The NSCF awards scholarships to its enrichment programs on the basis of need so that every child with an interest has the opportunity to learn chess. Traditionally, these are administered by the PTA chess coordinator at each school and are funded by the PTA or by donations to the NSCF.

The NSCF also recognizes excellence in chess and education by co-sponsoring, along with the US Chess Trust, the National Scholar Chessplayer Awards.

The Scholar-Chessplayer Awards recognize high school juniors and seniors who excel in chess, academics, and leadership, and thus promote a positive image of chess. In 2022,  a new category, Scholastic Chess Ambassador, was added to acknowledge lower-rated but deserving chess scholars. These scholarships are open to players from across the United States and are announced each fall by US Chess. The awards are presented on the final day of the National High School (K-12) Chess Championship each Spring.