The Mary Alice Aralekian Foundation was started by Nicholas Arakelian in the 1960s in memory of his wife Mary Alice, whom Nick hired as a young bookkeeper out of Newburyport High School in the early 1930s. Two scholarships, in the amount of $10,000 each will be awarded to a NHS graduate who is going on to a four year college or university, has financial need and has an unweighted GPA of 3.25 or higher.

Recipients are eligible to receive an additonal $10,000 their sophomore, junior and senior years of college if they maintain a 2.5 GPA and provide the Mary Alice Arakelian Foundation committee with a transcript following their freshman, sophomore and junior year.