<p>Merit aid most of the time is just that; for merit for those students the schools most want… Usually it is given out by the Admissions Department which works separately from financial aid. It’s usually given for high test scores, to be blunt about it, though schools will also use to to attract diversity in gender, URMs, geographics, build up a major that needs students. I will also include a “rumor”–I call it such because it is unconfirmed, but I’ve heard it a number of times, that it’s better not to have need to get a merit award. The reason is that Admissions has its own pot of money separate from fin aid, and whatever it gives reduces need, so that a student that might have gotten $20 in an aid package from fiancial aid, would get the whole thing from admissions instead in merit money, so the money would come out of their pot, not the financial aid department’s.</p>
<p>The list of schools will determine a lot of this. FOr many state schools, it isn’t going to make a much if any difference whether you have a 45K EFC or a 64K one. The cost of most state schools, even OOS will be at or around the 45K mark in terms of EFC, and they dont tend to guarantee to meet need anyways. THe private schools that do tend to meet need tend to require PROFILE and they may still count your real estate property, LLC or not. They look at things like this in more depth and small business owners often get slammed. The same could happen with your real estate holding even placed in an LLC. </p>
<p>Also bear in mind that signifiant merit aid is tough to get. Very difficult. But the large awards truly seem to go to the top students (Test score wise) and finances and need have nothing to do with it.</p>