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The scholarships, which will be offered to two talented hockey players, cover a maximum of three years' study, depending on the specific programme.
Scholarship applications close on July 31 and will take effect from the beginning of 2020.
The scholarships are performance-based - recipients must meet the entry criteria for their programme of study and are required to pass 70% of their programme each year. They are also required to consistently perform at a high sporting level.
Otago Hockey general manager Andy McLean said the initiative is exciting news for young hockey players throughout New Zealand.
"Dunedin is a fantastic place to combine tertiary education and sporting ambition," he said in a press release.
"The hockey turf is adjacent to Otago Polytechnic's student village ... and Otago Polytechnic's campus is just across the road. And High Performance Sport New Zealand is just around the corner at the stadium. It is pretty special."
Otago Polytechnic has also agreed to be a significant brand partner of Otago Hockey.
As a result, Otago Polytechnic has secured naming rights to the playing turf closest to the pavilion at Harbour Tce. Otago Hockey now features Otago Polytechnic branding on its signage, vehicles and representative team uniforms.