From its founding in 1974, The Mr. and Mrs. Spencer T. Olin Fellowships for Women in Graduate Study has honored Spencer T. Olin and Ann W. Olin, who were generous supporters of both Monticello College and Washington University. 

The fellowship encourages women of exceptional promise to prepare for careers in higher education and other professional work.  Any female graduate or prospective graduate of an undergraduate institution in the United States who plans to study in the graduate and professional schools at Washington University (Architecture, Art, Arts & Sciences, Business, Engineering, Medicine, and Social Work) are eligible for this award.