The University of Waterloo has launched a new scholarship – and it’s meant specifically for local students.

Dubbed the Faculty of Arts Entrance Scholarship, university officials say it will provide 316 incoming students with up to $2,000 in funding.

To be eligible for the scholarship, students will have to have marks of at least 80 per cent and have applied to either the Honours Arts or Honours Business and Arts program.

The students must also be in Grade 12 at a school in Waterloo Region.

“These new scholarships recognize the strength of our local students and … encourage them to stay in the region to earn their bachelor’s degree,” Douglas Peers, Waterloo’s dean of arts, said in a press release.