When it comes to paying for college, merit aid is a helpful way to bridge the financial gap between what you need and what you’re awarded based on financial need. Merit aid is given to students based on their achievements in academics, sports, arts, leadership, or special interests, rather than their financial situation.
On average, among the 1,032 colleges surveyed by U.S. News, full-time undergraduates received around $12,088 as merit aid in the 2023-2024 academic year. This aid could cover all of a student’s tuition fees, or it might be a one-time award of a smaller amount. Here are 13 important things to understand about merit scholarships.
Starting your search for scholarships early can give you an advantage. It’s really important to pay attention to deadlines. Usually, it’s best to begin looking during your junior year of high school. This is because many scholarship applications are due in the first part of your senior year. Paul Gauthier, who works at Wake Forest University, says that often, scholarship deadlines are even earlier than college admissions deadlines. So, if you want to apply for scholarships, you need to start early.
If you’re not sure where to begin, your high school guidance counselor can be a great help. They can give you advice and point you in the right direction. Also, it’s a good idea to contact the colleges or universities you’re interested in attending. They can provide you with information about the scholarships they offer.
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Ivy League universities don’t offer merit aid.
Mandee Heller Adler, who founded International College Counselors, explains that Ivy League universities, along with other highly selective schools such as Stanford, MIT, and Caltech, do not provide academic merit scholarships. This means that even if you achieved extraordinary feats like finding a cure, inventing something groundbreaking, or winning prestigious awards like an Academy Award or an Olympic gold medal, these schools won’t give you financial aid based on your academic achievements.
However, despite not offering merit scholarships, Ivy League schools are renowned for their commitment to meeting the full financial needs of admitted students. This means that if you’re accepted to one of these schools and demonstrate financial need, they will work to ensure you have the financial support necessary to attend. So, while they may not reward academic accomplishments with scholarships, they strive to make their education accessible to all deserving students.
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Some colleges offer merit aid to help students afford their education. This is especially common at colleges with high tuition fees, where many students might find it difficult to pay the full cost. Take Fairfield University in Connecticut, for example. In the 2023-2024 academic year, they charged $54,455 for tuition and fees. Despite this high price, the university provided merit awards to 51% of its students. On average, these awards were $17,388 per student, according to U.S. News data.
This shows that although the initial cost of attending Fairfield University may seem high, a large number of students receive merit aid to make it more manageable. For students who have shown academic excellence or other notable achievements, merit aid can be a valuable way to lessen the financial strain of attending such institutions.
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Out-of-state students may receive more merit aid than in-state students.
At public schools, out-of-state students typically get more merit aid compared to in-state students. In the 2022-2023 academic year, data from 338 ranked public institutions reported to U.S. News showed that the average merit aid awarded to out-of-state students was $8,886. In contrast, in-state students received an average of $4,975, according to data from 348 schools.
The reason for this difference is that public schools often use merit aid to make their award packages more attractive to students from other states. By offering more competitive financial aid packages, they aim to attract students from different regions to attend their institution. This can contribute to a diverse student body and enrich the overall campus experience.
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Students may need to maintain a certain GPA.
Students with different GPAs can still qualify for merit scholarships, according to experts. Many scholarships focus on factors beyond just grades, such as leadership skills or involvement in school activities. However, some non-need-based aid comes with specific conditions to keep receiving the award each year. Typically, this includes maintaining a certain GPA. Other requirements might involve taking and passing specific courses or completing paperwork by a set deadline annually.
It’s crucial for students to be aware of all the requirements associated with the merit aid they receive. They should communicate with their financial aid office to ensure they understand everything they need to do to continue receiving the scholarship. This way, they can avoid any surprises or potential loss of financial aid in the future.
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The National Merit Scholarship Program offers millions in aid.
The organization managing the National Merit Scholarship Program plans to grant students over $35 million through more than 8,050 awards in 2024. These awards come in three types: National Merit Scholarships worth $2,500 each, corporate-sponsored scholarships, and college-sponsored merit scholarships. To be eligible, students need to take the PSAT/NMSQT exam and be enrolled in high school, along with meeting other requirements outlined by the program. This program offers significant financial support to deserving students based on their academic achievements and performance on the PSAT/NMSQT exam.
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There are some full-tuition scholarships for National Merit Scholars.
Certain colleges, such as Iowa State University, offer residents who are National Merit Scholars full-tuition academic scholarships that cover four years of their education. However, different colleges provide varying levels of awards to National Merit finalists. For instance, the University of Louisville provides $12,000 to National Merit finalists and semifinalists from Kentucky and Southern Indiana who are entering college in the fall of 2023. These scholarships recognize the achievements of National Merit Scholars and aim to support their educational pursuits at the university level.
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Honors colleges sometimes offer merit aid.
State schools with honors colleges provide various benefits to students, including the opportunity to register for classes early and often award academic scholarships. Some students may even receive a reduction in tuition fees. For example, Barrett, The Honors College at Arizona State University offers several scholarships, such as the Goddard Family Scholarship. This renewable scholarship grants $4,750 to a first-year Barrett student from Arizona who is studying urban development, public service, or sustainability maintenance within a specific degree program. These scholarships aim to support and recognize outstanding students while encouraging them to pursue their academic interests within the honors college.
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Community organizations offer merit scholarships.
Experts suggest that students begin their scholarship search locally before exploring state and national opportunities. Many community businesses and organizations, including places of worship, scout troops, and nonprofits, offer scholarships to students in their local area. Paul Gauthier emphasizes that local scholarship foundations aim to assist community members in accessing education. He advises students to connect with their high school guidance department, visit the local library, or search online for community foundations in their area or region. By starting locally, students can increase their chances of finding scholarships that cater to their specific community and educational needs.
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Students can get merit scholarships for extracurriculars.
Scholarships for athletic achievements and participation in other extracurricular activities like music, art, or theater are categorized as forms of merit aid. According to experts, students should explore all their interests, hobbies, volunteer work, and household responsibilities as potential avenues for merit scholarships. For instance, students passionate about musical theater can explore scholarship opportunities through organizations like the Educational Theatre Association.
Paul Gauthier emphasizes that even small scholarships can make a significant difference. He encourages students to apply for all sources of funding, regardless of whether the scholarship offers $250, $2,500, or $25,000. By casting a wide net and considering all their activities and achievements, students can increase their chances of securing financial support for their education.
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Colleges may award merit aid for leadership.
Some schools award merit aid to students who demonstrate strong leadership skills, such as serving as the captain of a sports team or leading a club. According to Nat Smitobol, a college admissions counselor at Ivywise, many Division III colleges offer merit packages, also known as leadership packages, to attract talented athletes. These students may have excelled not only as team captains but also in their athletic abilities. This trend has led to a crossover, where students who could potentially play at the Division I level choose to attend Division III schools that offer competitive merit aid packages. By recognizing and rewarding leadership qualities, these colleges aim to recruit well-rounded students who can contribute both athletically and academically to their campus communities.
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Merit aid can be one time only.
It’s important to gather all the facts about merit aid before making decisions. Scholarships and grant aid can sometimes be nonrenewable, meaning they’re only available for a specific term or academic year. For renewable aid, students must not only meet ongoing eligibility requirements but also understand the terms to ensure it continues beyond their freshman year. Usually, upperclassmen receive less grant aid than freshmen and may face higher out-of-pocket costs. Being informed about the details of merit aid can help students plan effectively for their financial responsibilities throughout their college journey.
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Some colleges require a separate application for merit aid.
Prospective students should thoroughly research the merit aid policies of each college they’re considering. Mandee Heller Adler from International College Counselors advises that while some schools automatically offer merit-based aid to applicants, others require separate applications for consideration. It’s essential for students to understand these requirements to maximize their chances of receiving aid.
Adler further notes that during economically challenging times, colleges may decrease the number of merit scholarships awarded in a given year. Therefore, students should also explore opportunities for private scholarships to supplement their financial aid packages. By being proactive and informed about both institutional and external scholarship options, students can better navigate the financial aspects of their college applications and ensure they have adequate support to pursue their educational goals.
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Find more ways to pay for college.
Don’t stop here in your quest to manage college expenses. Stay connected with U.S. News Education on Facebook and Twitter to engage in discussions and stay updated on the newest tips and advice for paying for college. By staying informed and actively participating in the conversation, you can gain valuable insights that will help you navigate the financial aspects of your college journey more effectively.
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Here are some facts about merit scholarships:
- Starting the scholarship search process early can increase your chances of finding suitable opportunities.
- Ivy League universities typically do not offer merit aid.
- Certain colleges provide merit aid as a way to lower the overall cost of attendance.
- Out-of-state students may receive more merit aid compared to in-state students at some colleges.
- Students who receive merit aid may need to maintain a specific GPA to continue receiving it.
- The National Merit Scholarship Program provides millions of dollars in aid to eligible students.
- Some colleges offer full-tuition scholarships specifically for National Merit Scholars.
- Honors colleges often provide merit aid to deserving students.
- Community organizations frequently offer merit scholarships to local students.
- Merit scholarships can be awarded for involvement in extracurricular activities such as sports, music, or volunteer work.
- Colleges may award merit aid based on demonstrated leadership qualities.
- Merit aid can sometimes be a one-time award rather than renewable.
- Some colleges require students to submit a separate application to be considered for merit aid.
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