When it comes to your college education, financial aid is a critical factor in making it happen. One of the most sought-after scholarships for high school seniors in the United States is the National Merit Scholarship. But, how much money do you get from National Merit Scholarship, and what are the requirements to qualify for it?
Well, let me tell you, the National Merit Scholarship offers a whole lot of money. In fact, National Merit Scholarship Corporation awards approximately 7,600 Merit Scholarships each year worth more than $30 million. This scholarship program is highly competitive, and it attracts the brightest students from all over the country. But there’s more to it than just the money.
In addition to financial support, being a National Merit Scholar brings numerous benefits and opportunities, such as access to exclusive internships, study abroad programs, and other educational experiences. So, if you want to know how much money do you get from National Merit Scholarship, the answer is that it can vary depending on the type of scholarship and the college or university that you attend. But one thing is for sure – this scholarship can be a game-changer for your future.
National Merit Scholarship Overview
The National Merit Scholarship Program is one of the most prestigious academic competitions in the United States. It was established in 1955 to recognize and reward high school students who demonstrate exceptional academic ability and potential. Every year, over 1.5 million students take the PSAT/NMSQT (Preliminary SAT/National Merit Scholarship Qualifying Test) to enter the National Merit Scholarship competition. Out of these students, about 16,000 are chosen as National Merit Semifinalists.
- Students who score in the top 1% on the PSAT/NMSQT are named National Merit Semifinalists.
- Of the 16,000 Semifinalists, approximately 15,000 become Finalists by meeting additional requirements.
- Each year, about 7,500 Finalists are awarded National Merit Scholarships.
Winning a National Merit Scholarship can significantly impact a student’s future academic and career prospects. Not only does it provide recognition of academic excellence, but it can also lead to substantial financial assistance for college.
There are three types of National Merit Scholarships:
| Scholarship Type | Description |
|---|---|
| National Merit $2500 Scholarship | The National Merit $2500 Scholarship is a one-time award for students who meet the criteria for Finalist standing and are selected as winners by the National Merit Scholarship Corporation. |
| Corporate-sponsored Merit Scholarship | Corporate-sponsored Merit Scholarships are awarded by corporations to children of their employees or residents of communities where the companies operate. These scholarships are renewable for up to four years of college. |
| College-sponsored Merit Scholarship | College-sponsored Merit Scholarships are awarded by a college or university to students who plan to attend that school. These scholarships may be renewable for up to four years of college. |
The amount of money awarded by National Merit Scholarships varies depending on the type of scholarship and the institution providing it. The National Merit $2500 Scholarship provides a one-time award of $2,500. Corporate-sponsored Merit Scholarships can range from $500 to $10,000 per year, while college-sponsored Merit Scholarships can range from a few thousand dollars to full tuition and room and board.
Eligibility Requirements for National Merit Scholarship
The National Merit Scholarship is one of the most prestigious academic scholarships available to high school students in the United States. This scholarship program is highly competitive and offers a significant amount of money to its winners. To be eligible for the National Merit Scholarship, students must meet certain criteria and go through a rigorous selection process.
Here are the eligibility requirements for the National Merit Scholarship:
- Be a high school student in the United States who is a citizen or lawful permanent resident.
- Take the PSAT/NMSQT during the student’s junior year of high school, which serves as the qualifying test for the scholarship program.
- Score in the top 1% of PSAT/NMSQT test-takers in your state.
To be considered for the scholarship, students must first take the PSAT/NMSQT, which is typically administered in October of each year. As mentioned earlier, only juniors in high school are eligible to take this exam, and it is the sole exam used to determine eligibility for the National Merit Scholarship.
After the initial screening process, about 16,000 students are named National Merit Semifinalists. From there, about 15,000 students are chosen as Finalists and are then eligible to receive a scholarship.
Here is a breakdown of the types of scholarships that are available through the National Merit Scholarship program:
| Type of Scholarship | Amount of Award |
|---|---|
| National Merit $2500 Scholarship | $2,500 (one-time award) |
| Corporate-sponsored Merit Scholarship | Varies by sponsor |
| College-sponsored Merit Scholarship | Varies by college |
The National Merit $2500 Scholarship is a one-time award that is given to Finalists who meet certain requirements, including having an outstanding academic record, being recommended by their school principal, and submitting an essay. Corporate-sponsored and College-sponsored Merit Scholarships are also available and are awarded by various sponsors and colleges across the country. The amount and criteria for these scholarships vary by sponsor and college.
Overall, the National Merit Scholarship program is an excellent opportunity for high school students who excel academically to receive recognition and financial support for their achievements. However, it’s important to note that the scholarship is highly competitive, and only a small percentage of students who take the qualifying test will be eligible for a scholarship.
National Merit Scholarship competition process
The National Merit Scholarship competition is an academic competition that awards scholarships to students who score high on the PSAT. There are several steps in the competition process, including:
- Take the PSAT/NMSQT: Students take the PSAT/NMSQT in their junior year of high school. This test is a practice test for the SAT and serves as the initial screening for the National Merit Scholarship competition.
- Selection of Semifinalists: Based on their PSAT scores, about 16,000 students are selected as semifinalists. Semifinalists represent the top scorers in each state and are notified in September of their senior year.
- Finalists: To become a finalist, semifinalists must submit an application that includes their academic record, extracurricular activities, and an essay. Finalists are selected based on their academic achievements, leadership abilities, and community involvement.
- Scholarship winners: National Merit Scholarship winners are selected based on their academic record, accomplishments, and potential for success in college. Winners are notified in March of their senior year and can receive scholarships worth up to $2,500.
How much money do you get from National Merit Scholarship?
National Merit Scholarship winners can receive scholarships ranging from $500 to $2,500 per year. The amount of the scholarship is determined by the National Merit Scholarship Corporation and is renewable for up to four years of undergraduate study. In addition to the National Merit Scholarship, many colleges and universities offer additional scholarship awards to National Merit Scholarship winners. These awards can range from a few thousand dollars to full tuition and room and board.
Additional benefits of being a National Merit Scholarship winner
Beyond the financial benefits of the National Merit Scholarship, being a winner can offer many other opportunities and benefits. National Merit Scholarship winners are highly regarded among colleges and universities and can often gain acceptance to highly selective schools. Additionally, winning a National Merit Scholarship can open doors to internships, summer programs, and other academic and professional opportunities that may not be available to other students.
Summary Table of National Merit Scholarship benefits
| Benefit | Amount |
|---|---|
| National Merit Scholarship | Up to $2,500 per year |
| College/University Scholarships | Varies; can range from a few thousand dollars to full tuition and room and board |
| Acceptance to highly selective schools | Increased likelihood of acceptance |
| Professional and academic opportunities | Open doors to internships, summer programs, and other opportunities |
Overall, winning a National Merit Scholarship can provide substantial financial benefits, as well as open up many doors for academic, professional, and personal growth.
How to Apply for National Merit Scholarship
Applying for a National Merit Scholarship is a rigorous process that requires diligent preparation. The following are the steps to follow when applying:
- Take the PSAT/NMSQT: This is the initial step towards the scholarship. The PSAT/NMSQT stands for Preliminary SAT/National Merit Scholarship Qualifying Test. It is a standardized test that assesses a students’ critical reading, mathematical, and writing skills.
- Score High: To become eligible for a merit scholarship, the student must score high on the PSAT/NMSQT. The National Merit Scholarship Corporation (NMSC) determines the eligibility criterion for the scholarship. The Eligibility Index is the sum of the scaled scores of the critical reading, mathematics, and writing skills sections of the PSAT/NMSQT. Students with high scores than the cutoff point get selected as semifinalists.
- Become a Semifinalist: To become a semifinalist, the student must score higher than the cutoff score for their state. The cutoff score varies from state to state. NMSC will contact those students who have become semifinalists, through their schools. If a student receives a letter from NMSC, they have been selected as a semifinalist for the scholarship.
After this, the following are the steps that a student should follow:
- Submit an Application: Semifinalists must submit a detailed application and write an essay documenting their academic accomplishments, interests, leadership experiences, among other factors. The application also requires the student’s high school transcript, SAT or ACT test scores, and a recommendation from the principal or an official school representative.
- Become a Finalist: Finalists are named based on the scholarship sponsors’ criteria. About 90 percent of the semifinalists become finalists. NMSC will notify each finalist’s high school, and the student will be awarded a scholarship, which can vary from $2,500 to a full ride at the sponsor’s university of choice.
- Scholarship Money: The amount of money received from the scholarship varies from sponsor to sponsor. The NMSC hands out scholarships, and other organizations sponsor the scholarship, such as colleges and universities, government agencies, and businesses. Some colleges even offer scholarships for students who become a finalist for the scholarship to attend their institution.
National Merit Scholarship Awards
The National Merit Scholarship awards are handed out based on the organizations that sponsor them. The awards can range from $2,500 to a full ride to the college or university of the student’s choice. Here is a table that displays the awards:
| Sponsor | Amount of Award |
|---|---|
| NMSC | $2,500 |
| Colleges and Universities | Full tuition, room, and board |
| Businesses | $1,000 to $10,000 |
| Government and Foundational Institutions | Varies |
Overall, applying for a National Merit Scholarship requires a lot of hard work and dedication. The road to become a semifinalist and finalist is arduous and requires students to participate in extracurricular activities, complete volunteer work, exhibit leadership skills, among others. However, the rewards and opportunities that come with the scholarship are worthwhile. A National Merit Scholarship can open doors to prestigious colleges, unique experiences, and successful careers.
Factors Affecting National Merit Scholarship Award Amount
Being recognized as a National Merit Scholarship winner is a great achievement that comes with various benefits. Apart from being recognized by the academic and corporate world, winners of this prestigious award also receive financial aid to pursue their tertiary education. However, many students wonder how much money they can expect to receive as part of this program. The answer is that it can vary, and many factors affect the amount that winners receive.
- State of Residence
- College of Choice
- Funding Availability
- Financial Need
- Student’s Assessment Scores
The above-listed factors play a significant role in determining your eligibility and the amount of financial aid you can receive as part of the National Merit Scholarship program. Here is an in-depth look at each factor:
State of Residence: The state where a student resides can influence the amount of money they receive. Some states offer more financial aid to National Merit Scholarship winners than others. For example, a winner from Maryland may get a higher scholarship amount than one from Alabama.
College of Choice: The college or university you choose to attend can also have an impact on your scholarship amount. Some colleges offer more financial assistance to National Merit Scholarship winners than others.
Funding Availability: The number of funds available to distribute among qualified students varies every year. This means that the amount allocated to each student may vary widely.
Financial Need: While being financially needy is not a prerequisite for receiving the National Merit Scholarship, financial need can influence the amount of money you get. It is worth noting that the scholarship amount awarded is not more than the student’s need or the full cost of attendance.
Student’s Assessment Scores: The National Merit Scholarship Corporation uses a selection index score to determine a student’s merit. This score is computed using the student’s PSAT/NMSQT scores. Students who score higher on this test have higher chances of receiving higher scholarship amounts.
| PSAT/NMSQT Selection Index Scores | Scholarship Amount |
|---|---|
| 223+ | $2,500 |
| Selection Index Score between 222 and 212 | Oscillates each year depending on the scholarship funding |
| 211 – 198 | Tuition at State-Supported Universities |
| Below 197 | Does not qualify for scholarship award |
It is important to prepare well for the PSAT/NMSQT exams as it affects your chances of being selected and the amount of scholarship you stand to receive. Additionally, keeping the above factors in mind when applying for the National Merit Scholarship can help you make better-informed decisions and boost your chances of securing this coveted scholarship.
Comparison of National Merit Scholarship with other merit-based scholarships
While the National Merit Scholarship is undoubtedly one of the most prestigious merit-based scholarships available, there are other options that can also provide substantial financial aid. Here are some comparisons:
- ACT/SAT-based scholarships: Some colleges and universities offer scholarships based solely on a student’s ACT/SAT scores. While these scholarships may not cover the entire cost of tuition, they can provide substantial aid. For example, the University of Alabama offers full tuition to students with a 32 ACT or 1450 SAT score.
- Corporate scholarships: Many corporations offer scholarships to students who meet certain criteria, such as being the child of an employee or pursuing a degree in a specific field. These scholarships can range from a few hundred dollars to full tuition and fees. One example is the Coca-Cola Scholars Foundation, which awards 150 scholarships per year worth $20,000 each.
- State-specific scholarships: Most states offer scholarships to residents who meet certain criteria, such as academic achievement or financial need. These scholarships can range from a few hundred dollars to full tuition and fees. For example, the Ohio Academic Scholarship awards up to $2,150 per year to eligible students.
It should be noted that while the National Merit Scholarship provides $2,500 per year, this amount can vary for other merit-based scholarships. Some scholarships may cover the full cost of tuition, while others may provide a smaller amount of aid. In addition, each scholarship has its own eligibility criteria, so it’s important for students to research and apply for scholarships that match their qualifications.
To get a better idea of how the National Merit Scholarship compares to other merit-based scholarships, here is a table outlining the amount of aid provided by some popular scholarships:
| Scholarship | Amount of Aid | Number of Recipients |
|---|---|---|
| National Merit Scholarship | $2,500 per year | 7,500 |
| Gates Millennium Scholarship | Full tuition, fees, and room and board | 1,000 |
| Coca-Cola Scholars Foundation | $20,000 | 150 |
| Horatio Alger Scholarship | Up to $25,000 | 1,000 |
As you can see, while the National Merit Scholarship is a significant achievement, there are other merit-based scholarships that can provide students with even more financial aid. It’s important for students to research and apply for as many scholarships as possible to ensure they receive the maximum amount of aid available to them.
Reporting National Merit Scholarship award on your taxes
If you’re a National Merit Scholarship winner, you’re likely wondering how your award will impact your taxes. Here’s what you need to know:
- The National Merit Scholarship is considered a scholarship, and as such, is generally not subject to federal income tax if it’s used for qualified education expenses.
- You’ll receive a Form 1099 from the National Merit Scholarship Corporation (NMSC) indicating the amount of the scholarship you received.
- You’ll need to report the scholarship on your tax return, even if it’s not taxable.
Here’s an example of how to report the scholarship:
| Line Item | Amount |
|---|---|
| 1. Wages, salaries, tips, etc. | $25,000 |
| 7. National Merit Scholarship | $10,000 |
| Total Income | $35,000 |
As always, it’s a good idea to consult a tax professional if you have any questions about how to properly report your National Merit Scholarship award.
FAQs: How Much Money Do You Get from National Merit Scholarship?
Q: What is the National Merit Scholarship?
A: The National Merit Scholarship Program is an academic competition for recognition and scholarships that began in 1955.
Q: How much money do you get from a National Merit Scholarship?
A: The amount of money you receive from a National Merit Scholarship varies from $2,500 to a full ride, depending on the college you attend and the specific scholarship you receive.
Q: Can you use a National Merit Scholarship at any college?
A: No, National Merit Scholarship awards can only be used at participating colleges and universities that offer scholarships through the program.
Q: How many students receive National Merit Scholarships each year?
A: Each year, around 7,500 students are awarded National Merit Scholarships.
Q: How do you qualify for a National Merit Scholarship?
A: To qualify for a National Merit Scholarship, you must take the PSAT/NMSQT (Preliminary SAT/National Merit Scholarship Qualifying Test) in your junior year of high school and meet certain academic requirements.
Q: Can international students apply for National Merit Scholarships?
A: No, only U.S. citizens or lawful permanent residents planning to enroll in a college or university in the United States can apply.
Closing Thoughts
Thanks for reading these FAQs about how much money you can get from a National Merit Scholarship. Keep in mind that the amount of money varies depending on the college you attend and the specific scholarship you receive. If you’re a high-achieving student looking for financial aid opportunities, be sure to explore the National Merit Scholarship Program. And don’t forget to check back for more helpful tips and insights!