The 46 Best Colleges for Getting Big Merit Scholarships
The odds of winning a college scholarship are probably better than you think.
In part because of a decline in the number of 18-year-olds, scores of private colleges are now worried about filling their seats -- and in response are awarding merit scholarships to an increasing number of students.
Of course, not all of these new scholarships are large. Research shows that even comparatively small grants of a few thousand dollars or so -- especially if presented with a fancy name like "Presidential Scholarship" -- often flatter students into enrolling. Indeed, this type of aid is often derided as“vanity” or “cocktail" aid.
“It makes parents feel good to go to cocktail parties and talk about the scholarship their son or daughter got,” says Donald Hossler, who formerly oversaw admissions and financial aid at Indiana University and is now a senior scholar at the University of Southern California’s Center for Enrollment Research, Policy, and Practice. (Here's a list of 91 colleges where every student gets a scholarship.)
Even so, small scholarships can add up. College advisors and aid experts urge students to consider a school's total aid package -- both the so-called "merit" grants and "need-based" aid -- against the list price to find the most affordable schools.
Indeed, tuition has gotten so expensive that middle- and even upper middle- class families can now qualify for grants based on the family's financial need, says Mark Kantrowitz, publisher of Cappex.com. Students from families earning north of $200,000 often qualify for “need-based” grants at Ivy League and other generous private colleges, for instance.
Lynn O'Shaughnessy, author of The College Solution, offers one caution when assessing a school's scholarship aid. Beyond need-based grants, she says, the largest merit scholarships typically go to students with grades and test scores far above a school's average. That means students should remember to check the quality of a school that offers a large scholarship.
To help you, Money dug into its Best Colleges database to find 46 high-value schools where you'll have good chances of landing significant scholarship aid. All of the following colleges:
- Have good graduation rates (i.e. that have graduation rates that are at least the median for their type or are unusually high for the student body they serve).
- Give "merit" scholarships to at least 25% of their undergraduates.
- Give scholarships that, on average, cover at least 25% of the cost of attendance and are large enough to bring the total net cost of attendance for recipients below $40,000 a year.
The schools listed below are ranked by a combination of the percentage of students who receive aid, the size of the average grant, and the affordability of the college for those who receive the grants. Where two or more schools share a rank, there was a tie. We also included average earnings of those who graduated within the last five years, as reported to PayScale.
1. Tennessee Technological University
Cookeville, TN
Money 2017 rank: 296
% of undergraduates who get "merit" grants: 25%
Typical size of "merit" grant: $13,576
Average sticker price for 2017-18 (in-state if public): $25,900
Average early career earnings: $53,300
2. Cooper Union for the Advancement of Science and Art
New York, NY
Money 2017 rank: 124
% of undergraduates who get "merit" grants: 57%
Typical size of "merit" grant: $34,500
Average sticker price for 2017-18 (in-state if public): $66,200
Average early career earnings: $66,600
3. Truman State University
Kirksville, MO
Money 2017 rank: 124
% of undergraduates who get "merit" grants: 35%
Typical size of "merit" grant: $5,500
Average sticker price for 2017-18 (in-state if public): $21,900
Average early career earnings: $40,500
4. John Brown University
Siloam Springs, AR
Money 2017 rank: 462
% of undergraduates who get "merit" grants: 29%
Typical size of "merit" grant: $14,700
Average sticker price for 2017-18 (in-state if public): $38,800
Average early career earnings: $40,800
4. Mount Vernon Nazarene University
Mount Vernon, OH
Money 2017 rank: 438
% of undergraduates who get "merit" grants: 29%
Typical size of "merit" grant: $14,500
Average sticker price for 2017-18 (in-state if public): $39,800
Average early career earnings: $37,900
6. The College of Idaho
Caldwell, ID
Money 2017 rank: 442
% of undergraduates who get "merit" grants: 29%
Typical size of "merit" grant: $15,600
Average sticker price for 2017-18 (in-state if public): $40,800
Average early career earnings: $35,000
7. Augustana University
Sioux Falls, SD
Money 2017 rank: 168
% of undergraduates who get "merit" grants: 39%
Typical size of "merit" grant: $14,400
Average sticker price for 2017-18 (in-state if public): $43,000
Average early career earnings: $41,900
7. Loras College
Dubuque, IA
Money 2017 rank: 365
% of undergraduates who get "merit" grants: 26%
Typical size of "merit" grant: $16,600
Average sticker price for 2017-18 (in-state if public): $43,800
Average early career earnings: $41,200
9. Cedarville University
Cedarville, OH
Money 2017 rank: 362
% of undergraduates who get "merit" grants: 26%
Typical size of "merit" grant: $16,300
Average sticker price for 2017-18 (in-state if public): $39,500
Average early career earnings: $46,400
9. Westminster College
Fulton, MO
Money 2017 rank: 675
% of undergraduates who get "merit" grants: 34%
Typical size of "merit" grant: $12,600
Average sticker price for 2017-18 (in-state if public): $39,400
Average early career earnings: $36,400
11. Ouachita Baptist University
Arkadelphia, AR
Money 2017 rank: 611
% of undergraduates who get "merit" grants: 35%
Typical size of "merit" grant: $10,400
Average. sticker price for 2017-18 (in-state if public): $36,800
Average arly career earnings: $34,800
12. University of Mississippi
University, MS
Money 2017 rank: 507
% of undergraduates who get "merit" grants: 27%
Typical size of "merit" grant: $7,800
Average sticker price for 2017-18 (in-state if public): $24,700
Average early career earnings: $42,400
13. Hendrix College
Conway, AR
Money 2017 rank: 675
% of undergraduates who get "merit" grants: 35%
Typical size of "merit" grant: $25,700
Estimated sticker price for 2017-18 (in-state if public): $59,300
Average early career earnings: $36,800
14. Millsaps College
Jackson, MS
Money 2017 rank: 571
% of undergraduates who get "merit" grants: 38%
Typical size of "merit" grant: $20,400
Estimated sticker price for 2017-18 (in-state if public): $54,900
Average early career earnings: $39,600
14. Randolph College
Lynchburg, VA
Money 2017 rank: 641
% of undergraduates who get "merit" grants: 26%
Typical size of "merit" grant: $20,900
Estimated sticker price for 2017-18 (in-state if public): $54,200
Average early career earnings: $41,000
16. Centre College
Danville, KY
Money 2017 rank: 307
% of undergraduates who get "merit" grants: 40%
Typical size of "merit" grant: $19,700
Estimated sticker price for 2017-18 (in-state if public): $54,100
Average early career earnings: $41,300
16. University of Vermont
Burlington, VT
Money 2017 rank: 115
% of undergraduates who get "merit" grants: 28%
Typical size of "merit" grant: $9,900
Estimated sticker price for 2017-18 (in-state if public): $33,200
Average early career earnings: $45,300
18. Transylvania University
Lexington, KY
Money 2017 rank: 545
% of undergraduates who get "merit" grants: 31%
Typical size of "merit" grant: $16,400
Estimated sticker price for 2017-18 (in-state if public): $50,200
Average early career earnings: $40,300
18. Wartburg College
Waverly, IA
Money 2017 rank: 450
% of undergraduates who get "merit" grants: 26%
Typical size of "merit" grant: $18,900
Estimated sticker price for 2017-18 (in-state if public): $52,600
Average early career earnings: $39,800
20. William Jewell College
Liberty, MO
Money 2017 rank: 569
% of undergraduates who get "merit" grants: 25%
Typical size of "merit" grant: $15,800
Estimated sticker price for 2017-18 (in-state if public): $48,200
Average early career earnings: $45,000
21. Messiah College
Mechanicsburg, PA
Money 2017 rank: 296
% of undergraduates who get "merit" grants: 27%
Typical size of "merit" grant: $14,100
Estimated sticker price for 2017-18 (in-state if public): $47,900
Average early career earnings: $46,000
22. University of Dallas
Irving, TX
Money 2017 rank: 361
% of undergraduates who get "merit" grants: 36%
Typical size of "merit" grant: $18,400
Estimated sticker price for 2017-18 (in-state if public): $54,600
Average early career earnings: $45,700
23. University of Evansville
Evansville, IN
Money 2017 rank: 198
% of undergraduates who get "merit" grants: 26%
Typical size of "merit" grant: $17,600
Estimated sticker price for 2017-18 (in-state if public): $50,400
Average early career earnings: $46,600
23. Northwestern College
Orange City, IA
Money 2017 rank: 402
% of undergraduates who get "merit" grants: 25%
Typical size of "merit" grant: $10,900
Estimated sticker price for 2017-18 (in-state if public): $44,400
Average early career earnings: $42,000
25. Southwestern University
Georgetown, TX
Money 2017 rank: 372
% of undergraduates who get "merit" grants: 35%
Typical size of "merit" grant: $18,700
Estimated sticker price for 2017-18 (in-state if public): $56,200
Average early career earnings: $50,800
26. University of Detroit Mercy
Detroit, MI
Merit aid rank: 26
Money 2017 rank: 384
% of undergraduates who get "merit" grants: 26%
Typical size of "merit" grant: $19,200
Estimated sticker price for 2017-18 (in-state if public): $55,000
Average early career earnings: $51,400
26. Carroll College
Helena, MT
Money 2017 rank: 495
% of undergraduates who get "merit" grants: 31%
Typical size of "merit" grant: $12,500
Estimated sticker price for 2017-18 (in-state if public): $47,400
Average early career earnings: $40,800
28. Ohio Wesleyan University
Delaware, OH
Money 2017 rank: 488
% of undergraduates who get "merit" grants: 30%
Typical size of "merit" grant: $22,300
Estimated sticker price for 2017-18 (in-state if public): $61,500
Average early career earnings: $44,300
28. Miami University-Oxford
Oxford, OH
Money 2017 rank: 243
% of undergraduates who get "merit" grants: 30%
Typical size of "merit" grant: $8,000
Estimated sticker price for 2017-18 (in-state if public): $31,100
Average early career earnings: $50,700
28. Berry College
Mount Berry, GA
Money 2017 rank: 622
% of undergraduates who get "merit" grants: 29%
Typical size of "merit" grant: $12,700
Estimated sticker price for 2017-18 (in-state if public): $50,000
Average early career earnings: $37,900
31. Trinity University
San Antonio, TX
Money 2017 rank: 108
% of undergraduates who get "merit" grants: 51%
Typical size of "merit" grant: $18,000
Estimated sticker price for 2017-18 (in-state if public): $57,200
Average early career earnings: $44,400
31. Lawrence University
Appleton, WI
Money 2017 rank: 320
% of undergraduates who get "merit" grants: 36%
Typical size of "merit" grant: $20,000
Estimated sticker price for 2017-18 (in-state if public): $59,400
Average early career earnings: $44,000
31. Albion College
Albion, MI
Money 2017 rank: 320
% of undergraduates who get "merit" grants: 25%
Typical size of "merit" grant: $19,500
Estimated sticker price for 2017-18 (in-state if public): $57,600
Average early career earnings: $44,800
31. Gordon College
Wenham, MA
Money 2017 rank: 569
% of undergraduates who get "merit" grants: 31%
Typical size of "merit" grant: $14,300
Estimated sticker price for 2017-18 (in-state if public): $51,200
Average early career earnings: $40,100
35. Xavier University
Cincinnati, OH
Money 2017 rank: 438
% of undergraduates who get "merit" grants: 37%
Typical size of "merit" grant: $14,900
Estimated sticker price for 2017-18 (in-state if public): $52,700
Average early career earnings: $46,600
35. Concordia College at Moorhead
Moorhead, MN
Money 2017 rank: 320
% of undergraduates who get "merit" grants: 25%
Typical size of "merit" grant: $13,700
Estimated sticker price for 2017-18 (in-state if public): $49,400
Average early career earnings: $40,600
35. Benedictine College
Atchison, KS
Money 2017 rank: 560
% of undergraduates who get "merit" grants: 25%
Typical size of "merit" grant: $11,500
Estimated sticker price for 2017-18 (in-state if public): $43,200
Average early career earnings: $41,800
38. Westminster College
Salt Lake City, UT
Money 2017 rank: 500
% of undergraduates who get "merit" grants: 31%
Typical size of "merit" grant: $13,800
Estimated sticker price for 2017-18 (in-state if public): $47,400
Average early career earnings: $44,900
38. Gustavus Adolphus College
Saint Peter, MN
Money 2017 rank: 94
% of undergraduates who get "merit" grants: 27%
Typical size of "merit" grant: $18,400
Estimated sticker price for 2017-18 (in-state if public): $56,800
Average early career earnings: $46,000
40. Juniata College
Huntingdon, PA
Money 2017 rank: 336
% of undergraduates who get "merit" grants: 27%
Typical size of "merit" grant: $19,100
Estimated sticker price for 2017-18 (in-state if public): $58,700
Average early career earnings: $43,300
40. Covenant College
Lookout Mountain, GA
Money 2017 rank: 446
% of undergraduates who get "merit" grants: 29%
Typical size of "merit" grant: $11,900
Estimated sticker price for 2017-18 (in-state if public): $46,500
Average early career earnings: $40,300
42. Drake University
Des Moines, IA
Money 2017 rank: 341
% of undergraduates who get "merit" grants: 34%
Typical size of "merit" grant: $13,500
Estimated sticker price for 2017-18 (in-state if public): $50,800
Average early career earnings: $44,900
42. University of Colorado Boulder
Boulder, CO
Money 2017 rank: 348
% of undergraduates who get "merit" grants: 26%
Typical size of "merit" grant: $8,800
Estimated sticker price for 2017-18 (in-state if public): $33,100
Average early career earnings: $51,300
44. Whitworth University
Spokane, WA
Money 2017 rank: 520
% of undergraduates who get "merit" grants: 28%
Typical size of "merit" grant: $18,000
Estimated sticker price for 2017-18 (in-state if public): $56,600
Average early career earnings: $44,900
