Previous studies have shown that extrinsic reward could have different effects on intrinsic motivation depending on conditions, research methods, rewarding methods, and others. We tried to empirically verify cognitive evaluation theory based on a notion that performance- contingent rewards have positive effects on intrinsic motivation. We hypothesized that self- efficacy would mediate the relationship between extrinsic reward and intrinsic motivation. Also, we investigated the role of reward system (i.e., pre-determined vs. post-determining reward system based on the time reward decision is made), and hypothesized that the reward decision point would moderate the relationship between extrinsic reward and self-efficacy. We collected data from college students in science and engineering disciplines who are under two distinct scholarship programs based on an assumption that scholarships for college students are like performance-contingent rewards for workers. The data supported the mediating effect of self-efficacy between scholarship and intrinsic motivation of the college students. It was also found that pre-determined reward system strengthens the effects of extrinsic rewards (i.e., scholarship) on self-efficacy. A major contribution of this study includes investigation of reward decision points including pre-determined and post-determining reward systems.