The programme offers $5,000 each to five current undergraduates studying in fields such as engineering, city planning, public policy or other transportation-related degreees.
Recipients are selected on the basis of several factors, including academic record, leadership and participation in school and community activities, honours and work experience.
Applicants must submit a resume demonstrating work that has been done on industry-related activities.
Successful students will be notified in June and must attend the IBTTA Foundation Annual Meeting in Austin, Texas to accept their award.
The scheme is administered by Scholarship America, and applications can be made here.