Beyonce Finds a New Way to Pay It Forward on 1-Year Anniversary of 'Lemonade' -- See Her Announcement

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is giving back.

The "Freedom" singer has announced a new initiative in honor of the one-year anniversary of her groundbreaking visual album, Lemonade, by offering scholarships to young women. 

Formation Scholars -- named in honor of Lemonade's lead single -- will award four scholarships for the 2017-2018 academic year to "young women who are unafraid to think outside the box and are bold, creative, conscious and confident."

Awards will be given to selected students pursuing a degree in creative arts, music, literature or African-American studies at Berklee College of Music, Howard University, Parsons School of Design and Spelman College.

WATCH: Pregnant Beyonce and Jay Z Affectionately Kiss and Friend's Birthday Dinner 

The announcement comes just after Bey was honored with a Peabody Award for Lemonade. The ceremony will be held on May 20 at Cipriani Wall Street in New York City and will air on June 2 on PBS and Fusion. 

"Lemonade draws from the prolific literary, musical, cinematic, and aesthetic sensibilities of black cultural producers to create a rich tapestry of poetic innovation," Peabody organizers said in a statement. "The audacity of its reach and fierceness of its vision challenges our cultural imagination, while crafting a stunning and sublime masterpiece about the lives of women of color and the bonds of friendship seldom seen or heard in American popular culture."

In the meantime, Beyonce is preparing to welcome twins with her husband of nine years, Jay Z. The 35-year-old has been described as "double glowing" by mom Tina Knowles-Lawson, who recently opened up about the pregnancy in an interview. Watch below.

WATCH: Tina Knowles Says Daughter Beyonce Is 'Double Glowing' During Second Pregnancy