<p>Virtually all semi-finalists end up as finalists. Yes there is an essay to write, and the SATs to take, but most are taking SATs anyway and just use their common app essay. Some employers and local scholarship funds offer awards of a few thousand, but I don’t think that is very common. There is a huge benefit at some schools (eg Alabama) that waive tuition for NMFs. For most selective schools it is of little benefit in terms of scholarship dollars.</p>