The Arnold A. Korab Endowed Scholarship was established, through the University System of Maryland Foundation, Inc., in September 1998 by William H. Korab '64 and Anne Korab Faffley '69, in honor of their father. At the request of the donors, the Fund was transferred to the University of Maryland College Park Foundation, Inc. in February 2002. Spendable Income from the Arnold A. Korab Endowed Scholarship provides annual scholarships for electrical engineering students in the A. James Clark School of Engineering.