The Eldon Davis Memorial Scholarship was established in 1996 in memory of Eldon Davis, a former member of the Panola College Board of Trustees. The scholarship was established by his wife, Mrs. Eldon Davis, and their children, Sherian Weiss, Stanley Davis, Stuart Davis, Sylvia Dohmeyer, and Stephanie Campbell. The scholarship is awarded annually to a deserving sophomore student from Gary or another worthy student.