These Colleges Pay For Students Using Merit Aid

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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

For over 20 years, the nation's leading financial advisors, broker/dealers, and major media outlets have been using his research, funding strategies, training, and insight. Ron is highly regarded as an expert in the college funding field.

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.