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List of Colleges Offering Merit Aid

By: Lynnette Khalfani-Cox, The Money Coach

Finding ways to reduce the cost of college is a top priority for most families—and one of the best strategies is to target colleges offering merit aid. While need-based financial aid is tied to your family’s income, merit aid is awarded for academic, athletic, or artistic excellence, regardless of financial need.

To maximize your financial aid package, it’s crucial to understand the differences between need-based and merit-based aid and to research which colleges provide these opportunities.

Need-Based Aid vs. Merit Aid: Key Differences

Need-based aid depends on your family’s financial situation—factors like income, assets, and the number of children in college are considered.
Merit-based aid is based on your achievements. You can be from a wealthy or low-income household and still qualify for merit scholarships if you have:
- Strong GPAs and test scores
- Unique talents or leadership experience
- Exceptional athletic or artistic abilities

According to Pamela Mason, Senior Associate Director of Financial Aid at Columbia University, schools in the Ivy League only offer need-based aid—no merit scholarships are available.

Ivy League and Other Elite Schools: Need-Based Aid Only

Schools that do not offer merit aid include:

Columbia
Harvard
Yale
Princeton
Brown
Dartmouth
Cornell
University of Pennsylvania
Amherst
Barnard
Georgetown
Holy Cross
MIT
Stanford
Tufts
Vassar
Wellesley
Williams

Still, these institutions often offer very generous need-based aid, including no-loan pledges or low-loan caps, even for families earning up to $250,000 per year.

Why Merit Aid Matters

If you’re a high-achieving student—especially from a family with limited college savings—merit aid can dramatically reduce your out-of-pocket expenses. Even for students from higher-income households who may not qualify for need-based aid, merit scholarships can ease the financial burden.

Tip: Always Ask These Questions

Does the school offer merit aid?
What percentage of students receive it?
Is the aid renewable beyond freshman year?

Top Colleges and Universities That Offer Merit Aid

These well-known colleges do offer merit-based scholarships:

American University
Brandeis University
Bucknell University
Carleton College
Carnegie Mellon University
Clark University
Davidson College
Denison University
Duke University
Elon University
Emerson College
Emory University
Fordham University
Gettysburg College
Grinnell College
Harvey Mudd College
Muhlenberg College
New York University
Rice University
St. Olaf College
Scripps College
Swarthmore College
University of Chicago
University of North Carolina at Chapel Hill
University of Southern California (USC)
University of Virginia
University of Texas at Austin
Vanderbilt University

This list is not exhaustive. To explore more schools, visit MeritAid.com or check each college’s financial aid site.

Dig Deeper: Who Actually Gets Merit Aid?

Just knowing that a school offers merit aid isn’t enough. You need to know your odds of receiving it. Here are a few examples:

Boston College, Johns Hopkins University – Only about 1% of freshmen get merit scholarships.
Wake Forest University – Less than 3% of incoming students receive merit aid.
University of Chicago – Awards merit aid to 16% of freshmen, but not to upperclassmen.
University of Miami – Offers merit aid to about 25% of first-year students.
University of Southern California (USC) – Nearly 30% of incoming students receive merit aid, including:
- Over 100 full-tuition scholarships
- Over 200 half-tuition scholarships

Final Thoughts: Build a Balanced College List

Even if you’re eyeing elite institutions with strong need-based aid, make sure your college list also includes schools that offer merit aid, especially if: