Lower the Cost of College Even if You Don’t Qualify for Aid

By Liz Jackson

The average cost of tuition at American colleges and universities has more than tripled in the last 60 years. With tuition increases outpacing inflation many families, even ones with above-average income, wonder how they will pay for college. 

There are lots of great resources, including SMARTTRACK, that provide guidance on how to manage your family’s finances to prepare for college costs. But one thing families often overlook is the possibility of merit scholarships offered by colleges or universities, which is not dependent on demonstrated need. Learn how to maximize your chances of earning a merit scholarship and lowering the costs of college.

What Are Merit Scholarships?

Merit scholarships are funding for students that are not dependent on the student’s demonstrated need and do not have to be paid back. (If you’re interested in learning more about how colleges determine need, this article has a good explanation!). By far the largest sources of merit scholarships are colleges themselves. This is why, when you are beginning the college search and preparing financially for college costs, it’s important to keep cost a factor in your research. By seeking out the right schools, you can maximize your chances of earning merit scholarships to decrease the amount your family pays.

Finding Scholarships

Not all colleges offer merit scholarships. Some colleges—typically the most selective ones—only offer need-based aid. But many colleges use merit scholarships to attract excellent students. Others use merit scholarships to provide small discounts to middle class families who are not technically “needy,” but are not able to afford the full cost of attendance. Remember that, if a college is a reach in admissions (meaning it is not likely that you would be admitted), then it is not a place where you are likely to be the recipient of a merit scholarship. Instead, colleges in which you are above the average academic profile for admitted students (often the top ⅓ or ½ of the applicant pool) are the ones most likely to award merit scholarships.

One of the best resources for figuring out which colleges offer merit scholarships is this this website from Big J Consulting, where you can see not only the total cost of attendance for thousands of colleges and universities, but also the percentage of need the college can typically meet; the percentage of non-need students who receive scholarships; and the average amount of those awards. 

For example, in 2024, Butler University’s cost of attendance is $67,210. But 89% of students without financial need are offered merit scholarships, of an average amount of approximately $21,000. On the other hand, Colorado College, where the cost of attendance is $87,128, offers just 21% of its non-need students merit scholarships, with an average amount of $10,500. 

Bottom Line

As we tell students, there are many factors that determine whether a college is a good fit for them. Affordability is definitely an important one! So, if financial aid and scholarships will be part of your family’s college application process, like they are for most people, then tailoring your student’s college search to include colleges with generous merit scholarship practices is a great idea! 

About Liz Jackson

Liz Jackson serves as the director of College Guidance at University School of Milwaukee. She has more than 15 years of experience helping students and families find the right college. With experience in counseling, higher education research, and school leadership, Liz enjoys getting to know students and matching their interests to the unique offerings of each college.