Scholarship News

Five Tips for Maximizing Merit Aid


July 11, 2014
by Suada Kolovic
Figuring out the bottom line when it comes to the cost of your college education is definitely stressful. With everything that goes into determining your financial aid package (your parents’ income, your earnings and your family’s net assets), it’s important to understand that merit aid (aid based on a student’s attributes like (academics, athletics, extracurriculars, etc.) is available to student regardless of their “need.” New federal rules are blurring the distinction between scholarships awarded on merit and grants awarded because of a student’s financial need – for instance, a growing number of colleges now award “need-based” aid to students from families earning six figures! – so we’ve compiled a few helpful tips to maximize your chances for merit aid and increase your overall financial aid package.

Figuring out the bottom line when it comes to the cost of your college education is definitely stressful. With everything that goes into determining your financial aid package (your parents’ income, your earnings and your family’s net assets), it’s important to understand that merit aid (aid based on a student’s attributes like (academics, athletics, extracurriculars, etc.) is available to student regardless of their “need.” New federal rules are blurring the distinction between scholarships awarded on merit and grants awarded because of a student’s financial need – for instance, a growing number of colleges now award “need-based” aid to students from families earning six figures! – so we’ve compiled a few helpful tips to maximize your chances for merit aid and increase your overall financial aid package.

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  1. Fill out the FAFSA. Federal rules have changed and college aid officials are now allowed to award need-based aid to students whose parents earned decent salaries last year but have recently been laid off; institutions can also make accommodations for a family’s unique circumstances, such as high medical bills.
  2. Apply to schools where you’d rank at the top. While your dream school might be an Ivy League, you should apply to at least a few colleges where your GPA would put you in the top 25 percent of the student body.
  3. Do the research. If you’re interested in a college, find out what it has to offer when it comes to merit aid. You might qualify for more awards than you think!
  4. Before making a final decision, compare net prices. Consider the cost of attendance in its entirety, including tuition and fees, room and board, books and transportation. The school that offers the most in merit aid might not be the best choice; sometimes the college offering the largest merit scholarship might have the highest net price because its tuition is higher.
  5. Don’t be afraid to negotiate. Believe it or not, you have leverage when it comes to negotiating your merit aid package. If you have received admission letters from two or more universities and your first choice has a higher net price than your second choice, contact your first choice institution (which one is “that institution”...first or second choice?)! Some schools might be willing to match the merit aid offered, which would provide you the opportunity to attend your first choice school for less money!

Can you think of any tips that we might have missed? If so, please add them to our comments section! For more information on finding money for college and how to properly fund your college education, check out Scholarships.com Financial Aid section.

Connect with our massive database of millions of college scholarships by conducting a free scholarship search at Scholarships.com. Scholarships.com offers the simplest way to search for, apply to, and win college scholarships. Make your college education affordable or even free, by conducting a free college scholarship search at Scholarships.com.

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FAFSA is an acronym. It stands for Free Application for Federal Student Aid. Please take note that the first word in the acronym is Free. You do not need to pay to fill out the FAFSA but there are certainly websites out there that will charge you for their assistance. If you are asked for a credit card at any point in the process, you are at one of these sites. If you do not want to pay to complete the FAFSA, be sure to apply at https://studentaid.gov/h/apply-for-aid/fafsa. The FAFSA must be completed by you and your family each year if you wish to be considered for need-based grants from the college or university you are or will be attending as well as subsidized student loans.

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