National Merit Scholarships
According to the National Merit Scholarship Corporation 2008-2009 Annual Report, 252 corporate organizations sponsored awards in the 2009 competition. These awards are in addition to the $2,500 scholarship provided by the National Merit Scholarship Corporation.
Corporate sponsored scholarships can be one-time payments or renewable over the four years a student attends college and fall into two main categories: Merit Scholarships and Special Scholarships. Below is a table from the 2009 Student Guide to the PSAT/NMSQT®. (This guide pertains to students who took the PSAT as juniors in 2009. The award year for these students is 2011).
| A Total of 9,700 Scholarships Offered | ||||
|---|---|---|---|---|
| National Merit $2500 Scholarships | Corporate-sponsored Merit Scholarships | Corporate-sponsored Special Scholarships | College-sponsored Merit Scholarships | |
| Who is considered? | All Finalists compete with all other Finalists in their state or other selection unit. | Finalists who meet criteria specified by a corporate sponsor, usually: children of employees, residents of specific communities, or finalists with certain college major or career plans | High performing program partici- pants (although not Finalists) who meet a sponsor’s criteria; most are for: children of employees, residents of specific communities, or participants with certain college major or career plans | Finalists who plan to attend a sponsor college and have informed NMSC that the sponsor college is their first choice |
| Who selects winners? | A committee of college admission officers and high school counselors | NMSC’s professional staff | NMSC’s professional staff | Officials of each sponsor college |
| What is the monetary value? | Awards provide a one-time payment of $2,500. | Varies by sponsor—awards can be one-time or renewable. | Varies by sponsor—awards can be one-time or renewable. | Awards are renewable for 4 years of study at the sponsor institu- tion. Stipends range from $500 to $2,000 per year. |
| When does NMSC begin sending scholarship offers? | Late March | Early March | Early March | Late April |
Each corporate sponsor specifies the amount of the scholarship awarded and whether it is a one-time payment or a renewable stipend. Financial need is not a consideration in the selection winners. However, some renewable scholarships sponsored by corporations are determined on an individual basis and do take into account college costs and financial circumstances.
| Type of Award | Type of Stipend | Stipend Ranges |
|---|---|---|
| Renewable | Variable | $500–$10,000 per year |
| Renewable | Fixed | $1,000–$5,000 per year |
| One-time | Single-payment | $2,500–$5,000 |
In addition to corporate sponsored scholarships, National Merit finalists may also be eligible for college-sponsored merit scholarships. During the 2009 Competition, 199 colleges, public and private, offered finalists merit based scholarships. College officials choose award winners from among Finalists who have been admitted and have informed the National Merit Scholarship Corporation that the institution is their top choice college. The amount of these awards is also determined by college officials and must fall within a range of $500-$2,000.