For parents with higher incomes who want to reduce college costs, focusing on merit-
based scholarships offered directly by colleges can be a highly effective strategy. While
government aid and independent scholarships are beneficial, institutional merit awards
often provide more substantial financial relief.
Why Focus on College-Awarded Merit Scholarships?
College-awarded merit scholarships generally offer larger amounts of funding and are
often renewable for up to four years. These awards recognize achievements in
academics, extracurricular activities, and other talents, potentially covering a significant
portion of tuition.
If you have any doubts, consider this: the average discount rate for freshmen at private
colleges in the US is 56.2%. This figure has increased by 21.1% over the past decade,
demonstrating the growing role of institutional aid.
How Can You Maximize Your Chances for Merit Awards?
- Target Schools with Generous Merit Aid: Research colleges known for offering
substantial merit scholarships. - Maintain a Strong Academic Record: Keep up high grades throughout high
school. - Engage in Meaningful Extracurricular Activities: Demonstrate commitment
and leadership outside the classroom. - Prepare Thoroughly for Standardized Tests: High scores can boost
scholarship opportunities. - Apply Early: Submit applications earlier in your senior year to enhance your
chances of receiving merit awards.
Benefits of This Approach
- Access Larger Awards: College-awarded merit scholarships can significantly
reduce tuition costs. - Simplified Application Process: Many colleges consider merit awards
automatically with admission applications. - Reduce Long-Term Costs: Scholarships can lessen the financial burden,
potentially reducing or eliminating student loan debt. - Increase Scholarship Opportunities: Applying to schools known for merit aid
maximizes your chances of securing funding.
Research institutions known for their generous merit aid policies and align your college
list accordingly. Many colleges automatically consider applicants for merit scholarships,
while others may require a separate application with earlier deadlines. Staying
organized and beating all deadlines will help you make the most of these opportunities.
By prioritizing college-awarded merit scholarships, you can help your family reduce
college expenses and set your teen up for financial success after graduation.
Fitz has dedicated the entirety of his 28 year career to encouraging higher education opportunities. He worked in the Vanderbilt, Duke Law and St. Lawrence admissions offices prior to serving as an enrollment management consultant for 200+ selective colleges around the country. He created Find The Right College to make trustworthy college counseling more accessible. Fitz is also the father of two teens so he also understands first-hand the challenges associated with a college search.
