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What is Merit Based Financial Aid?
Merit based aid is funding that is awarded to a student based on the academics, athletic ability, musical talent, or any other talent that is attractive to the source. The source of the funding could be Federal, State, Institutional or private. Basically the student is being recognized for individual achievement. The best thing about merit based financial aid is that is is free. While need based financial aid consists of both scholarships as well as loans, merit money is all scholarships.
Be aware of this as some schools could actually deduct the amount of money you got on your own from your already well-deserved need based financial aid. Find out how your future college deals with this issue and look for colleges that allow you to add your scholarships to an existing financial aid package.
For example, while there are a some great websites out there for college scholarships, it is advised to use the web with caution. How do you know for sure that the person claiming to offer that scholarship really has the money? Why do they want to give it to you? How many other people are you competing against? On the other hand, if your future college in Austin or outside of Austin wants to give you money to play in the school's marching band, that is great! Perhaps a community member has been impressed with your commitment to Habitat for Humanity and has a scholarship in their family's name for Humanitarian Aid work- good, you deserve it! Most often, student sift through the internet looking for free money when there are two major ways to spend their time. Number one is to get out ther and do something that you can excel at. Students get scholarships based on their outstanding performance. If you excel at something, people will notice you. Secondly and maybe most importantly, spend your time doing the research to find out which schools will offer need based financial aid. Much of the aid avaliable to students is need based, and many missed out on that money because they are chasing after private scholarships. Get involved in the Austin community!
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By: Elizabeth Ebenreiter
Did you know ? Students are obliged to report what they receive in private scholarships from any source. 
Tip ! It can be a waste of time to look for some private scholarships. You have to know the difference between honest, legitimate scholarships and ones that dont deserve your valued time. 
Be prepared ! The existence of merit based aid gives hopes to families that are not eligible for need based financial aid due to their income or amount of assets. Unfortunately, too often parents will rely too heavy on merit aid. All too often does the parental pride evolve into the belief that their student is academic elite or an athletic all-star whom deserves a full scholarship to their dream university. One can not argue with a 4.5 GPA with a 2000 on the Privacy / Legal + Disclaimer