<p>“They all do it”, meaning virtually all of them offer some variety of financial aid. However, only a relative few colleges (about 50 selective schools) cover 100% of determined need; many of those don’t offer any merit aid at all. Some schools guarantee specific merit award amounts for specific stats. Others are more vague about the merit amounts, or award them based on a holistic evaluation of the applicant’s qualifications (not just GPA and test scores).</p>
<p>At the most expensive, most selective private schools, roughly half of all students pay full sticker (and none get merit aid). The rest pay an amount pegged to the Expected Family Contribution. At some slightly less selective schools, 20% or more of the students may be getting a merit discount (in varying amounts). Details on number of awards and average amounts are covered in each school’s Common Data Set file, section H.</p>