In 1952, Thomas B. McCabe, Class of 1915, established the McCabe Achievement Award to recognize students who demonstrate exceptional academic achievement, character, and leadership, especially in service to their school and community. Today, this four-year, full-tuition scholarship is awarded annually to at least two incoming students from the Delmarva Peninsula, two from Southeastern Pennsylvania, and three from the rest of the United States. The McCabe Scholarship is also available to at least one transfer student, and one international student for whom the award meets their full determined financial need. 

No separate application is required for consideration for McCabe Scholarships; rather, candidates are chosen from among those students who are admitted through the early, regular, or transfer admissions process. Regional candidates are interviewed by the McCabe Scholars Selection Committee, which places emphasis on ability, character, personality, leadership, and service to school and community. National, international, and transfer candidates are notified of their selection at the time of admission.