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The Dr Ernest L Ransome III Scholarship was initially established in 1994 as a way for the friends and associates of Ernest Ransome to recognise his commitment to philanthropy, education and athletics. The scholarship's mission is to enrich the experience of deserving postgraduate students by affording them the opportunity to attend the University of St Andrews in St Andrews, Fife, Scotland.

In 2015 the scholarship was renamed The R&A Ransome Scholarship.

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