Seeking Information on President's Scholarship

Hello guys… I’m researching scholarships and came across something called a “President’s Scholarship.” I’ve heard different things about it, but I’m not entirely sure what it really entails. Can someone here explain what a President’s Scholarship typically involves? Is it based on academic merit, financial need, or something else entirely? Any insights or personal experiences would be really helpful! TIA.

Aside from financial rewards, the program provides faculty mentorship, retreats, scholarly expeditions and access to a network of academics and unique events. Scholars can attend national conferences and participate in leadership development events.

Is it more about extracurriculars or grades? Is 90+ just the minimum or does a higher average boost your scholarship chances?