<p>^ Good answer. I found the OP’s question quite interesting and it occurred to me that some of the tell-all books by adcoms might touch on this question. I haven’t found that yet, but here are a couple of interesting links:</p>
<p>FinAid.org guy tells NYT “The Choice” readers that early decision means MORE merit aid: <a href=“http://thechoice.blogs.nytimes.com/2012/10/05/guidance-office-scholarships-5/[/url]”>http://thechoice.blogs.nytimes.com/2012/10/05/guidance-office-scholarships-5/</a></p>
<p>Vandy tells applicants ED has NO effect on receipt of a merit scholarship (but said scholarships are not awarded until spring so you’ll be accepting your spot without knowing): [Frequently</a> Asked Questions<em>|</em>Scholarships<em>|</em>Vanderbilt University](<a href=“http://www.vanderbilt.edu/scholarships/faq.php]Frequently”>Frequently Asked Questions | Scholarships | Vanderbilt University)</p>
<p>St. Olaf says there is absolutely no difference in aid (seems to include merit aid) awarded to ED vs. RD applicants, and that most merit scholarships awarded will be known with the ED decision (ie., applicant could receive a later scholarship as well): [Frequently</a> Asked Questions](<a href=“http://wp.stolaf.edu/financialaid/aid/frequently-asked-questions/]Frequently”>Frequently Asked Questions – Financial Aid)</p>
<p>This Kiplinger article (just skimmed it quickly, I have to run out) states that colleges assign students a score for merit aid similar to the admissions score (eg., 1-5). That seems to indicate that students admitted ED (eg., assigned the highest numeric score) will not be penalized in merit aid. <a href=“http://www.kiplinger.com/article/college/T042-C000-S002-cracking-the-financial-aid-code.html[/url]”>http://www.kiplinger.com/article/college/T042-C000-S002-cracking-the-financial-aid-code.html</a></p>
<p>Merit vs. need: just about every college in my quick google tour stated that need-based aid is awarded according to a formula and that ED/EA/RD has no effect. </p>
<ul>
<li>Good discussion.</li>
</ul>