The Killam Fellowships Program provides an opportunity for exceptional undergraduate students from universities in Canada and the United States to spend either one semester or a full academic year as an exchange student in the other country.

Students may participate in the program either as a direct exchange student (registering at their home university, paying their home fees, and attend the host university as an exchange visitor) or as a self-placed visiting student (registering at the host university and paying host tuition fees).

The Killam Fellowships Program provides a cash award of $10,000 US ($5,000 US per semester). Further, the Foundation provides all Killam Fellows with an allowance of $500 US to offset health insurance costs. In addition, all Fellows are eligible to apply for a mobility grant in an amount not to exceed $800. The idea of the mobility initiative is to allow students to undertake an educational field trip, providing the Fellows with the opportunity to gain a fuller understanding of the culture of the host country. Approximately forty applicants will be awarded scholarships each year.