For decades Australian universities have used equity scholarships as a tool to widen participation in higher education despite limited empirical evidence about how such scholarships influence students' retention and success outcomes. This paper reports on the first cross-institutional Australian study to investigate the relationship between equity scholarships and recipients' retention and success outcomes. The study used a comparative case study approach to triangulate cohort and survey data in the 2013 academic year for scholarship holders at three Australian universities. Using an established conceptual framework of student engagement, we find that a comparatively small payment can make a difference to retention rates and that selection criteria determine student outcomes. At the same time, scholarships are no panacea. We conclude that eligibility criteria for equity scholarships should be multi-factorial and that financial support should be nested with other supports for optimal benefit.