How the scholarship worth it calculator works
The calculator uses expected value, a standard way to weigh an uncertain payoff. You multiply the prize by your chance of getting it, then divide by the hours it takes:
Value per hour = award × chance of winning ÷ hours to apply
If that beats your hourly wage, the application is a better use of the time than an extra shift, on average. The break-even chance is the lowest chance of winning at which the application still pays as well as working:
Break-even chance = wage × hours ÷ award
For several similar applications, the chance of winning at least one is 1 − (1 − p)k, where p is your chance on each and k is the number of applications.
How to guess your chance of winning
The chance is your estimate. Scholarly doesn't have win rates for individual awards, and most providers don't publish them. A few signals help:
- Number of awards: providers often say how many they give each year.
- Who can apply: a local award limited to one county or one major has a much smaller pool of eligible students than a national one open to everyone.
- Effort required: essays, recommendations and transcripts take time, and some students skip awards that ask for them.
- Past winners: if the provider lists them, compare your record to theirs.
Avoid no-essay sweepstakes-style "scholarships" that anyone can enter in seconds. The time cost is tiny, but so is your chance.
Worked example
A $2,000 scholarship takes 3 hours to apply for, and you think you have a 5% chance of winning.
The expected value is $2,000 × 5% = $100. Spread over 3 hours, that's $33.33 an hour, about 2.2 times a $15 wage.
The break-even chance is $15 × 3 ÷ $2,000 = 2.25%. Apply to 10 similar scholarships at 5% each, and your chance of winning at least one is about 40%.
Common questions
Is it worth applying for small scholarships?
Often, yes. A $500 award that takes one hour and that you have a 10% chance of winning is worth $50 an hour on average. Local awards also draw from a smaller pool of eligible students than national ones.
Where do the odds come from?
From you. The calculator doesn't have win rates for individual scholarships. Use what the provider tells you, like how many awards they give and who can apply, and run the numbers at a low and a high guess.
Does reusing an essay change the math?
Yes, a lot. If you reuse most of an essay, the second application might take one hour instead of three. Lower the hours and watch the value per hour rise. That's why applying to many similar scholarships pays off.
What does expected value mean here?
It's the average payoff if you made the same bet many times. You'll either win the full award or nothing on any one application, but across many applications the average works out close to the expected value.
Should I count scholarships that renew each year?
Yes. If an award renews for four years, enter the total you'd get, such as $1,000 × 4 = $4,000, as long as you expect to meet the renewal rules.