These Colleges Pay For Students Using Merit Aid
When it comes to money for college, getting "merit aid" tops the list for many, especially for your high income/high net worth clients. But what exactly is merit aid and how do you get it?
Merit aid can significantly reduce college costs, especially at private colleges. Learn how to be at the front of the line when colleges hand out their merit aid.
What Is Merit Aid?
"Merit aid" is a general term for grants, scholarships, and tuition discounts that a college offers to certain student applicants, based on the value they would bring to the college. The aid comes from the college's own resources, so the college is free to award it based on the criteria they choose.
How Do Student Qualify For Merit Aid
Merit aid isn't awarded based on your financial need, it is usually awarded based on the student’s academic achievement, or other talents such as athletic or musical ability. In some cases, the college may simply want to attract students to meet their enrollment goals.
So if your clients are high income/high net worth and have students that most likely will not qualify for need-based financial aid, the following schools might be worth looking at, as they give merit aid out to at least 25% of their freshmen class.
| School | Percentage of Undergrads w/ Merit Aid | Average Merit Aid Amount |
|---|---|---|
| Webb Institute of Naval Engineering | 100 | $ 48,350 |
| Olin College of Engineering | 100 | $ 25,200 |
| Rhodes College | 53 | $ 25,774 |
| Trinity University | 51 | $ 17,955 |
| University of Puget Sound | 48 | $ 15,389 |
| Denison University | 44 | $ 18,537 |
| Hillsdale College | 43 | $ 5,531 |
| DePauw University | 42 | $ 16,764 |
| Furman University | 41 | $ 18,725 |
| Centre College | 40 | $ 19,657 |
| Gonzaga University | 40 | $ 20,598 |
| Marquette University | 40 | $ 10,772 |
| University of Denver | 39 | $ 15,253 |
| Hendrix College | 38 | $ 25,014 |
| Millsaps College | 38 | $ 20,354 |
| College of Wooster | 38 | $ 19,329 |
| Muhlenberg College | 38 | $ 16,057 |
| St. Lawrence University | 37 | $ 20,151 |
| Eckerd College | 37 | $ 17,342 |
| Xavier University | 37 | $ 15,617 |
| Creighton University | 37 | $ 14,255 |
| Oberlin College | 37 | $ 19,174 |
| Illinois Institute of Technology | 36 | $ 22,595 |
| Lawrence University | 36 | $ 19,988 |
| Willamette University | 36 | $ 19,120 |
| Baylor University | 36 | $ 13,546 |
| Rose-Hulman Institute of Technology | 36 | $ 11,557 |
| New College of Florida | 36 | $ 2,293 |
| Southern Methodist University | 35 | $ 21,757 |
| Southwestern University | 35 | $ 18,711 |
| Fairfield University | 35 | $ 13,527 |
| Rollins College | 34 | $ 17,996 |
| Saint Michaels College | 34 | $ 16,295 |
| University of Dayton | 34 | $ 14,541 |
| Drake University | 34 | $ 13,514 |
| Tulane University | 33 | $ 22,341 |
| Illinois Wesleyan University | 33 | $ 16,936 |
| University of Portland | 33 | $ 15,305 |
| Abilene Christian University | 33 | $ 10,590 |
| Iowa State University | 33 | $ 4,679 |
| Catholic University of America | 32 | $ 16,734 |
| Worcester Polytechnic Institute | 32 | $ 15,763 |
| Case Western Reserve University | 31 | $ 24,745 |
| Clark University | 31 | $ 16,362 |
| Transylvania University | 31 | $ 15,372 |
| Hobart and William Smith Colleges | 31 | $ 15,304 |
| Butler University | 31 | $ 12,928 |
| Miami University - Oxford | 31 | $ 8,000 |
| Goucher College | 30 | $ 16,284 |
| Lewis and Clark College | 30 | $ 14,571 |
| University of Rochester | 30 | $ 13,617 |
| Whitman College | 30 | $ 9,595 |
| Union College | 30 | $ 9,500 |
| Beloit College | 29 | $ 20,149 |
| Kalamazoo College | 29 | $ 18,317 |
| Juniata College | 29 | $ 18,054 |
| Drexel University | 29 | $ 14,589 |
| Sewanee: The University of the South | 29 | $ 10,939 |
| University of Tampa | 29 | $ 7,303 |
| Oklahoma State University | 29 | $ 5,609 |
| Indiana University | 29 | $ 5,548 |
| University of South Carolina | 29 | $ 5,057 |
| University of North Dakota | 29 | $ 1,601 |
| University of Vermont | 28 | $ 9,869 |
| Hope College | 28 | $ 8,160 |
| Gustavus Adolphus College | 27 | $ 18,355 |
| Rensselaer Polytechnic Institute | 27 | $ 17,156 |
| California Lutheran University | 27 | $ 15,150 |
| Westmont College | 27 | $ 13,961 |
| Saint Louis University | 27 | $ 13,880 |
| Santa Clara University | 27 | $ 13,832 |
| Hampshire College | 27 | $ 11,010 |
| Allegheny College | 26 | $ 17,480 |
| Whitworth University | 26 | $ 16,897 |
| Texas Christian University | 26 | $ 15,405 |
| Saint Johns University - MN | 26 | $ 15,184 |
| Wofford College | 26 | $ 15,057 |
| University of Colorado - Boulder | 26 | $ 8,758 |
| Colorado School of Mines | 26 | $ 7,997 |
| Marist College | 26 | $ 7,619 |
| Clemson University | 26 | $ 5,216 |
| Northeastern University | 25 | $ 15,331 |
| Wheaton College - MA | 25 | $ 11,878 |
| Loyola Marymount University | 25 | $ 10,293 |
Posted by Ron Them
He is a former Chief Financial Officer of a Fortune 500 company and currently owns his own financial advisory company specializing in cash flow planning for business owners and executives. He developed the Cash Flow Recovery™ process that uses cash flow management principals to increase asset value and build wealth for business owners.
He is also the originator of several software calculators to help advisors and families make college affordable, including:
* College QuikPlan EFC Calculator
* "Find the Money" College Cash Flow Calculator
* College Debt Reduction Calculator
Ron has been quoted in U.S. News and World Report, Kiplinger's Personal Finance, Smart Money, Financial Advisor Magazine, Small Firm Profit Report, Practical Accountant, LIMRA's Market Facts, Senior Advisors Magazine, HR Magazine, BenefitNews.com, Employee Benefit News Magazine, ProducersWeb.com, Entrepreneur Magazine, Insurance Selling Magazine, CollegeNews.com, The Christian Voice, and Columbus CEO Magazine.