Scholarships That Can be Availed Through PSAT
What Scholarships Can PSAT Test-Takers Avail
Every year, many students across the US appear for the National Merit Scholarship test. The test is conducted in October every year: on a Wednesday and a Saturday. The test is the gateway to availing support for your college education.
Scholarships are broadly categorized into four types; each type is explained below. There are certain prerequisites you must fulfil in order to qualify as a finalist for the award. However, you can be a beneficiary of only one bursary from the National Merit Scholarship Corporation (NMSC).
National Merit® $2500 Scholarships
The National Merit Scholarships are considered unique amongst all other types of grants. It is unique because every finalist is considered for a scholarship and winners are announced for every state. The monetary value of this scholarship is $2500, and is awarded as a one-time payment. The number of scholarships awarded in each state is calculated based on the state’s percentage of the national total of high school graduating seniors. The finalists compete with the other finalists in their state for a grant.
Corporate-Sponsored Merit Scholarships
Organizations, corporations, company foundations, and businesses offer their support to students in the form of payments. The monetary value of these payments varies. Unlike the National Merit endowment, the scholarship can be awarded as a one-time payment or as a renewable amount (either a fixed or variable component).
Scholarships are awarded to finalists who meet the eligibility criteria specified by the corporate sponsor. Usually, scholarships are awarded to children of employees, residents who belong to specific communities, or candidates who have specific career plans and want to pursue a course specific to the interest of the sponsor. For example, an IT organization might offer scholarships for students willing to pursue a major in IT.
To view a list of organizations offering scholarships, see the PSAT/NMSQT Official Student Guide: National Merit® Scholarship Program on the following website: http://www.nationalmerit.org/
Corporate-Sponsored Special Scholarships
The monetary value and payment guidelines are the same, as the Corporate-sponsored merit scholarships, for this category of grants. These are awarded to high-performing program participants (may not be finalists) who meet the eligibility criteria of the sponsor.
The eligibility criteria to avail the corporate-sponsored special awards are the same as the eligibility criteria for the corporate-sponsored merit scholarships.
To view a list of organizations offering endowments, see the PSAT/NMSQT Official Student Guide: National Merit® Scholarship Program on the following website: http://www.nationalmerit.org/
College-Sponsored Merit Scholarships
The finalists for the college-sponsored merit bursaries plan to attend their sponsor college and inform the National Merit Scholarship Corporation (NMSC). The monetary value is in the form of stipends that range from $500-$2,000 and are renewable for four years of study at the college.
To view a list of colleges offering scholarships, see the PSAT/NMSQT Official Student Guide: National Merit® Scholarship Program on this website: http://www.nationalmerit.org/
The entire process of receiving grants is a lengthy process and takes almost a year to complete in some cases, which means that you must take the test early when in high school. Most students appear for the test in their junior or sophomore year to allow enough time to apply for scholarships as well as to prepare for the final SAT test. However, you need to check your eligibility for applying for financial support before appearing for the PSAT. For example, if you have four years of school remaining, you should not appear the PSAT 2011 because you will not be eligible for the 2013 scholarship.
It is always good to research and find out information about the category of scholarships that would work best for you. It is essential that you collect as much information as possible before you appear for the test. The National Merit Scholarship exam provides the best opportunity to avail financial grants, which is why you must attempt your best.