In both K-12 and higher education, it is common to use test scores in deciding which students receive scholarships and other awards. As with placement decisions, this practice is also controversial due to issues of equity. We discuss the evidence supporting test scores as an aid in making such decisions including the costs of finding suitable winners, the costs of false positives, and the costs of false negatives. The G.I. Bill and United Negro College Fund provided scholarships for soldiers returning from World War II. Athletic scholarships have been around since 1952 and show an incredible disparity by race, favoring Black students. In 1955, the National Merit Scholarship (NMS) program was created to support students. The award is not much financially (~$2,500) but other sources of support usually follow students who score high enough to warrant merit. Like other tests, the PSAT/NMSQT shows race differences. States have addressed this differently, with some ranking students by district or school rather by state, resulting in more minorities receiving awards. Evidence suggests that such rankings within schools rather than statewide result in students with lower scores receiving awards but not doing as well academically as others who score higher and yet do not receive awards. Issues of fairness in testing remain.