The Hertz Foundation Graduate Fellowship is designed to foster the graduate-level studies of excellent young men and women who seem likely to become leaders in scientific and technological advances, exemplars of teaching skills in the applied physical sciences, and key contributors to the technological capability on which the well-being of the United States depends. Currently the Foundation awarded 12 Fellowships for 2017.

Successful candidates have the choice of two award options:

1. A $32,000 stipend for nine months, plus a cost of education allowance paid to the graduate educational institution in lieu of tuition and fees, renewable for up to five years or
2. A two-year $38,000 nine-month stipend and cost of education allowance, also in lieu of tuition and fees.