I would look at the cutoffs from the year before. If the NMS cutoff for your state is less than 215-216 and you are relatively smart/good at test taking, I would recommend taking the PSAT. But if you live in a state where the cutoff is over 216, then it gets more challenging.
Take a practice PSAT after studying and see if you would have qualified for NMS the year before. If you are close, then there is no harm in studying more and taking the test.
Also, if you study for SAT then you will be slightly over prepared for the PSAT. If you do become a semi finalist, then you have to take the SAT to become finalist.
Good luck
How have you done on standardized testing so far? That can give you an indication of whether or not you are in range.
Thanks, @kjake2000!! Where do I find the cutoff scores? Great advice! What does it mean to be a NMS though? Do you have to go through another around of testing after you get that qualification?
@happymomof1 I’m going to be a junior next year, so I haven’t looked into studying for the ACT or any other standardized test yet. However, I plan to take a dry run mid-July to see where I stand in terms of the ACT. How are the ACT and SAT different from each other?
@kjake2000 I just looked, from 2017 data my state was 217. Is it unlikely, then? 
Have you taken any standardized state exams? Happykid had those things almost every year starting in elementary school. It was pretty clear early on that that she wasn’t NMS material. Your parents and your guidance counselor should have records for state exams.
The ACT and the SAT are written by different organizations and consequently represent somewhat different assumptions and expectations of the students who take them. Try practice exams for both, and see if you have natural preference for one or the other. Some students find that one or the other is a better fit.
@happymomof1 Oh!! I get what you mean now!!! For elementary school, I was close (~3 points off) to being qualified as “gifted” in three subjects. In middle school throughout high school, I have scored in the accelerated (2nd highest) and advanced (highest) ranges for subject standardized tests in my state. Does that help more?
NMS means national merit scholar. Its the highest distinction in this competition. After you take the PSAT, if your score qualifies based on your state cutoff, then you become a semi-finalist. There are roughly 16000 semi finalists in the country. Then, you need to make an application with essays, recs, grades etc and an SAT score to confirm you didn’t do well on the PSAT by luck. You send in this application, and 15000 out of 16000 become finalists. This is a relatively easy part, the hardest part is becoming the semi finalist.
Yup. You look to be in the range where prep for the PSAT can be worth it. Go to the library and see what materials they have to review things for free.
217 isn’t terribly high. Try taking the PSAT and seeing how you do. If you get 195-200 on your first try without practice then I think it is worth practicing. Take them periodically and see if you get close to 217.
Keep in mind that on test day you might get lucky. I consistently got 200-210 in practice, but pulled a 219 on test day. It happens if the test just happens to be right for you.
As a parent who is paying $63k/year for a child who got a perfect ACT after studying and only National Merit Commended without studying, I wish she had studied for the PSAT. The scholarship is worth at least $2500 and in many cases $10,000 when matched by your parents employer or colleges. Being a National Merit Scholar should help admissions but the PSAT score itself won’t help admissions
@happymomof1 Thank you for the help!
@kjake2000 Thanks for the info!! What does the difference in a point (say between 216-217) mean? Like how many questions right difference? So 217 is doable to try and study for? Lol sorry if these are stupid questions.
@Wje9164be A perfect ACT score!! Wow, that’s amazing!!! Congrats!! How did your child study for it?
Ok, thanks!! That’s great! My parents are low income, so I think this will be something worth investing in.
So in your experience, a good ACT score doesn’t give as much merit aid as the PSAT? Very interesting perspective! Thanks.
@equationlover
One of our kids entered as a freshman in 2016. Her ACT score got her full tuition at U of Alabama. Her PSAT score got her National Hispanic Scholar and that got her full tuition plus room and board stipend at U of Kentucky & full tuition at Fordham. She got other good offers based on either PSAT-NHS or ACT.
Different schools offer different scholarships to incoming freshmen, and it changes from year to year. Look at each school’s web site for scholarship information.
When you are ready to build your college list, there are lots of smart people here who will help you find a great affordable school.
there is negligible difference between 216 and 217, but it gets increasingly difficult to score higher and higher after this. A 217 definitely is doable. But the only way to find out is by taking a practice PSAT.
@Midwest67 I think I will try for both so I can have a greater opportunity for choice of schools. And yes I agree too early for that now, but after my junior year or at least halfway though I’ll start the college search based on how I do.
@kjake2000 Ok, thanks for all of the help!
Is there only one test date for the PSAT? I realized I forgot to ask that important question. Thanks.
theres two but you can only take one
@kjake2000 Are both at the very beginning of the school year? From what I remember others talking about, it was around the middle of 1st semester. Asking b/c I don’t want to commit to too much if that’s when the test dates are.