"Thanks, Cory, we love you," Shankman said after announcing the scholarship at a gala for the Dizzy Feet Foundation, a dance charity.
"Glee" co-stars Jane Lynch (Sue), Darren Criss (Blaine), Jenna Ushkowitz (Tina) and Harry Shum Jr. (Mike) have donated money to the scholarship through the Dance Educators of America (DEA).
As previously reported, "Glee" will air two previously written episodes that pay tribute to the Beatles as well as an episode that addresses the death of Monteith's character, Finn Hudson, before taking a long hiatus.