The rocker's widow is handing over the money to help vulnerable students at England's Liverpool John Moores University, where the late Beatles legend studied at its school of art in 1957.
The money will be offered to pupils who have been estranged from their parents, as part of the John Lennon Imagine Awards scheme, which Ono helped set up in 2009.
She says, "Over the last three years we have witnessed the significant impact that the awards have had on the students' self-confidence, achievements and future prospects.
"Our first set of students has now successfully graduated and they are in turn now helping to mentor those just starting out at the university. I know that these awards, set up in John's name, have made a real difference to the lives of these young people and I am delighted and proud that John's legacy lives on in such a force for good."
More than 200 students have benefited from Ono's scholarships.