<p>If the school says “National Merit Scholars” then that’s what they are counting – and not Finalists; otherwise, the NMSC would be jumping all over them. So always read the wording carefully, because some schools do tout their count of all National Merit Finalists, as m2ck has suggested.</p>
<p>The Ivies do indeed have many National Merit Scholars enrolled even though they don’t give out National Merit Scholarships – or any merit scholarships, for that matter. It’s because: (1) the Ivies tend to have very generous financial aid policies for those whose families qualify, so not getting a specific “scholarship” is meaningless to these students since they received need-based aid instead, (2) many National Merit Scholars come from wealthy families, so money is not even an issue for them, and (3) the “prestige” factor of the Ivies often triumphs over pure economics – i.e., many families are willing to pay more for an Ivy League education, even though it would have cost less to go to another school that did offer a significant National Merit Scholarship.</p>