Try For A Merit Scholarship
by Sara Zessar
Despite the constant increase in college tuition, statistics show that a college degree remains a worthwhile investment in terms of the increase in lifetime earnings. However, many middle and even upper-middle class families are facing a dilemma when it comes to financing their kids’ college education. They are unable to qualify for need-based financial aid, yet they don’t have enough money to pay full-price at a private college.
The total cost of attendance at many private schools now exceeds $60,000, and even if parents have saved diligently, they may not have enough. The average student loan debt for the college Class of 2015 was $35,000; that number, like tuition, increases every year. So what are students to do if their parents can’t afford a college’s “sticker price” and don’t qualify for need-based aid, and the students don’t want to take out tens or hundreds of thousands of dollars in loans to make up the difference?
The answer is merit scholarships. When people hear those words, they often think of scholarships from charitable organizations or corporations or those based on unusual characteristics like being left-handed or having red hair. (Yes, such scholarships exist). However, these private scholarships only account for 4 percent of total financial aid awarded, and they often are small amounts and are not renewable.
In contrast, merit scholarships from colleges may cover as much as the full cost of attendance and often can be renewed for up to four years. These scholarships can be based on a number of factors, including grades, test scores, activities, leadership, community service, and/or demographics. For students who are early in their high school career, taking challenging classes, getting good grades, and participating in activities will improve your likelihood of receiving a merit scholarship.
It’s important to note that colleges in the Ivy League and some other highly selective schools do not offer merit-based aid, so for families who need such aid, students may have to set their sights a little lower. If you are willing to consider schools that are less selective, sometimes only slightly less selective, you may have the opportunity to get merit aid.
To assess your chances of receiving merit money from a college that awards scholarships based on grades and/or test scores, compare your GPA and scores to the average GPA and scores of students who have been accepted to that college. If your numbers are above the averages, you have a good chance of getting merit aid. Another thing that can help increase your chances for a merit scholarship is if you live in a state or region that no or few of the college’s current students call home.
Some colleges automatically consider students for merit scholarships when they apply for admission, while others require students to complete a separate application or applications. Still other schools have scholarships for which students must be nominated. As you’re researching colleges and deciding where to apply, be sure to find out what you must do in order to be considered for a merit scholarship. You wouldn’t want to miss out because you forgot to fill out a special form or write another essay.
Students do not have to be at the top of their high school class or have perfect test scores to receive a merit scholarship. For example, one of my students this year has a weighted GPA of 3.828, with a mix of A’s, B’s, and C’s. He attends a large public high school in Denver and is in the top 40 percent of his class. He got a 30 on the ACT. (A perfect score is 36.) He was offered $22,500/year from The College of Wooster, a small liberal arts college in Ohio.
Even a few thousand dollars per year will help defray the cost of a college education, thus benefiting both students and their parents. Sometimes, students receive so much merit-based aid from a private school that it actually becomes cheaper than attending an in-state public college. Therefore, you should never rule out a college based on its sticker price, as you never know how much scholarship money it might offer.
Sara Zessar, the founder of Discovery College Consulting, LLC, has assisted hundreds of students with the college search and admissions process. With an M.Ed. in counseling, Sara worked for six years as a high school counselor in private, public, and charter schools. She also assists students with the scholarship process, and Discovery College Consulting’s students have received up to $33,000/year in college merit scholarships.Visit www.discoverycollegeconsulting.com.