Mark’s Corner: What to know about Merit Aid

At many colleges and universities, merit aid is automatically awarded based on a combination of SAT or ACT scores and GPA — no extra application required. This means that your academic achievements can directly translate into significant financial savings. However, it’s important to note that most schools have limited merit aid budgets, and these awards are often given out on a first-come, first-served basis. That’s why applying early can greatly increase your chances of receiving the maximum amount of aid. Investing time (and sometimes money) into test prep can pay off in a big way — even a modest 10-point improvement on the SAT or ACT could translate into hundreds or even thousands of dollars in scholarship money over four years. For students and families looking to make college more affordable, smart test preparation is often one of the best financial moves you can make.