Can someone please explain what a merit scholarship is?

I've been hearing a lot about merit scholarships lately, but I'm not exactly sure what it means. How do students earn these? Do they depend on grades or extracurriculars, or something else?

A merit scholarship is financial aid that students receive based on their achievements and skills, rather than financial need. This differentiates it from need-based aid, which is determined by family income and financial circumstances. They can be offered by colleges, organizations, and companies to reward students for a variety of qualities, ranging from academic excellence to leadership skills, among other things.

In many cases, colleges automatically consider students for these scholarships during the admission process. For instance, a student with a high grade point average or notable standardized test scores might receive a merit scholarship from a college based on their academic performance. This is an incentive for top students to attend that particular college. There's no need for a separate application for such scholarships in most cases.

However, some merit scholarships are separate and often require their own application, and these can take on numerous forms. For example, there could be merit scholarships for exceptional service in the community, exceptional artistic talent, or outstanding leadership in extracurricular activities.

So, in essence, merit scholarships can certainly be influenced by both grades and extracurriculars, as well as talents, skills, and other types of achievements. Keep in mind though, each scholarship has its own specific eligibility criteria, so you should always check the specifics before applying.