With the rising costs of tuition, securing financial aid based on academic and extracurricular achievements can significantly alleviate the financial burden for students and their families. This has made the pursuit of merit scholarships a vital aspect of the college admissions process for many families in today’s current landscape of higher education.
The process of chasing merit aid can be both exciting and overwhelming for families. To navigate this path successfully, it’s important to have solid strategies for chasing merit in place. In this article, we will explore the steps you can take and the areas you should focus on to maximize your chances of receiving merit-based aid from colleges.
Understanding Merit-Based Aid
Before diving into the strategies, it is crucial to understand what merit-based aid is so we are all on the same page. Unlike need-based aid, which considers financial circumstances, merit scholarships are awarded based on academic and extracurricular accomplishments. These scholarships can come from various sources, including nonprofit organizations, private businesses, and colleges themselves.
Why Do Students and Families Chase Merit-Based Scholarships From Colleges?
Over the years obtaining a college education has become increasingly expensive, making it increasingly difficult for even middle-class families to afford to send their children to college. This reality has made financial aid a crucial consideration for students and families as they decide which school they decide to attend.
Realizing that merit-based scholarships offer a valuable opportunity to offset the rising costs of tuition and reduce the burden of student loans or the amount students and parents need to pay out of pocket, the concept of “chasing merit” in the college admissions process was born. By strategically selecting colleges that are known for awarding generous merit aid, families can significantly increase their chances of receiving substantial scholarships. This approach allows students to pursue their educational goals while minimizing the financial strain on their families.
Top 10 Strategies and Areas to Focus On for Chasing Merit
As students and their families begin the process of maximizing the merit scholarships they will be awarded by the colleges they need to have a plan. Chasing merit can be a big commitment and you don’t want to waste your time or forget to do something that is important.
Here are some tips or strategies you can employ as you go through this process:
1. Identify the Right Schools
Not all schools offer generous merit aid. Jeff Selingo, the author of “Who Gets In and Why“, says that colleges can be broken down into two groups, “Buyers” and “Sellers”. “Buyers” are more likely to award merit aid compared to “Sellers”. Therefore, families should research and identify these “Buyer” schools that strategically use merit aid to attract students, where the chances of receiving merit aid are higher.
2. Apply to a Large Number of Schools
Remember that there are a lot of good colleges out there, so as you create the list of colleges that you want to apply to remember that you will want to apply to a large number of schools, not just your handful of favorites.
Just because a college awards a lot of merit aid to attract students doesn’t guarantee that they will award it to you. By applying to a larger number of schools you are improving the chances of having one or more of these schools offer you enough merit aid to significantly lower your out-of-pocket expenses for going to college.
3. Apply to Colleges Where You Stand Out
No matter how many colleges you apply to, if you are chasing merit you want to make that you stand out at the college at the college you are applying to. By standing out I would suggest looking for schools where you rank in the top 25 percent of applicants. Obviously, the higher the better.
To help you better understand where you might rank among the applicants to a college you can visit the admissions office webpage. You may also want to check the department webpage for the major you are applying to, especially if you are applying to a competitive major as the students who are applying for those majors might differ significantly from the applicant numbers from the college as a whole.
4. Leverage Resources Like the Common Data Set
In addition to visiting a college’s website, it is a good idea to use other resources, like the Common Data Set, as you research which colleges you want to apply to.
The Common Data Set provides valuable information about a school’s admission statistics and financial aid policies. Families should use this resource to find schools where the student’s academic achievements place them in the top 25 percent, increasing their chances of receiving merit aid.
5. Negotiate More Merit Aid
If the initial offer from a college is not sufficient, families can contact the school’s admissions office and ask if they can offer more scholarship money. They should be able to provide compelling reasons and necessary documentation to support their request.
However, depending on the college, its policies, and available funds, there is no guarantee that they will be able to accommodate the request for additional scholarship money.
6. Don’t Apply Early Decision
For students who aren’t chasing merit, applying Early Decision is a great way to increase a student’s odds of admission at a selective college. However, this should be considered carefully as Early Decision is binding, meaning that if you are accepted you agree to enroll at the college without having the opportunity to compare financial aid packages from other colleges.
So unless you are applying to your absolute dream school and your family possesses the financial means to afford the cost of attendance without regard to financial aid, and you have no desire to explore alternative options even if offered a full scholarship, don’t apply Early Decision.
7. Research and Apply for External Scholarships
Apart from institutional scholarships, students should also apply for scholarships offered by private businesses and nonprofit organizations. These private scholarships can provide additional financial support and expand the opportunities for students to fund their education regardless of what college they attend.
8. Ensure a Good Fit
Students and parents always talk about finding a college that is a good fit, but they aren’t alone in this desire. Colleges want students who will flourish within their unique academic and social environment, committing to the entirety of their educational journey.
Therefore, families should ensure that the schools they are applying to are a good fit for the student’s personality, interests, and career goals. Not only will this help increase your chances of thriving should you attend there, but if a college sees a student as someone who is a perfect fit for their institution they could be more inclined to offer them merit aid.
9. Apply to Both “Buyers” and “Sellers”
According to Jeff Selingo, who we mentioned earlier, “Buyers” schools are more likely to award merit aid compared to “Sellers”. Therefore, families should focus on applying to “Buyer” schools where the chances of receiving merit aid are higher. However, it is important not to limit oneself solely to these “Buyer” colleges, even when merit-based scholarships are the primary focus. After all, there is no guarantee of being awarded a substantial amount of merit aid by any particular college.
So in addition to targeting colleges based on merit aid prospects, it’s crucial not to overlook applying to dream schools. If there are specific schools that genuinely appeal to you, despite expecting limited merit aid from them, it is advisable to submit applications to a few of these schools as well. This approach ensures that in the event the schools you targeted for maximizing merit aid fall short in awarding significant scholarships, you still have alternative options and the possibility of attending one of your more highly desired schools, especially if they end up costing the same or slightly more than the “Buyer” schools that didn’t award you merit aid.
10. Put in the Work
Chasing merit requires time and effort. Families should be prepared to spend many hours researching schools, understanding their financial aid policies, and crafting compelling applications. This process demands perseverance and thoroughness to maximize your chances of securing merit-based aid.
Final Thoughts
By implementing the strategies discussed in this article, you can significantly increase your chances of receiving merit scholarships from colleges. Remember the importance of identifying the right schools, applying to a diverse range of institutions, standing out among applicants, leveraging resources, negotiating when necessary, exploring external scholarships, seeking a good fit, and putting in the work. With determination and strategic planning, you can make college more affordable and pave the way for a successful educational journey.
Lastly, remember that chasing merit scholarships isn’t going to work in a significant way for everyone. So be sure to read our article about What is Chasing Merit where we talk about alternatives to chasing merit that can save money on college costs.
