Aid For High Achievers
Copyright 2025 Financial Aid Consulting. All rights reserved. No portion of this article may be reproduced mechanically, electronically, by photocopying, or by any other means without the author's permission. Howard can be reached at finaidguy@gmail.com
“Always dream and shoot higher than you know you can do. Don’t bother just to be better than your contemporaries or predecessors. Try to be better than yourself.”—William Faulkner.
Even in terms of economic volatility, top colleges seek and reward the brightest and most talented students to fill their classrooms and sustain their reputation and high standards. Financial aid is not just based on a family’s assets, ability to pay, or need. It is also based on the student’s assets in the form of their intellect, academic, and other achievements. In turn, these assets are redeemable in the form of merit-based aid that can prove invaluable for making an excellent college education affordable.
Need-based financial aid is derived from the Free Application for Federal Student Aid, College Scholarship Service Profile, and institutional-specific financial aid forms to set the record straight. Financial need is then determined by applying what it costs to attend a college, less a family’s SAI (Student Aid Index) derived from the financial aid forms. That is the amount colleges base their financial aid awards on: scholarships, loans, grants, work-study, etc. Though the SAI defines what a family should be able to pay, it does not recognize if the family has the money, their indebtedness, or the likelihood of being approved for certain loans. Moreover, not all colleges can guarantee that 100 percent of a family’s needs will be satisfied.
Getting Ready
Keep a score of your accomplishments as you build your resume. Talk to your guidance counselors, upper-level students, or look on the Web to learn how much aid was awarded. One such site, www.collegeboard.com, provides this information when you compare colleges. Attend college fairs and visit colleges with your older siblings or when they are nearby to learn as much as you can early in the process. Get involved with extracurricular and community activities and networking with as many people as possible. Many scholarships and merit-based aid come from local organizations, small and large businesses, religious organizations, clubs, labor unions, etc.
Outstanding writing and research skills are essential for merit-based and other scholarships. Keep a journal about your academic achievements and challenges—these are excellent subjects for scholarship essays and college applications.
Could you talk to admissions officers about the types of merit-based aid the college offers, your specific major, and the criteria for receiving it? This is often overlooked if you do not realize that merit-based aid typically comes from the admissions office, whereas need-based aid is determined in the financial aid office.
The U.S. Government and the Department of Education offer many programs for top-achieving students. Here are some:
• Academic Competitiveness Grants offer up to $750 to eligible first-year students and up to $1,300 for second-year students. Needy students must complete a FAFSA and be eligible to receive a Pell Grant. They must also have completed a rigorous secondary school program of study as established by a state or local educational agency and recognized by the U.S. Secretary of Education. Second-year students must have graduated from high school after Jan.1, 2005 and have had at least a cumulative 3.0 grade-point average during their first year of college. Further information can be found at http://www.ed.gov
• The U.S. Department of Education offers SMART grants (Science and Mathematics Access to Retain Talent) to Pell-eligible students enrolled in the third and fourth years of bachelor's degree programs and pursuing majors in mathematics, science, technology, engineering, or a critical foreign language. To receive a SMART grant, students must complete a FAFSA and be eligible for a Pell Grant; be enrolled full time in their third or fourth academic year of a four-year degree program; maintain a 3.0 grade point average in college; and be a U.S. citizen. Further information can be found at http://www.ed.gov
• TEACH grants (Teacher Education Assistance for College and Higher Education) provide grants to students who intend to teach at least four years in a public or private elementary or secondary school in a high-need field that serves students from low-income families. High need fields include reading, mathematics, science, special education, bilingual education, and other areas when you begin teaching. Further information can be found at http://www.ed.gov.
You should realize that hard work pays off but does not happen automatically. There is competition with others, but your chances are as good as any if you apply. You have a lot going for you and deserve the best education that money can buy, especially by proving that your success in high school will yield invaluable rewards for your future.