There are two categories for game developers, the "Developer Prize" for developers creating games aimed at children aged 4-9, and the "Youth Prize" for actual kid developers aged 10-13.
The top reward in the "Developer Prize" is $50,000. Other prizes inlcude "a Collegiate Prize of $25K for the best undergraduate or graduate student submission" and a "prize of $25K for the best submission that has the greatest potential to reach undeserved populations."
Adds Michael Gallagher of the ESA: "Video games are improving and advancing the way Americans are living, working and playing. The acknowledgement and appreciation of President Obama, our partners in this campaign and leading child advocates, is a strong endorsement of the amazing potential and benefit that games can have on children."
The STEM challenge will accept all entries from October 12th until January 5th.
If you are interested in entering, check the official site here: National STEM Video Game Challenge