- Merit scholarships are usually based on exceptional academic achievement, such as a high GPA.
- Schools will give merit aid to entice high-performing students to attend their programs.
- Private organizations may also offer scholarships to students who hit certain requirements.
What sets merit scholarships apart?
Scholarships may reduce or eliminate the need to take out loans to pay for graduate school, undergrad, or post-grad, which can save you thousands of dollars in the long run. You don't need to pay back any scholarship money you receive, making it one of the best forms of financial aid you can get. If you're asking if law school is worth it, for example, getting a scholarship that significantly reduces your tuition could make the decision much easier.
However, before you search for merit scholarships from private companies, check with your college to see if it will let you stack private scholarships and grants on top of aid the college offers. Sometimes a college will deduct whatever aid you receive from a private source from the amount of grant or scholarship aid it offers you.
Merit scholarships are significant for three reasons:
- They're achievement-based: Awarded based on your accomplishments, unlike need-based financial aid.
- They're competitive: Often a limited number of awards, strong applicants stand out.
- They can cover significant costs: Some may cover full tuition or offer substantial stipends.
What defines "merit" for scholarships?
When receiving a merit-based scholarship, you're receiving an award for showing up in one or more of the following fields:
- Academics: High GPA, strong test scores (SAT/ACT), class rank.
- Talents: Athletics, music, arts, leadership potential.
- Community Involvement: Volunteer work, service projects.
- Background or Specific Interests.: Awards may target certain majors, demographics, etc.
Merit aid isn't based on financial need. Merit scholarships are usually given out based on exceptional academic performance. This may be determined by a high grade point average, a great ACT or SAT score, or another noteworthy academic achievement. One of the most prestigious is the Rhodes scholarship, which pays for a student's post-graduate education at Oxford Universtity.
Some merit scholarships are designed for people with specific college majors. You may also receive a merit scholarship if you display significant artistic or leadership skills, such as playing an instrument or leading a particular club. You can get a few hundred dollars up to the full cost of attendance, depending on the amount of funds your college has available and your particular qualifications. You may have to maintain a certain GPA to keep your merit scholarship.
Merit aid may recur throughout your time in college or might be a one-time award.
Where to find merit scholarships
When seeking out merit scholarships, there are four key avenues to check out:
- Your School: Check your high school guidance counselor or your college's financial aid office.
- Scholarship Search Engines: Websites like Fastweb, Scholarships.com, and the College Board.
- Local Organizations: Community foundations, businesses, civic groups.
- National Programs: Some well-known merit awards (ex: National Merit Scholarship)
Merit scholarships vs. other types of scholarships
Look around at different schools and private sources of scholarship money to get the most aid possible. You might qualify for more aid than you think, and some schools may become more attractive options based on their merit aid packages.
- Need-based scholarship: As the name implies, these scholarships are handed out based on financial need. While need-based aid is more commonly given out in the form of grants (and sometimes these terms are used interchangeably), you can sometimes get scholarships based off of need.
- Athletic scholarship: These scholarships are usually given because of substantial athletic achievement, and often require you to play one or more sports to qualify for aid. Standards for athletic scholarships differ depending on the school. Schools may also have varying amounts of money available for specific sports.
FAQs
You don't always need perfect grades to get a merit scholarship. Scholarships consider various factors, but strong grades are important.
You can often combine merit scholarships with stack need-based aid or loans.
Whether or not merit scholarships are renewable depends. Some require maintaining a certain GPA, or fulfilling other conditions.
To make your application stand out, be sure to highlight your unique achievements, get strong recommendation letters, and craft compelling essays.
