Merit-based aid refers to tuition discounts awarded to students based on previous academic performance. While this type of tuition assistance is not new, it’s becoming more common as colleges eagerly compete for the attention of prospective students. Here, we’re walking you through why you should care about this new trend and what you can be doing now to set yourself up for success.

What is merit-based aid?

Merit-based scholarships are basically free money that you can earn from certain colleges by getting good grades throughout high school. These are scholarships that are awarded automatically, and for the most part you do not have apply for them.

How do you qualify for merit-based aid?

Many schools structure their merit-based scholarships based on a student’s overall GPA and standardized test scores combined. Basically, if you can hit certain thresholds in these areas, you’ll be granted certain amounts in scholarship money academically.

Each school is different, and some schools don’t use this type of tuition setup at all. It’s important to do some research on the schools you plan to apply to in order to make sure you aren’t leaving money on the table. For example, we worked with a student who saved $3000 per year simply by raising her ACT score by one more point!

Why is merit-based aid on the rise?

Americans are frustrated with how much a college education costs right now. Many students graduate with debilitating amounts of student loan debt that they struggle to pay back each month. Merit-based scholarships offer a way for colleges to help you save a little bit more on tuition, which ultimately appeals to you a lot, which in turn is good for the admission of the school. It’s a little cycle, and colleges are using it to vie for the attention of prospective students.

Why should you care about the new merit-based aid trend?

Like we just mentioned, college is EXPENSIVE. It’s possible that merit-based scholarships could help you save hundreds or even thousands of dollars in tuition. That is FREE money that you don’t have to pay back later. By taking time NOW to work on your academics and try to qualify for merit-based aid at certain schools, you could save future you a lot of money.

What should you do now?

Let us be super clear: your high school grades could save you tens of thousands of dollars or more. Your ACT or SAT score could push that amount even further. Do some research into merit-based scholarships for the colleges you think you will apply to and see if you might be able to aim for a high level of this type of aid. Work your butt off and get good grades and test scores to hopefully save yourself loads in tuition money.

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College Prep: The Rise of Merit-Based Tuition Aid & What it Means for You