University of Latvia Foundation was established in 2004 with an aim to establish relationships with sponsors and patrons of the UL to provide scholarships and other kinds of support to students, lecturers and researchers.

UL students can apply for the UL Foundation scholarships of benefactors, which are usually awarded for an academic year. In the academic year 2008/ 2009 the UL Foundation offers scholarships of 15 benefactors. At the end of 2008, 215 students from the University of Latvia and other universities had received the scholarships. The total sum of scholarships in 2008/2009 is Ls 147 575 in scholarships of benefactors and additional Ls 37 000 in the research grants of the Open Mind competition. Most students applied for the Kristaps Morbergs scholarship, but the toughest competition was for the Ernests Felsbergs scholarship. In December 2008 the Christmas party for the scholarship receivers took place for the first time; the scholarship for needy students «Ceļamaize 2009» was also established.