Last year, 57 students across the wider Bay of Plenty received financial help to pay for things like medical bills, special equipment and transport.
Dillon Scholarship committee chairman Roger Taylor said the scholarship was first established to commemorate the 25th anniversary of the Bay Savings Bank.
It was named after the late Ray Dillon, a former chairman of the Trust Bank Bay of Plenty Board and former mayor of Tauranga.
"Our first scholarships in 1990 awarded a total of $1800. We're proud to have come a long way since then and it's always inspiring to hear the aspirations of students with significant disabilities.
"The challenges they have to overcome just to get to class each day are incredible and BayTrust is fortunate to be able to support them in this way."
The scholarship committee will consider applications from students whose home base is within the Bay of Plenty, and who are applying to study at university, polytechnic or other New Zealand-based institutions in a course recognised by NZQA or equivalent.
Applications for the Dillon Scholarship open on Tuesday and will close on December 6, 2019 for the 2020 academic year.
Forms can be found on the BayTrust website.