Counselor Edition: Prioritize Merit Scholarship Applications
Research Colleges That Offer and Apply
(~3 Min Read)
Dear Future Undergraduate:
Almost half the college applicants cite College cost is a huge factor in college selection. This is supported by the podcast conversations I have had with College Alumni about their college selection.
In fact, in a number of cases they ultimately accepted the college that offered them the most generous Merit Scholarship.
Check out podcasts with Aaron Sandoval of University of Florida, Rifat Mursalin of Emory to listen to their scholarship stories.
Brown Freshman Rishika Kartik says, “I think scholarship applications are something that get overlooked because college apps themselves are a lot of work. And so I see a lot of students rush their applications or feel a lot of stress because they didn't allow enough time for research.”
It is imperative that you spend time researching what each of your prospective College Costs and what, if any, Merit Scholarship options are available at that college.
To help you with this, I have pulled together 5 Things About Merit Scholarships based on Segment#9 on Merit-Based Financial Aid from our Podcast Series “How to Build a Standout College Application” with Ben Stern of IvyAchievement.
Here is what you need to know:
What is a Merit Scholarship?
What can your Family Afford to Pay?
Colleges that Offer Merit Scholarship
Criteria for Merit Scholarship
How to Apply
1.What is a Merit Scholarship?
There are two main kinds of financial aid: Merit-based which is given on the basis of academic merit, or athletic merit. Then there is what's called Need-based, which is given on the basis of a family's financial need.
Now, both of these are essentially discounts on the cost of college education.
2.What can your Family Afford to Pay?
“It's not how much money you get, it's how much money you're paying at the end of the day.”
Ben says that when families tell him that they are looking for 50% scholarship, what does that really mean? Is it 50% of $80,000? Is it 50% of $50,000.
Because a 50% discount on an $80,000 annual price tag means that you still have to pay $40,000, and on $50,000 price tag, your family is responsible for $25,000.
If your family can pay $40,000 a year, then the scholarship you need is the cost of that college minus your budget.
So thinking in terms of percentage is not the is not the best way to compare schools or to think about the cost of attendance.
You want to think “Okay, how much is it going to cost me and my family every year? What’s the college bill going to say?”
3. Colleges that Offer Merit Scholarship
Merit-based colleges look at an applicant and try to figure out
What other kinds of schools this applicant might be weighing them against?
What “discount” they would have to offer that applicant to choose to their school?
Colleges that don't need to do that, or know that students are likely to choose them over their competitors, don't offer merit based aid. This is why the Ivy League colleges for example, and most top public schools don't offer merit based scholarships. They offer In-state Tuition Discounts for students in their state.
From your list of prospective colleges, research to determine if they offer Merit Scholarships.
4. Criteria for Merit Scholarship
For a given college, the top applicants are more likely to get scholarship offers, because the college wants those students to enroll.
To assess if you're likely to get offers for merit-based scholarships
Compare your academics and test scores to other students in the past;
Almost all colleges report the percentiles of their enrolled classes for their SAT and ACT scores.
Students who got Merit-based Scholarships are generally the ones who applied with that score.
Students who are applying without Test Scores would be at a disadvantage this year for those Merit-based scholarships.
Competitive colleges also
Look at essays;
At how much a student will bring to the university;
What sort of advantages that students will confer to the university as a student there.
Based on your academic credentials, determine the colleges where you would be a strong scholarship applicant.
5. How to Apply
There are different kinds of Merit-based Scholarships:
One: The Student may be automatically considered on Applying.
Two: There are competitive Merit-based scholarships that one applies for. They do require additional essays, additional transcripts, and recommendations.
That will be weighed and then students will be shortlisted and selected for those kinds of merit based scholarships.
Some examples of schools include University of Southern California, Boston University, Vanderbilt University, University of Wisconsin Madison.
The deadlines are earlier than the regular application deadlines to give the schools extra time to consider them and shortlist students.
To recap, here are your to dos:
Estimate what your family can afford to pay per year for your college education;
From your list of prospective colleges, research to determine if they offer Merit Scholarships;
Short-list colleges where you are a strong applicant based on their previous acceptance profiles;
Keep track of Application Requirements & Deadlines.
Finally, Apply!
All the Best!
September 2022 Podcasts Curated For You
1.Alexa Sand: What is Art History?
Alexa Sand is a Professor of Art History at Utah State University.
Prof. Sand’s grandmother was a painter. Her mother is an artist. When she got her first SLR camera, her dad drove her all over Seattle and she took pictures of all the public art in the city. She then made a big slideshow and forced her parents and friends to watch it.
Visual expression has always been part of Prof. Sand’s life since early childhood.
In this Podcast, Professor Sand tells us what Art History is, its Origins & Its Importance, areas of Art History, the skills needed to pursue Art History in College and the Career opportunities.
Hi5s from the Podcast are:
What is Art History?
Importance of Art History
Areas of Art History
Skills to Study Art History
Career Opportunities
Listen to Podcast with Prof. Alexa Sand on Art History as a Major. (47-Minute Listen).
Finally, A Big Thank You to all my podcast guests who have been generous with their time and counsel on my podcasts.
Have a Great October.
Venkat
This blog is so informative! As a senior navigating college applications right now, I learned a lot about balancing college apps with scholarship apps as well. I've thoroughly enjoyed reading your posts!