How much do colleges award for National Merit Scholarships?

Does anyone know how much financial aid colleges typically provide for National Merit Scholarships? I'm trying to understand how significant this can be for reducing college costs. Are the amounts from colleges substantial?

Colleges vary greatly in how they handle National Merit Scholarships. Some universities provide generous scholarships to National Merit finalists. These can sometimes cover the entire cost of tuition, and in a few cases may even include stipends for housing, dining, or study abroad. A few schools known for their substantial National Merit prizes include University of Oklahoma, University of Southern California, and Northeastern University.

However, not all colleges offer such hefty awards for National Merit Scholars. Many highly selective institutions, like the Ivy League schools, don't offer any specific scholarships based on National Merit standing. Instead, they offer need-based financial aid.

It's also important to note that the National Merit Scholarship Corporation itself awards three types of scholarships to finalists. The National Merit $2,500 Scholarship is a single-payment scholarship. There are also corporate-sponsored and college-sponsored merit scholarship awards which vary in amount, depending on the sponsor.

So, overall, a student's National Merit Scholar status can significantly reduce college costs in some cases, but it greatly depends on the policies of the particular colleges a student is considering. Always check with each college's financial aid office or website for the most accurate information.