The American Counsel Association provides scholarships to academically gifted and financially needy third-year law students. The Lowell Jacobson Scholarship is awarded each year to a worthy student from a law school located within the Seventh Federal Judicial District. The American Counsel Association scholarship is awarded each year to a worthy student from a law school on a rotating basis in one of the Federal Judicial Districts.
Approximately one-third of the Association's dues fund the ACA Scholarship. The Lowell Jacobson Scholarship is funded through the American Counsel Association Scholarship Foundation which began from a legacy by former ACA President Lowell Jacobson.
Each year the ACA Scholarship Committee oversees administration of the scholarship program. Law school Deans submit nominations which are reviewed by the Committee. The process takes place during the Summer prior to the ACA Annual Meeting, at which time the Association announces the scholarship recipients for the upcoming academic year.