The grant for the first Science Talent Search in 1942 totaled $25,000, which was almost equally divided between scholarship prizes and administrative costs. Over the years, prize amounts increased. In 2000, Intel increased the amount to $1.25 million. That increase included, for the first time in the contest's history, prizes for semifinalists and for schools with semifinalists.

In addition to the scholarship money, students gain better chances for admission, scholarships, and special programs offered by colleges and universities. For many years, for example, New York University has offered Science Talent Search finalists who meet its admission criteria four-year scholarships that cover tuition and room and board, as well as the opportunity to participate in its Freshman Honors Seminar Program.

The 40 finalists attend the Science Talent Institute in Washington D.C. and receive scholarships ranging from $5,000 to the top prize of a $100,000 four-year scholarship. In addition to the scholarship awards, each of the finalists will receive a high-performance computer.