So from what I understand there are 3 types of scholarships available for National Merit Finalists: 1) A National Merit $2500 scholarship that can be used at any school 2) corporate scholarships that can be used at any school 3) college sponsored merit awards that are specific to the school and are non-transferable (must indicate first choice college by March 1). A National Merit Finalist can receive only one of these awards. DD has applied to two schools that offer significant merit awards, but she may not have a decision about whether one of these is her first choice by March 1. Her dad’s company also offers a corporate award that is less $$, but is more flexible as it can be used anywhere. These are designated for children of employees, but there are a limited number nationwide, so no guarantee on these either. Do students have a choice to designate which of these awards they would prefer? If she can’t identify a preferred school by March 1, is it best to just leave the school undecided and hope for the corporate award (is likely to be more than the National Merit $2500 award)
Not every finalist automatically becomes Scholar and eligible for National Merit Foundation’s $2,500 scholarship so unless you are selected, it’s not an option. Only less than 2,500 finalists are selected out of 15,000 as National Scholars. This scholarship can be used at any college as it is paid by the foundation and has no strings attached. However, these scholars remain eligible for any merit scholarships their college offers or if they want to accept a corporate scholarship.
Rest of the 12,500 finalists have to either secure outside corporate scholarships through parents which can be used at any college or accept admission offer from a college which participats in this program. These scholarships are college specific and can’t be used at another college. Elite colleges don’t participate in National merit program, usually lower ranking colleges does. You have to designate one as your first choice or you can remain undecided or change after you pick a college.
In your case, it would be better to call NM foundation and confirm in case rules have changed this year as college scholarships aren’t guaranteed and you wouldn’t want to miss out on your employer’s corporate scholarships.
I’ve heard that the best strategy is to just leave the college choice undecided til you are up against a significant deadline.
You’re right that there are 3 types of scholarships awarded through NMSC. The schools themselves can offer NMF scholarships directly to students, and those are a separate animal. Double check with the individual colleges to find out what date you need to declare them as your NMF first choice to qualify for their direct NMF awards (may be a different date than the deadline listed by NMSC for all their awards). You can also try to find out what their direct package will/might be, and what amount they award via NMSC, and whether any of those are guaranteed.
@CupCakeMuffins I would definitely consider Vanderbillt and U Chicago Elite schools and they participate. Probably some others too.