<p>I was searching for some more PSAT data this morning and stumbled upon a 1969 annual report for the NMSC. It shows the National Merit scholarship was $1000 back then. It doesn’t sound like much until you consider the following…</p>
<p>1969-70 to 1972-73 Data</p>
<p>Average total 4 year tuition & fees
Public Private
1,997 6,638</p>
<p>$1,000 as % of 4 year tuition and fees
Public Private
50.08% 15.06%</p>
<hr>
<p>2008-09 to 2011-12 Data</p>
<p>Average total 4 year tuition & fees
Public Private
$30,299 $110,025</p>
<p>$2,500 as % of 4 year tuition and fees
Public Private
8.25% 2.27%</p>
<p>While every dollar helps, National Merit scholarships certainly have far less impact than they used to. They now cover the tuition for the cost of about 1 class in 1 semester at the average private university and maybe 3 classes at a state university. (The half or full tuition breaks a handful of schools provide to NMSF are, of course, a huge benefit. But school choice is limited.)</p>