A scholarship at Mississippi Baptist Bible Seminary is available to any student who is an active member of a church fellowshipping in the American Baptist Association of churches. The student's pastor is to submit a written recommendation along with the student's application for enrollment. A pastor who seeks a scholarship may submit a written statement confirming his office, along with his application for enrollment. Scholarship awards apply to the students' enrollment fee, tuition and books.

The William Franklin Memorial Scholarship awards two scholarships each year: One is awarded to a freshman or sophomore student and the other to a junior student.  One is based on academic achievement and the other on the basis of financial need.

The L.D. Foreman Scholarship is awarded annually to a student selected by the administration.