Last month I attended a virtual event about paying for college at CollegeWeekLive.com. One of the sessions was titled: how to tap into $11 billion in merit scholarships. Even with colleges cutting back on awards this year, there is money to be had in the merit aid category.
What is merit aid?
Merit aid is basically what it sounds like: aid given by colleges to reward the student's merit. Merit aid is different from need-based aid in that you don't have to qualify for it based on your income. It's awarded by the colleges to students who they feel would be an asset to their institution.
Where do you find it?
The great news is there is a website that will allow you to search for it for FREE. At MeritAid.com you can search for over 78,000 unique awards based on your major, your pastimes, your college choice, who you are, and even where you live. It's a free service and once your teen registers, they can get detailed scholarship descriptions along with all the criteria related to each award.
How do you apply?
In most instances, the regular college application will be your application for merit aid. However, some colleges have separate applications, depending on the scholarship. At MeritAid.com you will be able to see the amount of each award, the number of awards that are given, and whether or not the award is renewable each year.
Is there anything else you need to do to qualify?
Yes. Colleges use the FAFSA to establish eligibility criteria for financial aid awards. And even though the merit awards are NOT based on need, the college will need the information from your Student Aid Report, generated with you complete the FAFSA, as a tool to disperse the award money. I can't stress enough how important it is to COMPLETE the FAFSA early so that the colleges will have your report before financial aid is dispersed.
Need based aid and merit aid all go together to make the total aid package. But if your teen doesn't qualify for need-base aid, the merit scholarships are provided to make up the difference between your family EFC (Expected Family Contribution) and the cost of college.
NOTE: You can also search for private scholarships at Cappex.com (MeritAid's sister site).
Don't leave any stone unturned when it comes to finding money for college. Merit aid, need-based aid, and private scholarships are all FREE money and that means your teen can attend college without incurring huge amounts of debt.
Save 40% 
