Merit Aid
EducationGlossary term
Definition
Financial assistance awarded by colleges based on a student's academic achievements, talents, or other accomplishments rather than financial need. Merit aid can take the form of scholarships, tuition discounts, or honors program benefits and can significantly reduce the cost of attendance. Some schools offer merit aid automatically based on your application, while others require separate scholarship applications.
Related terms
- ScholarshipA financial award given to a student based on academic achievement, athletic ability, community involvement, or other criteria that does not need to be repaid. Scholarships can come from colleges, private organizations, employers, community groups, and government agencies. Applying for scholarships widely and early is one of the best strategies for reducing the overall cost of higher education.
- Need-Based AidFinancial assistance awarded to students based on their demonstrated financial need as determined by the FAFSA and sometimes additional forms like the CSS Profile. Need-based aid can include grants, scholarships, work-study, and loans, with the goal of making college affordable for students regardless of family income. The amount of need-based aid you receive is typically the difference between the cost of attendance and your Expected Family Contribution.
- Cost of AttendanceThe total estimated cost of attending a college for one year, including tuition and fees, room and board, books and supplies, transportation, and personal expenses. Colleges use the cost of attendance to determine your financial need by subtracting your Expected Family Contribution. Understanding the full cost of attendance helps you compare colleges more accurately beyond just their listed tuition prices.
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