With the rising cost of higher education, finding ways to afford college is a critical part of the planning process. And for families who won’t qualify for need-based aid, it’s important to consider colleges that give the most merit aid. In this blog post, we’ll explore academic scholarships and how to obtain them. Additionally, we’ll highlight several colleges known for their merit-based scholarships, including those with full-ride scholarships.
What is an Academic Scholarship?
Academic scholarships, or merit aid, are awards based on a student’s talents in academics, sports, leadership, and other special interests. Unlike need-based scholarships, merit-based scholarships do not consider the family’s financial status. This type of aid can range in amount from a one-time award of $100 to a scholarship that covers the full cost of tuition. From the university’s perspective, the intention is to entice high-achieving students and reward them for their hard work.
Taking Advantage of Colleges that Give the Most Merit Aid
Here are four strategies to help you unlock the most merit aid possible:
1. Excel in Academics
Academic achievement is often the most important factor in receiving merit-based scholarships. Many colleges require strong test scores and a certain grade point average to qualify, and also stipulate that you maintain a certain GPA while in college. Therefore, it’s important for students to start early and commit to a high level of academic excellence.
2. Demonstrate Extracurricular Involvement
In addition to academics, universities want to admit well-rounded students who participate in their schools and communities. Participation in extracurricular activities, leadership positions, and community service can communicate your desire and ability to make an impact.
3. Apply Early
Submitting your applications early demonstrates interest and enthusiasm, often increasing your chances of receiving merit aid. Many colleges, like Indiana University, Boston College, and Tulane University, have priority deadlines for scholarship consideration, so submitting your application ahead of time can unlock
4. Do the Research
Every institution is different. Some colleges offer no merit-based scholarships, while others offer scholarships to almost every student. Some colleges automatically consider students for merit scholarships when they apply through the Common App while others require additional applications. So, it’s important to investigate the specific details from each college on your list to understand your eligibility.
List of Colleges that Give the Most Merit Aid
In considering the colleges that give the most merit aid, it’s important to consider two factors: the size of the average merit-based scholarship and the number of incoming freshman who receive merit aid.
Colleges that Give the Most Merit Aid to the Most Students
Below is a list of colleges that give the most merit aid to the majority of incoming freshman.
Hofstra University is committed to providing an affordable, high quality education. In 2023, they awarded $49 million to first-year students, and 97% of first-year students received financial aid that included merit scholarships and grants. Use Hofstra’s Net Price Calculator for an estimate of the financial aid for which you might be eligible.
Albion College believes scholarships are a gift, and they constantly look for ways to provide more to their incoming class of freshman. They offer a variety of merit scholarships, ranging from $26,000 to $40,000, to a large percentage of incoming freshmen. Also, for Michigan students, they cover 100% of tuition for families making under $55,000 annually.
University of Redlands automatically considers applicants for a variety of merit scholarships based on academic record. They also offer talent scholarships in art, creative writing, music, and theater. Redlands commits to making education affordable, which is why they offered The Redlands Promise: Pay no more than $24,000 for tuition in 2024. California students are considered for additional scholarships.
DePaul University prides itself on being as affordable as an Illinois public university. They grant more than $52 million in merit-based awards every year. Unlike some other schools, DePaul bases scholarships on a student’s history of achievement, not on a single test or moment. Check out DePaul’s Net Price Calculator for a personalized cost estimate.
St. Francis University awarded more than $22.5 million in academic, athletic, and need-based financial aid last year. This year, they’re hoping to increase those awards. In addition to academic scholarships, SFU offers special aid for entrepreneurship, finance, and musical theater. Check out the Scholarship Calculator for an estimate of the merit aid you can receive from SFU.
College of Wooster regularly appears on The Princeton Review’s list of Best Value Colleges for its investment in affordability. Because of its test-blind evaluation for merit scholarships and transparency on costs, Wooster aims to show a quality liberal arts education can be affordable. Wooster also has an extensive list of scholarships in the arts for theater, dance, directing, music, and even bag piping!
University of Hartford is dedicated to making higher education affordable by awarding $95 million in scholarships each year. Hartford offers a number of scholarships that can reach up to full tuition, awarded for both academic performance and special interests, like performing arts and robotics. Additionally, students eligible for the highest tier of academic scholarships will be invited to an annual full-tuition scholarship competition.
Colleges that Give the Most Merit Aid to Select Students
The following colleges offer large but competitive merit-based scholarships awarded to a small number of elite students.
Duke University offers seven merit aid scholarships, all of which are full-ride scholarships that cover the cost of tuition, plus room, board, and mandatory first-year fees. Eligibility is based on a student’s application and requires no additional materials.
University of Texas at Austin offers the Forty Acres Scholars Program, a premier full-ride, merit-based scholarship. The program also offers a community of scholars and opportunities for professional and personal development. Every year, thousands of students apply for the scholarship, and around twenty are chosen.
University of Virginia attracts top-tier students through two elite scholarships—the Jefferson Scholars Program and the Walentas Scholars Program. Both cover the entire cost of attendance for all four years. Application to the scholarship is by invitation only. Roughly 6,000 high schools are eligible to nominate one student each for thirty spots.
Vanderbilt University offers three signature scholarships—the Ingram Scholars, the Cornelius Vanderbilt Scholars, and the Chancellor’s Scholars. All guarantee full-tuition for all four years plus additional awards for study abroad, research or service projects. Between all three programs, there are 250 recipients each year, representing the top 1% of first-year applicants to Vanderbilt.
Fordham University offers a handful of merit scholarships, including two that cover the full cost of tuition—the Cunniffe Presidential Scholarship and the Fordham Scholarship. Cunniffe Presidential Scholars are also eligible for an additional $20,000 over four years to spend on academic enrichment experiences.
Conclusion
By understanding scholarships and knowing which colleges give the most merit aid, students can build a college list around institutions most likely to reward their hard work.
At HelloCollege, our admissions experts are here to guide you through every step of the application process, and that starts with building a strategic college that increases your acceptance potential and scholarship opportunities. Click here to schedule a free consultation with one of our industry leaders!
