This prestigious scholarship comes with a host of other benefits, but it’s also very competitive. Sometimes students receive merit aid for their extracurricular accomplishments-a well-known example is the prized athletic scholarship, but there are scholarships for performing a high number of volunteer hours, demonstrating significant artistic talent, and so on.Īside from institutional aid, students can find merit scholarships from private organizations, the most notable being the National Merit Scholarship.
They hope to attract strong candidates and diverse talent, and one way to do that is to lessen the financial burden on the student through institutional merit aid. Oftentimes, institutions will award merit aid to incoming freshmen based on their academic profile, such as standardized test scores, GPA, and class rank. This type of aid usually comes in the form of a scholarship and can be awarded by colleges or private institutions. Merit aid, on the other hand, is based on a student’s achievements and qualifications. You can find a quick run-down of the common financial aid forms in our post FAFSA, CSS Profile, IDOC, Oh My: A Guide to Financial Aid. Need-based aid is determined through forms like the FAFSA or the CSS Profile, which calculate how much a student’s family can be expected to contribute to the cost of their education based on things like household income. In general, there are two broad categories of financial aid: merit-based and need-based. Some colleges give out more than others, though, so we’ve compiled a list of the top 50 colleges that award merit aid based on students who don’t qualify for need-based aid.Īre you applying to schools and want to know your admissions chances? Calculate your chances right now and understand your odds before applying.
Because it isn’t need-based, merit aid can ease the financial burden for students and their families, which means less stress and less debt. Many students find that they don’t qualify for federal financial aid (aside from loans, which virtually every student qualifies for) and they’re left wondering how they’ll be able to cover the cost of college. When it comes to figuring out how affordable a college is, it helps to know if the college awards any sort of merit aid, and how much it awards to students who qualify.
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