what is a merit scholarship

A merit scholarship is a financial award given to students based on their academic, athletic, artistic, leadership, or special-interest merit, rather than financial need. It is a monetary gift provided by private organizations or colleges to students who excel in a particular area. Merit scholarships can be awarded for good grades, high test scores, participation in extracurricular activities, or specific talents. These scholarships do not need to be repaid and can help lower the cost of attendance for college. They are often provided by colleges and universities and can be redeemed for multiple semesters or years. Merit scholarships can also be funded by organizations like the National Merit Scholarship Corporation, which runs the National Merit Scholarship Program in the United States. The program recognizes and honors academically talented students, including those with the highest composite scores on the PSAT/NMSQT exams, and provides various scholarship opportunities, including National Merit $2,500 Scholarships, corporate-sponsored scholarships, and college-sponsored merit scholarships.