The Ford Motor Co. Fund will award a $1 million grant for scholarships commemorating William Clay Ford's contributions to the automaker's design legacy.
The scholarship program was announced Friday.
Five college sophomores or juniors pursuing degrees in automotive design each will receive $10,000 per year. The fund is committing $50,000 per year over 20 years.
William Clay Ford died Sunday of pneumonia at his Grosse Pointe home at age 88. He was a grandson of automotive pioneer Henry Ford and owned the Detroit Lions.
He spent 57 years as an employee and board member of the Dearborn-based automaker, also serving 32 years as chair of Ford's design committee.
Ford was 23 when he joined the company's board of directors in 1948. He remained a company director until 2005.