Merit scholarships are given to students who have excelled in academics, athletics, or other specific skill sets. Here’s how you can qualify.
A college degree is becoming increasingly pricey. It’s natural to be concerned about how to pay for it.
It’s not ideal to graduate with tens of thousands of dollars in student loan debt, but it appears that many students do.
Fortunately, there are alternative options.
Scholarships provide for approximately 25% of the average college student’s finances.
One of the best features is that there are hundreds of thousands of scholarships available, so there is bound to be one that you qualify for.
However, we cannot deny that the process of seeking scholarships can be difficult, and having resources to assist you along the way can make a significant difference.
Scholarships come in a variety of forms. Some are based on your financial situation, while others are purely based on merit, such as your grades, test scores, and extracurricular activities.
We’ll define merit scholarships and explain how they differ from need-based scholarships. Then we’ll walk you through how to identify and apply for ones that fit your qualifications.
What is a Merit Scholarship?
You can obtain a merit scholarship to assist in paying for college if you have exhibited academic or athletic performance, leadership, or community service throughout your high school years.
Scholarships, like grants, are a type of free assistance. In other words, unlike student loans, you do not have to pay them back after you graduate.
A merit scholarship is a type of financial aid that is given based on academic accomplishment.
Merit scholarships can be awarded for a variety of accomplishments, including:
- Academics: It should come as no surprise that there are numerous merit scholarships available for academic excellence. These scholarships are often given to individuals who have a high GPA or extraordinary test scores.
- Athletics: Many universities offer scholarships to students with exceptional athletic abilities who come to play on their school’s team. There are also private groups that provide athletic scholarships.
- Music: Students with specific creative or musical talent can obtain scholarships that are customized to them. These awards are frequently tailored to a specific sort of artist and require a portfolio of work to apply.
- Community service: If you are engaged in your community or have considerable volunteer experience, you can locate scholarships to recognize your efforts.
- Leadership: Scholarships are available for students who have demonstrated leadership ability by serving in student government, as team captains, or in other leadership roles.
Scholarships are often awarded to students pursuing a specific sort of degree by institutions and organizations. For example, if you want to become a teacher, you can locate scholarships designed exclusively for prospective teachers.
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What is Merit Scholarship vs. Need-based Scholarship?
A merit scholarship is purely based on personal achievement. Your financial status has nothing to do with your eligibility.
Need-based scholarships, on the other hand, are for students who need financial assistance for college and have an FAFSA that demonstrates that need.
The federal Pell Grant is the most well-known need-based aid program. Numerous colleges and private organizations provide scholarships to students from low- and middle-income families.
Depending on your circumstances, you may be eligible for both merit-based and need-based scholarships. Remember that the worst you may hear is “no,” so it’s always worthwhile to apply if you qualify.
Types of Merit-based Scholarships
Merit-based scholarships come in a variety of forms. Scholarships are available from your school, non-profits, local businesses, and even your parents’ employers.
1. School Merit Scholarships
When applying to colleges, you’re not just competing with other students for the top schools. The best schools compete with one another for the best students.
One way colleges do this is by providing merit scholarships and other forms of financial aid to existing and prospective students.
Some merit-based school aid is automatically granted when your application is accepted, but other scholarships require you to apply.
Private schools, on average, provide more merit-based scholarships (also known as tuition discounts) than public institutions.
2. Private Merit Scholarships
Thousands of private organizations offer merit-based scholarships to students at all levels of study, from undergraduate to doctoral programs.
It’s tough to overestimate how widespread these scholarships are—everything from small businesses to local non-profit organizations to worldwide corporations provides financial assistance to deserving students.
Many local businesses and groups provide merit-based scholarships to deserving students. A good location to start looking for scholarships is your local community foundation.
Scholarships may be offered by national organizations to members or the offspring of members.
Finally, significant organizations and corporations, such as Coca-Cola, provide scholarships to students who have excelled academically.
What Do Merit-based Scholarships Pay For?
The expense of attending college covers significantly more than just tuition. Tuition is frequently less than half of your entire bill for the academic year. When applying for merit-based scholarships, it’s critical to understand what they cover upfront.
To begin, how your scholarship money is used is determined by who sponsored it.
If your school gives you a merit-based award, it will be applied straight to your tuition before you see the bill.
Likewise, other organizations may send scholarship funds directly to the school to be applied to your bill.
These scholarships are frequently limited to school-related expenses such as tuition, fees, and room and board. Sometimes you can only use the scholarship to pay tuition, which means you can’t utilize the money if your tuition is already covered.
In such a scenario, applying for scholarships from other organizations that pay scholarship money directly to students by check or direct deposit is a wonderful option.
When the money is provided directly to you, you can typically utilize it for personal living expenses such as rent, food, and supplies.
When applying for scholarships, read the tiny print to see if there are any restrictions on what you can spend the money on. If a scholarship sponsor insists that you use the money strictly for educational purposes, it will most certainly indicate so.
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How to Find Merit Scholarships That I’m Eligible For
You are almost certainly eligible for one of the hundreds of thousands of scholarships available. The issue is locating the best ones for you. With so many options, it can be difficult to get started at all.
Here are actions you can take to find merit scholarships:
Step 1: Begin early.
One of the most crucial pieces of advice we can give is to start looking for scholarships as soon as possible.
Many people may not consider applying for scholarships until their senior year of high school.
However, several scholarship opportunities are also available to students in their sophomore and junior years. And the earlier you begin, the more opportunities you will have to apply for and land scholarships.
Imagine starting your senior year with a scholarship savings account already established. You might better manage your money for school and have more peace of mind knowing you won’t be burdened by student loan debt.
Step 2: Make contact with your school.
Once you’ve been admitted to an institution, contact the financial assistance office and inquire about potential scholarships.
If you’ve been accepted to more than one school, you can evaluate scholarship prospects and take that into consideration when selecting a school.
If you are a high-achieving student, you can exploit your academic success to obtain scholarships.
Inform your school’s financial assistance office that you’d like to attend their institution but need to make a financially sound decision for you and your family.
Schools aim to attract the top students; therefore, they may be ready to provide additional merit scholarships to entice you to join their school.
Step 3: Contact local organizations.
Local companies and community foundations around you may give scholarships to local kids. Examine the websites of local organizations, or even contact them directly.
Check with your high school guidance counselor as well. Many organizations produce lists of local scholarships to which students can apply.
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What Do I Do If I’m Not Eligible for Any Merit Scholarships?
You may be concerned that you will not be eligible for any merit scholarships, particularly if you do not have a high GPA or have not had any noteworthy achievements during your high school years.
True, most excellent scholarships have a large number of applications. And competing with an ordinary GPA can be difficult. However, no matter what your unique skill set is, there will undoubtedly be a scholarship to match it.
What Is the Procedure for Applying for Merit-Based Scholarships?
Each merit-based award is funded by a separate organization and has various conditions for qualifying.
As a result, there is no set procedure for applying for them. However, here are a few general actions to take:
- Read the eligibility requirements: The last thing you want to do is waste time applying for scholarships that you aren’t qualified for. Make sure you read the eligibility requirements for each scholarship to avoid wasting your time.
- Complete the following application steps: Scholarships can be competitive, and missing any steps in the application process ensures that you will not win. Read the application thoroughly to ensure that you complete all of the steps.
- Allow someone to read your essay. The essay is the most crucial aspect of many scholarship applications. Make sure to have someone review your essay before submitting it, or use a self-checking service like Grammarly.
- Submit your application by the deadline: You must submit all scholarship applications by the deadline. We recommend submitting your application as soon as possible because some scholarship providers only accept a limited number of applications!
- Discover how to keep your scholarships: Some scholarships are renewable, which means that you can get the funds each year you attend college. Typically, you must meet specific conditions, such as maintaining a certain GPA, so make sure you are aware of these in advance.
Final Thought
Merit scholarships are an excellent method to complement government and school funding. Finding and qualifying for them can take time, but it’s typically a better option than paying off student debt.
There are hundreds of thousands of scholarships available, with eligibility ranging from academics to athletics and everything in between. If you have a unique skill set or achievement, there’s a strong possibility you’ll be eligible for a merit scholarship.