Merit aid is financial aid, it’s just awarded differently than need-based aid. What you are talking about is a school modifying its need-based aid package to be more appealing, and hopefully convince a student who is considering other schools to enroll.
Many schools practice “preferential packaging” when admitting students. For example…some may get more grant money and no Direct Loans, while others get less grant money and the direct loan. Of course…this would not apply to,schools with NO loan policies.
I still feel like some posters are confused. Merit aid can be two things.
(1) It can be part of a need-based financial package. The amount of that merit aid is a grant and not a loan.
(2) Merit aid can also be given to kids whose parents are not eligible for need-based aid. This is how some schools lure strong students away from the most prestigious schools where their families will have to pay full tuition. For example, a high-achieving student from a wealthy family would be full tuition at an Ivy League school if they are admitted. They may, however, receive a bit of a “discount” and be awarded merit aid to cover some tuition from a school less prestigious who really wants them.
Merit aid may be offered in addition to need-based aid, but I disagree that merit aid can be part of a need-based financial aid package. Need-based financial aid is based strictly on financial need. It does not have a merit component.
But some merit aid does have a need based component.
Merit at top schools is usually holistic. I received Trustee (full tuition) at USC a couple of years ago (selection rate at <1%). The admission officers mentioned that the avg score was about 2300+ for those selected. I only had a 2100. So keep in mind the other factors (EC’s, essays) as well.
“But some merit aid does have a need based component”
And some merit aid just replaces need based aid that a student would have received anyway, but parents and students are more flattered when it is call merit aid. Colleges pay out the same amount, but create good will awarding some fancy named scholarship. 10k in merit aid is great for full pay families, but for those receiving need based aid it is inconsequential and more of a marketing tool.
quote It can be part of a need-based financial package. The amount of that merit aid is a grant and not a loan
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The grants in many need based aid packages are not merit based. They are grant money…money in the package…that helps to meet the need of the student. In most cases, ones academic standing does not affect gray aid which is part of a need based financial aid package given by a college.
[quoye]Merit aid can also be given to kids whose parents are not eligible for need-based aid
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While this is true, and yes some schools do give merit to attract students…this is not always the case. There are plenty of merit awards, some even automatic , that go to students who also have financial need.
I think all of these definitions of merit aid are correct. I just wanted to point out that the OP is looking for merit aid separate from financial need. We are in the same boat and it’s not that easy…even with strong grades and scores.
I appreciate reading everyone’s input and understand that there are many shades of merit aid.
As @homerdog stated above, my (OP’s) question is from the perspective of a family that does not qualify for financial aid. In other words, we are looking for the type of college merit scholarship that does not take into account of students financial background. Yes, it’s competitive even with strong grades and scores.
I would also like to thank posters who shared their specific situation in details such as student’s profile and results of the student’s college merit awards (both here and PM’s). It has been very helpful.
@4beardolls As a family in the same situation, I’ve been warned not to look for info too early about schools that give merit that is not need-based. Apparently, this is a moving target and a school who may be generous one year, may not the next. I do think, though, that it’s very interesting to see the stats/ECs of kids who get specific scholarships that schools offer each year (like the Reynolds Scholarship at Wake Forest). The description of what is considered for these types of scholarships is always very vague.
^ agreed with vague description on merit scholarships… hence this thread :)… so we can all try to get a better idea.
Also agreed with merit being a moving target year to year. When we visited Grinnell, that is precisely what they said. They decide each year how much of their money go to merit vs. financial aid, vs. other things. I also sense that at Grinnell and other colleges, it seems that the money for merit is getting reduced in recent years and maybe even a continued trend.
@4BearDolls, after the responses you have received, especially the PM ones, do you think your D, based on her stats, is more or less likely to get similar merit aid to your S? Is it really the 36 they want or is it holistic? Obviously if your S also won more awards or did a more impressive activitiy this is not going to correlate.
@planner03 thank you for the explanation, I always wondered. What happens to preferential need packaging when there is a no loan school other than replacing work study which for some kids may only be $2,000. However, as I understand it, they will never get more than their EFC will allow other than in the awards you mentioned which do not reduce COA. Do top needs only schools adjust EFC if they want the kid? So your EFC may be less at Cornell than at Columbia if Cornell really wants you, for example?
@SeekingPam, most top colleges’ merit scholarships are holistic (exceptions include NMF scholarships and DD most likely won’t be one). The awards usually go to students with profiles stronger than majority of their admitted students. For DS14, it was a combination of all his stats, EC’s, and LOR’s. For DD17, she has equally good (maybe even slightly stronger) EC’s but her ACT is slightly lower at 34. Based on what I have read, posters are saying she is unlikely to get merit at top 15-30 range of schools and we need to search into top 50’s range.
"I thought we will need to cast a wider net by going down on the college ranking a bit. "
You are going to go down the ranking list a LOT, not just a bit, if you hope to land substantial merit $$.
Start with 60 and be willing to look far and wide.
It’s not unheard of to get merit aid from a top 20 with a 34 ACT. S2 got half tuition from Rice with a 34 and a 3.57/4.21 GPA. He had one pretty good EC that probably tilted the scale but it is possible.
Check out URochester. D had similar stats and got a nice merit package (although not full tuition, enough to make COA on par with in-state publics and significantly less than our over-priced flagship).
@4beardolls - your daughter’s stats, interests, and family circumstances are uncannily similar to mine! As my handle suggests, our state (OH) flagships and CWRU will be high on our radar. We will consider couple of ivy/LAC or top 15 schools in her application pool, but are not counting on merit aid to come even close to EFC for state flagships. For bright, non-URM, doughnut hole families, state flagships appear to be best bets. It’s an unfortunate reality, the so called reach schools are really not clamoring for our kids unless you are willing to mortgage that retirement!
FIFY
I think it would be helpful to know how long ago some of these students got the awards with 34 ACT or less. At many schools, the bar is higher than it was even 5 years ago…and at some schools MUCH higher than it was 10 years ago.