Are you worried about the rising costs of college education? Well, you’re not alone. Many families, regardless of their income level, are feeling the squeeze when it comes to paying for higher education. That’s where the concept of “chasing merit” comes in. It’s a term that refers to an admission strategy that many families are using to find ways to make college more affordable for their children.
What Does Chasing Merit Mean?
Chasing merit is all about strategically applying to colleges that have the highest potential to award generous merit scholarships to a student. Unlike need-based financial aid, which is often limited and may not cover the full cost of tuition, merit scholarships are based on a student’s achievements and abilities. By pursuing these scholarship opportunities, families hope to offset the hefty price tags of college and reduce the financial burden they may face.
To begin the process of chasing merit, families carefully curate a list of colleges that prioritize merit-based aid. They consider factors such as the institution’s track record of awarding scholarships, the student’s academic and extracurricular achievements, and the overall affordability of the college. By targeting these schools, families increase their chances of receiving significant financial assistance, lowering the cost of attending each college.
What Are Merit-Based Scholarships?
With the high cost of tuition and the growing burden of student loans, the pursuit of scholarships has become increasingly important for many students. One type of scholarship that holds a special allure is the merit-based scholarship. These scholarships are awarded based on a student’s academic achievements, test scores, talents, extracurricular activities, leadership experiences, or other accomplishments rather than financial need.
These scholarships can serve as a beacon of hope for students who may not have the means to pursue higher education otherwise. They can sometimes open doors that were previously closed, providing opportunities for deserving students to reach their full potential.
What Are the Negatives of Chasing Merit?
While chasing merit is a strategy that is employed by many families, it can have several drawbacks. Here are some of the things to be aware of if you are considering employing this tactic in your college search and admissions journey.
Limits a Student’s Choice of Colleges
One of the primary concerns is that it may limit a student’s choice of colleges. Students may feel compelled to apply to institutions that offer substantial merit-based aid, potentially overlooking other colleges that might be a better fit for their academic or personal interests.
Intense Competition
Another downside is the intense competition for merit-based scholarships. These awards are typically given to students with exceptional academic or extracurricular achievements, making them highly sought after and difficult to secure. This can lead to increased pressure and stress on students to excel in every aspect of their high school career.
Prevents Students from Applying Early Decision
Students serious about chasing merit will avoid submitting Early Decision (ED) applications, because doing so limits their ability to compare financial aid offers from other institutions since students accepted to a college under ED are expected to commit to that college. Additionally, merit scholarships are often announced in the spring, meaning ED applicants may not know if they’ve received any merit money at the time of their acceptance.
All of this makes sense in the context of chasing merit. However, if a student isn’t successful in obtaining significant merit aid from an institution, they may regret not having the option to submit an Early Decision (ED) application to their dream school and potentially secure a spot despite the absence of a substantial merit scholarship.
Higher Cost of Admission Applications
If you are serious about chasing merit, you will need to cast a wide net by applying to as many colleges that fit your criteria. With all these applications, the total amount of application fees can start to add up, and unfortunately, there is no guarantee that they will be recouped through merit scholarships.
Large Time Commitment
Students and families who commit to trying to chase merit will have to put in a lot of time and effort into researching scholarships, completing applications, and preparing compelling scholarship essays. This additional workload can start to feel overwhelming, especially when combined with the demands of academics, extracurricular activities, and other college application requirements.
In conclusion, while chasing merit can help alleviate the financial burden of college, it’s important for families to consider these potential negatives and weigh them against the benefits.
Alternatives to Chasing Merit
If the approach of chasing merit does not yield significant reductions in college costs, or if you simply don’t want to use the strategy of chasing merit as you decide which colleges to apply to, there are several alternatives that can be explored.
Attending a Community College
One of the most common strategies is starting off at a community college. Community colleges typically have lower tuition costs than four-year institutions, which can result in substantial savings. After completing the first two years at a community college, students can then transfer to a four-year institution to complete their degree.
Dual Enrollment
If you are still in high school another cost-saving measure that can be utilized is dual enrollment, which allows high school students to take college classes taught by college professors. The credits earned from these classes satisfy both high school and college requirements, reducing the number of classes needed once the student enrolls in college.
Advanced Placement Classes
Students can also consider taking Advanced Placement (AP) classes during high school. These classes allow students to earn college credits, thereby reducing the number of classes they need to take in college.
Fill Out the FAFSA
Applying for need-based financial aid is another avenue to explore. In fact, I encourage every student to do this. Even if you think you do not qualify, it does not hurt to fill out the Free Application for Federal Student Aid (FAFSA) and CSS Profile (if the colleges you are applying to request it) and see what kind of aid you may receive from different schools. Some schools may have more generous need-based aid policies than others, especially if they meet full demonstrated need or have no-loan policies.
Plus, by filling out the FAFSA you will get the chance to see both the merit based scholarships along with the need based financial aid, along with student loan options, as you compare offers from different schools. By being able to see the full financial picture before accepting an offer of admission. This comprehensive view allows for informed decision-making, enabling you to weigh the financial implications and consider the affordability of each college option.
Explore Private Scholarships
Seeking private scholarships is another great option to pursue. There are many scholarships offered by organizations, foundations, companies, or individuals that are not affiliated with any college. The great part about these private scholarships is that they will follow you to whichever college you decide to attend, supplementing any aid you receive at that school.
You can search for these scholarships online or through your high school counselor. Some of these scholarships may be based on merit, but others may be based on other factors, such as community service, leadership, talent, ethnicity, etc.
Buy Used Textbooks
Opting to buy used textbooks instead of new ones can also help cut costs. Used textbooks are usually much cheaper, and students can sell them back once the course ends. Some websites even offer textbook rental services for further savings.
Live Off-Campus
Living off-campus is another option worth looking into. In some cases, this can be more cost-effective than living on campus, especially if you have roommates to share the rent and utility bills with. Plus, cooking your own food instead of having an expensive meal plan or eating out at restaurants can help you to save even more money.
Commute to School
If the college you attend is within reasonable proximity to your parents’ home, commuting can be a practical option to reduce costs. By commuting to school instead of living on or near campus, you can save significantly on housing expenses, meal plans, and other associated costs. While commuting may require additional time and planning, it can provide substantial savings over the course of your college education.
Enroll in Online Classes
Online classes or earning a degree entirely through an online program can also reduce costs. This eliminates the need for relocation or campus housing, and can also save on transportation costs.
However, it’s crucial to carefully consider the cost and quality of online programs, ensuring that the institution is reputable and offers the necessary support and resources for a successful learning experience. However, it’s important to carefully consider the cost and quality of online programs, ensuring that the institution is reputable and offers the necessary support and resources for a successful learning experience.
Work While Attending Classes
Working a part-time job or side hustle while attending college can help offset costs. This can help reduce the need for loans and the subsequent interest that comes with them.
Tuition Assistance or Reimbursement from Employers
Lastly, for students who work while attending school, seeking employment at a place that offers tuition assistance or reimbursement can be beneficial in managing educational costs.
Final Thoughts (Should Students Chase Merit?)
When it comes to the question of whether students should chase merit scholarships, there is no one-size-fits-all answer. Chasing merit can be a viable strategy for reducing the financial burden of college, especially for students with exceptional achievements. It offers the potential to secure significant financial assistance and open doors that may otherwise be closed. However, it’s important to weigh the potential drawbacks, such as limiting college choices and intensifying competition.
While chasing merit scholarships can be a valuable approach, it’s crucial to consider alternative options as well. Exploring alternatives like attending community college, taking advantage of dual enrollment or Advanced Placement classes, and applying for need-based financial aid can provide substantial cost savings. Additionally, seeking private scholarships, buying used textbooks, living off-campus, commuting, enrolling in online classes, and working while attending college are all viable alternatives to consider.
Ultimately, the decision of whether to put in the time and effort to chase merit scholarships or explore alternative avenues depends on individual circumstances, preferences, and long-term goals. It’s important for students and families to carefully consider their financial situation, academic aspirations, and personal values. By taking a comprehensive approach to financial planning and exploring the full range of options available, students can make informed decisions that align with their unique circumstances and pave the way for a successful college journey.
