Korea University offers scholarships, fellowships and awards under the auspices of the Korea University Foundation, established in 1905.[55] Close to 245 institutional scholarships, totaling more than 11.5 billion won, are available to Korea University students. Almost 90 percent of the admitted international students are awarded Korea University Scholarships. Scholarships are established as either endowed or restricted, in accordance with the wishes of the donor. Scholarships are awarded to students based on criteria such as matriculation status, school and department affiliation, financial need, academic achievement, grade point average and expected graduation date.[56]