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 monies, students gain better chances for admission, scholarships, and special programs offered by colleges and universities. The 40 finalists attend the Intel Science Talent Institute in Washington, D.C. and receive awards ranging from $7,500 to the top prize of a $100,000 four-year scholarship. In addition to the awards, each of the finalists will receive a Intel-powered laptop.