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Merit aid often varies by college size: smaller colleges with less than 3,000 students were somewhat more likely to offer merit aid (81%) than medium-sized colleges (66%) or large schools (67%). [6] Greater than three-quarters of schools (77%) said that they offer merit scholarships for transfer students. [10]
The NMSC uses the PSAT/NMSQT as the initial screen of over 1.5 million program entrants. In the spring of the junior year, NMSC determines a national Selection Index qualifying score (critical reading + math + writing skills scores all multiplied by two) for "Commended" recognition, which is calculated each year to yield students at about the 96th percentile (top 50,000 highest scorers).
In the U.S., a grant is given on the basis of economic need, determined by the amount to which the college's Cost of Attendance (COA) [6] [7] exceeds the Expected Family Contribution (EFC), [8] calculated by the U.S. Department of Education from information submitted on the Free Application for Federal Student Aid following formulas set by the United States Congress.
In 2007, members of the Annapolis Group discussed a letter to college presidents asking them not to participate in the U.S. News & World Report "reputation survey". [52] A majority of the approximately 80 presidents at the meeting agreed not to participate, [53] although the statements were not binding. [54]
The Miss America beauty pageant is a famous example of a brand scholarship. Creative contest: These scholarships are awarded to students based on a creative submission. Contest scholarships are also called mini project-based scholarships, where students can submit entries based on unique and innovative ideas. [14]
In December 2022, the Government Accountability Office (GAO) issued a report requested by U.S. House Education and Labor Committee Ranking Member Virginia Foxx that surveyed and assessed the financial aid offer letters of a nationally representative sample of 176 colleges on ten best practices recommended by the Financial Literacy and Education ...
While the program itself does not provide financial support, some universities award substantial scholarships to National Hispanic Scholars. For example, Arizona State University, [4] the University of Arizona, [5] and the University of Kentucky [6] provide the same scholarships to National Hispanic Scholars as they do to National Merit Scholars.
However, scholarships that involve the transfer of money to the student do need to be reported and taxed. [113] If the student is a nonresident for tax purposes, the scholarships are reported using Form 1042-S and tax is withheld at 14% if the student has a SSN or Individual Taxpayer Identification Number, and at 30% otherwise. The student must ...