Woops!! I meant "only if you are in an informal situation."

You are pretty close to a common American phrase, but not quite there. Keep up the good work though!! Instead of saying, "Better try than never, right?" I would say, "It's at least worth a try." The first sentence would work depending on the context, but unless you are in an informal situation. If not, I would say, "I think you should apply for the scholarship. It's at least worth a try!"

I would change it to “It’s worth a try”.