If you're a high school student hoping to attend college, you're likely wondering how you'll afford it.
Tuition costs are always on the rise (yuck!); currently, in-state tuition for 4-year public colleges averages $11,000 per year, and $40,000 yearly for 4-year private universities.
Ouch.
That’s practically the cost of a house!
But don’t worry.
With early planning and professional college admissions guidance in finding scholarships, there’s no reason you can’t attend a perfect-fit school without going into crippling debt.
And this article will unpack the best place to start: merit scholarships.
What is a merit scholarship?
A merit scholarship is either a one-time monetary compensation for all your hard work in high school or a renewing award granted every year for ongoing excellence while you’re enrolled at your chosen college or university.
The good news is you’re already ahead of the game just by starting to think about the financial considerations around higher education.
Most students apply to the schools they’ve heard of, figuring they’ll worry about paying after they get accepted.
That’s a surefire way to lose out on great financial aid opportunities.
Instead, start with the money as you’re building your college list.
Find the schools that are tailored to your particular interests and goals that also meet the needs of your family’s circumstances.
There are thousands of amazing colleges and universities all over the world.
The key is to find the hidden gem opportunities.
I’ll let you in on a little secret: the schools with the most expensive price tag are not necessarily the schools that will cost you the most in the long run.
Remember the $11K vs $40K statistic we started with (and knowing it’s going to keep getting higher)?
Those “more expensive” private schools also usually have more flexibility to offer merit-based aid to entice high-quality students to their institutions.
They want to attract students who want to be there.
They want to reward students who want to learn and engage with their community.
What that means is that if you work hard in high school and demonstrate that you’d be good college material, you will likely be in a position to earn a merit scholarship.
If this is already overwhelming or you’re not sure how the finance questions fit in, based on wherever you’re at in the college application process, please know that you don’t have to go through this alone.
For personalized tips & information, reach out to a March Consulting expert whose entire job is making the college admissions process more manageable, and understanding your strongest path toward the successful future you’ve always wanted.
College is an investment in your dreams.
So make the best possible choices for you.
Keep reading for the deets on merit scholarships or schedule a free consultation with us today to find out more about working smarter, not harder.
What Is A Merit Scholarship?
A merit scholarship is a type of financial assistance that rewards students for their academic achievements, artistic talents, sports achievements, or other accomplishments.
(This is in contrast to need-based scholarships, which are entirely based on the financial circumstances of students and their families.)
Merit scholarships are based on individual students’ determination, passion, and performance, both in and out of school.
There are two types of merit scholarships you can win:
Privately funded scholarships
School-sponsored scholarships
A merit scholarship can cover all or a portion of your tuition and other school expenses.
Merit Award Meaning
A merit award is the same as a merit scholarship, with amount totals and conditions varying at the discretion of the merit award’s sponsors.
So… good work = get funds.
Merit Aid Meaning
Merit aid is the same as a merit award or a merit scholarship.
They are all different names for the same concept and you will see them used interchangeably by people in the college admissions arena.
Grants, assistance, funding - call it what you will.
Basically, it’s generous people trying to help you make your life better through learning lots of cool stuff at accredited schools.
All you have to do is convince those people that you’re an awesome investment! You’re a student who will make good use of the moolah!
How To Get Merit Scholarships
The main thing to know about how to get merit scholarships is that you will need to demonstrate academic excellence, leadership skills, or other talents that make you stand out from other students.
Overall, you improve your chances of getting a merit scholarship if you:
Have good grades when you apply
Maintain a high GPA over time, if possible
Take challenging classes and excel in them
Participate in relevant sports or clubs
Do community service and volunteer work
Develop leadership skills and take on leadership roles in your school or community
Apply for scholarships early
Generally, the above tips increase your chances of getting merit scholarships as well as other forms of financial aid to help you pay for college.
But let’s keep focused on how scholarships work for now.
Here are the steps you’ll need to take to get merit scholarships:
- Find one.
- Research colleges and universities that offer merit scholarships for programs you’re interested in.
- Talk to your school counselor or advisors for merit scholarships they might be aware of.
- Talk to older students who might be able to share information about merit scholarships they applied for.
- Use scholarship search engines (like Fastweb Scholarships, Big Future , or Chegg Scholarships) to search out far-reaching opportunities.
- Prepare well in order to be a strong contender.
- Keep your grades up.
- Keep organized track of anything you’ve achieved or participated in that could look good on a scholarship application (focus on quality over quantity).
- Sign-up for more challenging classes (but not so hard that you can’t succeed.)
- Take online classes to improve your ACT and SAT scores
- Apply.
- Apply early. Many students miss out on chances simply because they miss the deadlines. Don’t be one of those students!
- Apply early. Many schools have early action or early decision programs that offer a higher likelihood of receiving more financial aid.
- One more time… apply early. Have your application finished in time to have your cover letters, answers, essays, etc. proofread by a trusted, knowledgeable source who can ensure your chances aren’t hampered by bad grammar or fixable mistakes (such as people who forget to put their name on their work!).
- Negotiate the amount if you need to.
NOTE: This step isn’t always possible. However, sometimes you are offered financial aid packages at multiple universities and you have a preference that unfortunately doesn’t come with the higher bank account help. If that’s the case, there’s nothing wrong with asking for more. If you go this route remember these essential principles:
- Be polite. They are already offering you money, so there’s no need to be ungrateful. Use tact in clearly communicating your needs and remember you’re talking to another human being – one who holds your destiny in their hands.
- Be honest. If you’re saying you’re being offered more from someone else, they’re probably going to want proof before hiking up any numbers. Plus, people talk in the industry. On top of it being unethical, odds are that a lie will get caught.
- Be enthusiastic. If you can make a good, optimistic case that they are your dream school, it could help your chances. Perhaps there is more available and it’s between you and another student – wouldn’t you give the money to the person who loves your school the most?
- Report the merit scholarship.
The government requires schools to report financial aid data, so you’ll need to let whatever school you’re attending know about outside scholarships you accrue. It’s also possible that the amount of financial aid you’re offered may be adjusted if your total exceeds your need. (That’s a great thing because then more money can be offered to another student who may really need it!)
- Use your merit scholarship.
Make sure you understand what’s expected and allowed regarding any merit scholarship you’re given. Some may ask you to keep track of your expenses, some may directly give you the money and trust you to use it well. Keep reading below for more info on what happens if you don’t use all of your financial aid money.
Types Of Merit Scholarships
Behold some specific examples:
Community Service Scholarships
STEM Scholarships
Arts Scholarships
Eagle Scouts and Girl Scouts
And this is just the barest tip of the iceberg that is the thousands and thousands of dollars in merit aid awards that might be perfect for a student just like you!
Financial Aid vs Merit Aid
Financial aid is the all-encompassing amount of $$$ you’re receiving to help pay for college, which can include merit aid as one of its subcategories.
Do I Have To Pay Back Financial Aid?
Whether or not you have to pay back financial aid depends entirely on what kind of financial aid you’re receiving.
Most merit scholarships, awards, grants, and work-study programs do not ask you to pay back their financial aid funds.
Loans, however, do have to be paid back as soon as you graduate.
And usually with high interest rates. (Double yikes!)
Sometimes schools can make students feel as if loans are the only option available to them. While loans can serve an important function, there are other ways to achieve your academic and career goals without going into burdensome debt.
Find out more about how with March Consulting’s data-driven approach to finding perfect-fit schools and school financing.
Do I Have To Pay Back Merit Aid?
No. Usually you do not have to pay back any merit award portions of your financial aid.
You earned it.
What Happens If I Don’t Use All Of My Financial Aid Money?
If you don't use all of your financial aid money, the unused funds will typically be returned to the financial aid office (or the federal government, state government… whichever person or group provided you with the funds in the first place).
However, some schools may allow you to keep the unused funds, as long as you use them for educational expenses.
More questions? Book a discovery call with our team of college consulting experts to start moving faster and more easily toward your dreams for college & beyond.