The PSAT is a standardized test like the SAT that measures scholastic aptitude. Many people say the PSAT is just a “practice” SAT, and that is mostly true. However, during your junior year, the October PSAT is used to determine National Merit Semifinalist status, which in turn can earn you huge scholarships at many colleges. (The National Merit Scholarship Corporation provides 2500 scholarships of $2500, and there are some corporate scholarships available as well–but the big money mostly lies with college-specific merit awards.) While National Merit status is not particularly impressive to Top 20 schools, it is still a quality national award, and at many other colleges it can be very helpful for gaining admission or merit awards.
To win the major awards, you must score in the top ~1% of students. The exact score cutoff for National Merit Semifinalists varies by state, from 214-223 (out of 228)–see this list for the class of 2020. The cutoff for National Merit Commended Students was 212 (again for the class of 2020). This is a tall order, but given the value of an outstanding score, it is worth prepping for the PSAT just as you might prep for the SAT. This could be your best shot at a full tuition scholarship. Seriously, you could study for a 5 hours a week all summer and win a scholarship worth over $150K. $2500 per hour is not a bad wage to pay yourself.
How do you cash in? Study like crazy, get a qualifying score on the PSAT during your junior year, then apply once you are notified if you made the cutoff. You can find more information at www.NationalMerit.org.
College Kickstart provides a starting list of Colleges with Great Scholarships for National Merit Finalists. From their list, there is great variance in the quality of institutions, but many are excellent schools and provide amazing opportunities. For example, University of Southern California provides half tuition scholarships to a limited number of National Merit Finalists. Boston University’s NMF scholarship covers the cost of tuition plus room and board. At the University of Alabama, the scholarship program for NMF is insanely good: full tuition, housing, $3500/year stipend, $500/year book scholarship, and $2000 for research/study abroad opportunities. While it isn’t Harvard or Yale, a degree from Alabama is a quality education from a nationally-recognized college–and you could get paid for going to school. That’s a pretty good deal.
Granted, most students who earn NMF status are hoping to attend highly-ranked, high-profile colleges. However, many times the staggering cost of attendance, and resulting millstone of debt from student loans, can outweigh the prestige of the Top 20 diploma. (We’ll post more about paying for college, student loans, and scholarships later–but trust me, free college at a slightly “worse” school is a very smart decision.) It’s especially worth considering a university with a great NMF scholarship as a safety school. Put extra weight on any that are geographically near where you live or where you want to live upon graduation–a diploma from university that is revered locally can be far more valuable than you might think.
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