<p>I suppose there could be an advantage of applying early as it lets the admissions people know you are enthusiastically sending in your application as soon as they open the application period. Additionally, forget the merit money if you don’t want it, throwing your hat into the ring for merit awards shows that you are interested in applying for honors from the university. Getting a Trustee Scholarship (or Pres. or Dean’s) is an award that goes beyond the financial and could open doors for you during your time at USC. If you are so privileged financially that you feel it would be morally wrong to take the merit money from someone else who may need it more, which is admirable, I would still apply and see what happens. You can always enjoy the process and the overnight visit that merit awards recipients are invited to where you have the opportunity to get a great look at USC and meet some of the people you would be working with there and then explain at the interview that you feel they should give the money to someone who needs it more than yourself. Or, just take the award if you get it and donate an equivalent amount back to USC. I thought the overnight was fabulous… our family learned a lot about how USC operates by attending that event. The only other advantage is that those who are nominated for merit awards find out as early as January that they are accepted to USC. Since housing requests are filled on a first-come, first-served basis, getting an early acceptance allows one to have their pick of housing. So, advantages other than money: Prestige & potential opportunities associated with such an award and first pick of housing.</p>