How Much Merit Aid Will Your College Offer? Take a Look For middle-income students who are deemed too rich to qualify for need-based financial aid, but in reality are too strapped to pay for college out-of-pocket, merit aid from prospective universities may be a big factor in your college decision. This type of financial assistance, often awarded in the form of grants and scholarships that needn't be repaid, is based on the student's academic potential instead of the family's household income. Education Life, the higher education quarterly of The New York Times, has published an interactive list of more than 600 colleges and universities that award merit aid. The list includes the sticker price of the institution's tuition and fees, the percentage of freshmen who receive merit aid, and the average amount of money that they receive. Here's a sampling of the data: Boston University, which charges $41,420 in tuition and fees, awarded 7 percent of its first-time freshmen an average of $19,960 in merit aid. Colby-Sawyer College (N.H.) awarded merit aid to 88 percent of its freshmen in 2010-11 (the latest data available). On average, each freshman received $17,565. Tuition and fees were $33,293. George Washington University (Washington, D.C.), which charges $44,148 in tuition and fees, awarded 20 percent of its first-time freshmen an average of $18,495 each in merit aid. Pepperdine University (Calif.), which charges $40,752 in tuition and fees, awarded 11 percent of its freshmen an average of $18,474 each in merit aid. Almost a quarter (24 percent) of the freshmen at the University of Miami received merit aid. On average, they were each awarded $23,208 - a sizable amount to help them pay $39,654 in tuition and fees. In a related article, Christopher Drew reports that the percentage of students receiving merit aid grew rapidly from 1995 to 2008, so much so that "it rivaled the number of students receiving need-based aid." As we continue our summer break, we hope you'll take some time to comb through this chart and find some useful information. Please feel free to share your insights with us, using the comments box below.