Applying for a scholarship.

Don't know where to post this so don't blame me haha! But anyways, I was reading the latest Rhythm magazine and came across Scholarship applications for a music school and I'd be getting a one year diploma worth 5 grand if I won. I really want to enter it but at the same time, are these things abit gimicky? Do I need to be a phenomenal player? I'm ok, and I can play what they ask for but I think they'd be blown away by other people compared to me...

I might enter it, but what do you guys think?