The Aerospace Corporation created this fund to provide graduate fellowships for masters or doctoral students enrolled in the Department of Aerospace Engineering at the University. A preference is for recipients to be veterans or children of veterans of the United States military. In the event no suitable veterans or children of veterans apply or are deemed appropriate recipients during a given year, the Department of Aerospace Engineering will provide the funds at its discretion, with the goal of ensuring funding of a diverse graduate population. The chair of the Department of Aerospace Engineering or his/her designee(s) select recipients and administer the Fund. Awards shall be renewable provided that recipients show satisfactory progress toward attainment of their desired graduate degree.