Journey from National Merit Semifinalist to Finalist?

Does PSAT Score at all matters for your journey from Semi Finalist to Finalist? For example 225 has better chances than 220?

no.
It is totally dependent on the NMSF cutoff score in YOUR state.

Thank you !! In that case what would stop a Semi finalist to become Finalist?

Not completing the application.
Bad grades.
Disciplinary issues at the HS.

You must also have a supporting score on an SAT to show it wasn’t a fluke. No SAT- no finalist. Read the NMSQT website.

@jym626 - Thank you !! Can the SAT score be from prior months (New SAT though) or it has to be after the announcement of Cutoff?

Also how bad do your grades have to be for it to be a problem?

Past SATs are fine.

How low is “Bad Grades?” Would a 3.16 unweighted GPA be too low? (My SAT is 1470 out of 1600)

Yes^.
Your HS counselor fills out the forms.

Does PSAT Score in itself has any significance after you made it to Semifinalist already? Out of 15K Seifinaist, how many typically will become finalist?

The impact of GPA/grades in the past has varied from state to state. States with historically higher cutoff scores tend to have less tolerance allowed for lower GPA and/or C’s D’s on transcript. In most years/states (but certainly not all years/states) you could still make Finalist with one C on your transcript (possibly 2) but D’s were definitely a show-stopper. There is no hard and fast GPA requirement, but if your unweighted GPA is lower than 3.4/3.5 range you more than likely have some C’s or lower that might hurt your chances. All you can do is submit your Semifinalist package and see what happens come late January or early February.

In most years there are approximately 16K Semifinalists, of which about 15K make Finalist. If your grades are solid, you fill out the Semifinalist package properly, get a confirming SAT score you stand a very good chance of advancing.

What are most generous schools for NM Semifinalists / finalists in terms of financial aid package?

@tx1707 Check this site out for NM aid: http://nmfscholarships.yolasite.com/