Kennedy Scholarships provide full funding for up to ten British post-graduate students to study at either Harvard University or the Massachusetts Institute of Technology (MIT).Susan Hockfield, the sixteenth President of MIT, described the scholarship program as a way to "offer exceptional students unique opportunities to broaden their intellectual and personal horizons, in ways that are more important than ever in an era defined by global interaction.". In 2007, 163 applications were received, of which 10 were ultimately selected, for an acceptance rate of 6.1%.
Following the assassination of President John F. Kennedy in 1963, Sir Alec Douglas-Home, the Prime Minister of the United Kingdom, set about creating a national British memorial in his memory. He consulted with Harold Wilson (the Leader of HM's Loyal Opposition), Sir David Ormsby-Gore (British Ambassador to the United States), Dean Rusk (United States Secretary of State) and the Kennedy family. It was agreed that Douglas-Home would establish a committee, chaired by Lord Franks (former British Ambassador to the United States of America), to make recommendations on the form of the memorial to President Kennedy.
Following wide consultation, Franks wrote to the Prime Minister to recommend that the memorial should be in two parts: a living memorial, in the form of a scholarship to attend either Harvard or MIT, and a permanent memorial site in Runnymede, England, the site of the Magna Carta. This location was chosen because it was regarded as the birthplace of the freedoms which President Kennedy promised to uphold. The John F. Kennedy Memorial Act 1964 was passed into legislation to enact and manage the two memorials.