Montgomery Gentry may have a No. 1 hit with the song 'Back When I Knew It All,' but both will readily admit that they still don't know it all and they're pretty sure no one else does either. To help remedy that situation, the duo is working with the University of Phoenix to give away college scholarships to ten fortunate recipients. Troy Gentry says the plan is to give away the scholarships to people who at one time thought they knew it all, quit college and now regret that decision. Eddie Montgomery adds that he himself didn't finish high school, and that's the one thing he most regrets.

"Used to your high school diploma was all you needed, but today I think you're gonna have to have a college diploma to get by," he says.

Mongtomery adds that the University of Phoenix scholarships will hopefully hopefully help some people who couldn't have afforded to continue their education to get their diploma. The first scholarship went to Gretchen Wilson, who will return the favor by helping others through her Gretchen Wilson Foundation. The other nine scholarships will be given away later this year. Those interested are asked to write an essay on why they want the scholarship. Eddie, Troy and faculty from the University of Phoenix will choose the recipients based on those essays.