11 Merit Aid Scholarship Facts: What Your Clients Need to Know
In a previous post, we outlined a variety of college scholarships that high school seniors can apply for to help negate the costs of college. One of the types of scholarships that we mentioned is merit-based aid: scholarships awarded to students based on achievements—some academic, others extracurricular.
In this post, we’ll lay out the brass tacks of merit aid so that you and your clients can better understand what makes these scholarships different.
Merit aid is awarded based on just that: merit. These scholarships are not based on financial need, but are granted according to academic, extracurricular, or special-interest excellence. In addition to high grades, solid GPAs, and strong test scores, merit-based scholarships are also awarded to students who display an aptitude in the arts, athletics, hobbies, leadership skills, and even volunteer work.
Not all colleges and universities award merit aid. More specifically, Ivy League schools do not grant merit aid scholarships—no matter the student’s level of achievement(s). For all schools, but especially those in the top tier, students must do their research to find out if merit aid is an option.
Out-of-State students often receive more aid from public schools. This is more of a marketing tactic that some schools use to entice out-of-state students from other states, but out-of-state students can certainly benefit!
In- and out-of-state students have the same chances of getting merit aid awards. While they may not be awarded the same amount, both in-and out-of-state students have the same likelihood of being granted merit aid.
Merit Aid scholarships require certain qualifications. Generally speaking, merit aid scholarships have stipulations that must be met to be awarded. This is typical of merit aid offered on a yearly basis; students must meet the merit aid requirements (e.g., GPA, course enrollment, grade(s) received). These terms and conditions are outlined when merit aid is awarded, so it is up to the student to understand what is required of them for renewal.
The National Merit Scholarship Corporation offers millions in merit aid. A good score on the PSAT® qualifies students for the National Merit Scholarship. The National Merit Scholarship Program currently offers a total of 8,500 scholarships, some of which range between $1,000 and $10,000 per year for those students who qualify, with some select students receiving full-tuition scholarships.
Some colleges offer merit-based packages. In some cases, these are offered from public state schools—particularly through honors programs—that will offer chosen students a significant tuition break for their academic achievements. Again, these come with a set of stipulations that students must follow.
Many private and community organizations offer merit aid scholarships. The Ronald McDonald House and Coca Cola are two prominent companies that award merit scholarships based on academic achievement: grades, GPA, PSAT®/ACT®/SAT® scores. Students should also check with their local community to find out which companies and organizations offer local college-bound students merit-based awards.
Alumni connections can help students get merit aid. There are some colleges that are interested in the connections prospective students have with their school’s alumni. In these cases, alumni affiliation can give students a bump in the merit aid selection process. For example, the University of New Hampshire grants scholarships intended to continue opportunities for future generations—specifically, UNH alumni. If your client has a tie to the school they’re applying to, it’s not a bad idea to find out if they offer alumni affiliation awards.
The duration of merit aid is different for every scholarship. Some merit aid is a one-time only award granted for a specific college term or academic year. Other merit aid is renewable and can be received on a yearly basis.
Some colleges and universities require a separate application for merit aid scholarships. Boston University, for instance, offers a variety of merit-based scholarships that prospective students can apply for—some even cover a full tuition! Be sure to advise your students to check their school’s website or reach out to admissions to find out if they need to apply for merit aid separately.
Last week we shared the results of ACT’s® 2022 Graduating Class Profile Report, which cast a light on the lack of academic preparedness and students’ increasing inability to meet benchmark standards, nationwide. Now, more than ever, it is paramount to help our hard-working students shine. With test scores at some of the lowest levels in recent memory, well-prepared students can use strong SAT® and ACT® scores to separate themselves from the pack. This, combined with strong academic performances, can ensure that students stand out, and be in the best possible position to earn merit-based awards.
Feel that your students’ test scores could use a boost? CCP can help! Our ACT®- and SAT®-aligned test-prep curriculum, software, and supporting materials can help your tutoring business provide your clients with the support they need to achieve academic improvement. For more information or to schedule a free demo, contact us today!