The Lockerbie-Syracuse Trust was created to remember those who died both from Lockerbie and from Syracuse University in New York State, which lost dozens of students in the atrocity.
The fund pays for two students from Lockerbie Academy to study for a year at Syracuse University.
Since its inception in 1990, 48 students have taken part in the exchange programme.
The grant from Scottish ministers will allow three further students to study in the US in coming years.
In total, 35 Syracuse students were killed in the bombing.
All were travelling back home for Christmas after spending a semester studying abroad.
The University's then Chancellor, Melvin Eggers declared at the time that "some of (our) best and brightest" had been lost.
In his message on the 25th anniversary of the tragedy, Prime Minister David Cameron paid tribute to the Lockerbie-Syracuse Trust.
He said that the fund's scholars represented a growing band of beneficiaries, each given the chance, through its work, to fulfil their own youthful promise.
"This is the lasting and optimistic legacy bequeathed to future generations on behalf of those who lost their lives on this day 25 years ago and who we remember today," he wrote.