<p>Yes, it is because the colleges the pick do not give merit scholarships on their own. Harvard for example has one of the highest number of finalists attending there but all those who get an award and attend Harvard either get a corporate sponsor award or NMSC award, not an award from Harvard. I am sure there NMF in Harvard who do not get an award. </p>
<p>You also have to remember that not corporate scholarships are actually given. If a sponsor has 10 scholarships, not all 10 may be awarded if their are not enough candidates. Again there is nothing like limited National Merit scholarship. You get it or you don’t. A corporate sponsor may have give $1000 a year, another may give a one time award of $2000, in the eyes of NMSC you have got an award. Similarly some colleges give $2000 a year, others tack on tuition scholarships, they all are national merit award winners. The 6800 do not get any award. The 8200 get financial awards, the amount depending upon the sponsor. So it is not a objective process of determining the ones who get the award.</p>