Paying for College - Understanding Merit Scholarships
An Academic Merit scholarship is one based on scholastic performance, GPA, Class Rank and perhaps SAT or ACT scores. Sometimes some other factor such as an essay is required. There are 2 basic types of Academic Merit Scholarships, those offered by the colleges themselves and private scholarships offered by organizations or employers. If your employer offers scholarships for children of employees only, this should be your first priority. The number of potential applicants will be smaller so your chances will be better.
Private scholarships tend to be smaller amounts, but there are some prestigious awards that are very competitive and attract thousands of applications yearly. Many private awards are based on additional requirements such as an essay or demonstrated community service. Lists of these scholarships are easily available on the web. Be cautious however and never pay a fee to apply for a scholarship. It's easy to assume that your chances for a scholarship are good but the reality is most applicants come up empty-handed.
A far better approach is to investigate the opportunities offered by the colleges themselves. Some schools offer generous aid based on SAT scores - be sure to check all of the details since many require the student to maintain a high GPA (Grade Point Average) in order to maintain the scholarship. It's not uncommon for a student to be awarded a generous scholarship only to lose it after a year or two due to the rigorous demands of maintaining a near perfect GPA. It should also be noted that Ivy League and some other highly selective schools offer need-based aid but not merit scholarships. If one of these schools is in your plans, it's best to know this in advance.
The easiest scholarship to obtain is one based solely on one criterion such as GPA or SAT scores. Anyone who meets the requirements receives the scholarship. Other schools offer a fixed number of scholarships, so it becomes a competition between all of the qualified applicants. Some schools also offer a fixed number of scholarships only to those who meet early application deadlines. You may not need to apply for these; by applying early you are automatically entered into the competition.
As you may have discovered, there are several publications that review and rank schools into various tiers. These ratings may affect the number of qualified applicants a school attracts so many will desire to improve their rating and rank. One certain way to do this is to attract students with a higher demographic than the typical student currently attending. Since a percentage of the rating system is based on selectivity, class rank and SAT or ACT scores it makes sense that at least some schools will make attractive offers to certain students who may help the school improve their statistics. Students who perform well on standardized tests may receive several unsolicited offers for generous scholarships.
The best way to determine if a school has an awards program that you can use is to visit their website. If no information is available, contact the admissions office and ask for details on financial aid and scholarships. They are in the business of attracting students and will be glad to assist you. Finally, do not be afraid to negotiate. If you would like to attend a certain school but received more attractive offers elsewhere, ask your first choice school if they would consider re-evaluating your circumstances. This is not uncommon and may result in a more generous offer.
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