If college affordability is on our minds, so should be the plan to bring down costs when possible. Students who stand out in the applicant pool, if admitted, have the potential to save thousands of dollars in merit awards over the course of a four-year education.
Colleges want to be generous with financial awards when sensible and supportive of both the institution and student body. Merit money becomes more likely when applicants bring something to the table that colleges desire.
For some schools, it could be all about statistics — in the form of higher test scores than the middle 50% of the student body applies or enrolls with. Often, a student’s outstanding track record of community service or contribution may attract merit awards. At certain colleges, it may be demographic, geographic or identity diversity that catches the notice of Admissions. Simply put: Merit awards are financial incentives to attract student enrollment to fulfill a college’s larger objectives or educational mission.
Another reason merit awards are desirable is that typically (but not always) they are assigned without regard to financial need and do not have to be repaid. In other good news, many generous colleges automatically consider merit potential at the time of application so students do not necessarily have to complete lengthy scholarship applications. Gift money, bring it on! _________________________________________________________