Prabhu Vikram V. Shanbhag Dr. Vivek V. Shanbhag
Satish M. Pai Radhakrishna Pai Jairam N. Kamat
Rajesh S. Kamath Ganesh V. Balgi Medha M. Pai
Rohan G. Murkunde Vivek G. Prabhu Dr. Smita V. Kamat
Sandeep M. Nayak Dinesh M. Bhat Sanjay G. Kamath
Rita Achyut Shenoy Ashwini A. Telang Durgaprasad S. Rege
Ravi R. Gokarn Dr. Deepraj Bhandarkar Vinayak D. Bhat
Mr. J. Giridhar B. Pai  Mr. Rajesh S. Nayak   Mr. Yatin R. Gokarn
Mahesh H. Dalvi Sandeep Khatkhate Sushil D. Padiyar
Mahesh P. Karande Durgesh S. Desai Ashwini S. Kamat
Sarvottam K. Rao Parashar Desai Savita S. Kini
Hrishikesh S. Pai Vaishali S. Kamat Nisha S. Aroskar
Niranjan S. Dhabolkar Sweta S. Aroskar Manjunath G. Kamath
Salil U. Talaulikar Mayuresh Masurkar Aditya Chandraghatgi
Vijay N. Shanbhag Anup Bandiwadekar Vaishali Kamat
Laxmi Shankar Wagle Darshan S. Pai Dr. Sanjeev Tendulkar
Sunil S. Kamath Preeti S. Bhat Dr. Subramanya Nayak
Amol V. Shanbhag Dayanand M. Kamat Dr. Smita Koppikar
Prasad N. Shenoy Preeti S. Mahale Yogesh C. Samant
Vishal V. Prabhu Vinayak A. Hegde Chaitanya N. Rangnekar
Chetan G. Bhat Amit Rajadhyaksha Ninad S. Diwadkar
Puneet R. Gaitonde Apoorva A. Patki Dipti S. Hattangadi
Gauri S. Bhat Jutika A. Ullal Chinmay V. Kini
Sandesh D. Bawadekar Mayura A. Wagle Hetal Suresh Kulkarni
Vinit Chandrahas Shanbhag Ameya Dilip Argekar Sandeep Rajiv Gaitonde
Sushant Sunil Shenoy Smt. Gauri S. Pandit Shri. Santosh Vinod Telang
Arati Gajanan Sakhalkar Kedar A. Patkar