In 1964, the four Follett brothers decided to help the children of Follett Corporation employees attend college. Initially the Foundation was small as the company had fewer than 1,000 employees and grants of $250 aided students buying textbooks and supplies. Grant approval letters were written by hand and both the Trustees and the Grant Selection Committee which met in the living rooms of Follett family members. By 2003 there were more than 11,000 employees and 140 applications from the children of Follett team members. At its peak, the Foundation was receiving more than 200 grant applications and funding more than $350,000 per year—a testament to the growth of the Follett family business and the Foundation as a whole.

In order to fund this exceptional scholarship program, the original Foundation endowment grew through family and team member donations, golf outing fundraisers, and a match from Follett Corporation.

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Since the divestment of the Follett Corporation businesses, the Follett Educational Foundation has begun a new set of scholarships benefitting students attending Oak Park High School and Proviso East High School, both in the Chicago area with connections to the Follett Family.  In 2025, Foundation trustees have allocated several hundred thousand dollars to expand the Four Brothers Scholarship Program to new institutions with an eye on the future of the organization.

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As a nod to the roots of Follett's school library businesses, the Follett Educational Foundation is also expanding its mission to get books into the hands of underprivileged students.  Thanks to a contribution from the Nancy Waichler family, we also aim to improve literacy in the Native American community by helping students build their home libraries.

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In 2025, the Foundation is partnering with the Dolly Parton Imagination Library to deliver books to every baby born in Aurora, Illinois and ten surrounding communities.  We see this being a new chapter we will open to honor the initial vision of the Four Brothers and allowing our Foundation to impact communities for years to come.