Why do colleges ask about finances for merit scholarships?

I'm a bit puzzled about why some colleges consider financial information when granting merit scholarships. Isn't merit supposed to be solely based on academic or extracurricular achievements?

Yes, merit scholarships are typically awarded based on academic, artistic, or athletic accomplishments rather than financial need. However, colleges sometimes consider financial information for a couple of reasons.

First, having this information can help colleges allocate their financial resources more effectively. If a student with significant merit also demonstrates financial need, a school might offer a package that combines both merit-based and need-based aid. In this way, the college can attract accomplished students who might not otherwise be able to afford to attend, thus enriching the school’s intellectual and cultural community.

Second, colleges know that the cost of attendance can play a major role in a student's decision-making process. By understanding a family's financial situation, a school can customize its aid offer to encourage a desirable candidate to attend.

However, it's important to remember that merit awards should be primarily based on demonstrated achievement or talent, not financial ability. In most cases, the consideration of finances in these awards is to ensure that the school's scholarship resources are used in a manner that supports both academic excellence and broad accessibility to a diverse range of students.

While it may seem an unusual process, this holistic approach aims to ensure that talented students from various financial backgrounds have the opportunity to pursue education at the institution. It's always a good idea to inquire about individual schools' policies if you're unclear.