<p>My S applied to 20 schools, although several were free applications (can’t remember the number). He was rejected at three reaches, wait listed at another reach and accepted to the rest (few safeties, mostly matches). I disagree that you can always figure out merit money, especially for large awards that are few in number. My son with NMF had a couple of in-state full rides that he was ok with, but really wanted a smaller LAC, so we applied to multiple schools with his major, specifically looking for merit possibilities. Our income is right at the point where we don’t qualify for much need based aid, but cannot afford $60,000/yr. While most of the schools offered small amounts of merit aid, he was given two large offers - 30,000/yr and 40,000/yr and he is very happy to be going to a school that we can afford and he is happy to attend. With the application fees, college visits and visit for interview for one of the merit awards, we probably spent around $3,000, but I would definitely consider that money well spent given the outcome. If this is your situation I think it can make sense to apply to a large number.</p>