subject: What is college merrit money? [print this page] Merit money, or scholarships, is usually awarded to students based on merit, or achievement, not on financial need as grants are. So it's very possible that a child from a well off family, who doesn't really need the money, will get it simply because they are a good student. This is both a blessing and a curse.
Of course it's always nice to award academic achievement and every parent and their child is often very proud if they are awarded a merit scholarship, especially if it pays for 100 percent of the cost. The problem is that schools have become so enamored with making it to the top of the list of the list of best schools in the country according to U.S. News and World Report, that they've taken the use of merit money a bit too far. Instead of looking at the academically gifted students, they've started using the money to recruit ringers, those that will get the schools higher on the list, regardless of their ability to pay. This is most often seen when it comes to athletics. Teams start scouting the best high school talent and actively competing to get them to enroll at their respective schools. This happens with musicians and artists as well.
Schools that offer the most merit money are almost always the schools that are hardest to get into. Harvard, for example, awards large scholarships to students since it's sitting on billions in endowments, but it has an acceptance rate of just 7 percent. So 93 percent of the students who apply will be turned away.
The good news is that there are a lot of private organizations that also offer merit money. Faith based organizations, community organizations and other charities often will award merit money to people who have shown themselves to be outstanding members of the community in some form or another. This will vary based on the criteria for each organization. So all hope is not lost.
If you are hoping to be awarded a scholarship, start early. Get the best grades you possibly can, be active in your community and make sure you take care of your applications early. This way you'll be ahead of the eight ball and stand out when it comes time to hand out the cash.
