The following scholarships are awarded to students who strive for moral and academic excellence while maintaining the rich ideals of the LMBIS heritage.
- George R. Harper Memorial Scholarship
- L. L. Clover Memorial Scholarship
- L. J. Odom Memorial Scholarship
- L. Wayne Watson Memorial Scholarship
- T. David Talbert Memorial Scholarship
- Ed Rhodes Memorial Scholarship
- Bill Westfall Memorial Scholarship
- Harold Richardson Memorial Scholarship
- Roy E. Chapman Memorial Scholarship
- Holvis M. Stout Honorary Scholarship
- Michael A Bright, Sr. Memorial Scholarship
- George Russell Thomas-Lloyd Clark Memorial Scholarship
- Dwight Bird Memorial Scholarship
- Willie F. Knight Memorial Scholarship
- Don McCormick Memorial Scholarship
- Hunter & Lexi Wilkes Scholarship
Other scholarships are presented to deserving students funded by individuals, auxiliaries, and churches as they are available.