What is a Merit-Based Scholarship?

Ever heard of this merit-based scholarship? I'm just trying to get a handle on all the different types of financial aid out there. So what is a merit scholarship exactly? Is it purely based on academic achievement or are other factors considered too?

A merit-based scholarship is a type of financial aid awarded to students based on their individual talents, abilities or achievements, as opposed to their financial need. These scholarships can come from a variety of sources including colleges and universities, organizations, businesses, individuals, and the government.

While the term "merit-based" often brings to mind academic achievement, and indeed many of these scholarships are based on academic excellence, there are other factors that can be considered. For example, some scholarships might be awarded based on athletic prowess, artistic ability, leadership qualities, community service, or other special talents or achievements.

The criteria for each merit scholarship can vary significantly. Some might focus purely on grade point average (GPA) or standardized test scores, while others might emphasize extracurricular activities or a significant commitment to a cause.

It's important to note that many merit scholarships still take into account the applicant's overall character and involvement in their community, alongside their specific talent or achievement. Additionally, some scholarships might still consider financial need as a factor, but it's not the primary criteria as with need-based scholarships.

For example, the National Merit Scholarship program, one of the most well-known merit-based scholarship programs in the country, awards scholarships to top PSAT scorers. Yet, it also requires students to have a record of high academic performance in high school, a recommendation from a school official, and evidence of leadership and participation in school and community activities.

So, merit-based scholarships really cover a broad spectrum and reward a wide array of student achievements. When searching for scholarships, it's helpful to look for ones that align with your unique strengths, hobbies, and passions.