NHS only in Senior year?

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For less selective colleges, I guess his "honor" means a little more when not everyone has it

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Yes, and something that really hasn't been discussed much is that the NHS membership can equal $$$ at some schools. One in particular that I know of is Washington College in Maryland -- actually a pretty well regarded LAC. According to its website,

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All National Honor Society and Cum Laude Society members who are admitted to Washington College are awarded a $40,000 four-year scholarship ($10,000 annually for four years). Some NHS and CLS members qualify for additional awards that increase their total academic scholarship from $10,000 per year to $11,500 - $15,000 per year. To qualify, students must be NHS or CLS members prior to March 1st their senior year

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Not too shabby, although I can see how some people might grumble that one HS had far more demanding NHS requirements than another school.</p>