Schools and outside organizations may award merit-based scholarships. These scholarships cover part or all tuition costs for students with academic or leadership achievements. Some merit aid colleges feature scholarships that cover education-related expenses, such as room and board. Some scholarships even provide living expense stipends.

High-performing students often apply for merit scholarships from particular programs or schools. Many private organizations also offer merit-based scholarships. Learners can research scholarship opportunities through websites such as CareerOneStop.

According to Scholarships360's ranking, top merit aid colleges and universities include the University of Alabama, Arizona State University, and the University of Virginia. Private universities such as Boston College and Vanderbilt University also feature many merit-based scholarship opportunities.

Applicants to merit-based scholarships typically provide transcripts and standardized test scores. Many merit aid colleges also require scholarship candidates to submit recommendation letters and essays.

Ivy League schools' high institutional endowments allow them to financially assist all enrollees with financial need. Learners demonstrate financial need through their FAFSA results or CSS Profile. Since most Ivy League students perform well academically, these schools do not offer funding based on performance.

However, Ivy League attendees can qualify for merit-based scholarships from outside organizations. Ivy League students also may qualify for federal financial aid.