Make sure you understand how merit and need-based aid work together.
Typically, merit awards offset “need” (so the amount may be subtracted from any need-based award you would have received). The merit award does not “stack” atop any need-based grant aid to result in a lower net cost. So, the merit award does you no good (other than the glory) unless it covers more than 100% of demonstrated need.
There may be exceptions (for example, where a merit award is applied against the “self help” portion of a need-based aid package). Investigate carefully if this is important to you.