Finanicial Aid Types: Merit Awards

by NYC Firm Schools on November 25, 2008

There are many different types of financial aid available to students of Firm Schools in NYC, and each of them take into account a different financial need. All schools will require a family requesting FA to fill out an FA application and submit supporting paperwork such as tax forms to verify eligibility, though again many schools do not have an income cut off mark, so if you are in doubt, apply anyway.

Financial Aid Types: Merit Awards:

Many schools offer scholarships, otherwise know as merit awards, based on specific award criteria and economic circumstances. Merit awards are the most common type of non-need based award in that they require criteria be met by the student in a particular field or talent. Many merit awards recognize outstanding talent in such areas as athletics, art, music and academics. There are different terms for eligibility for merit awards, and the funding is more limited which causes a heavy competition among applicants. In addition, merit awards are not usually guaranteed to continue each year, as terms for renewal are specific to each school. Also, remember that not all schools offer merit awards, especially those schools that only accept students who are in the top percent of their classes in the first place.

Merit Awards seldom cover the entire tuition expense and so many of the students and families who apply for them use them as either a primary or secondary source of funding. These families with a demonstrated financial need generally also apply for traditional need-based grants in addition to merit awards, or seek out other financial planning options.

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