<p>All the best to everybody hoping to get merit scholarships and/or honors, but really-- I do think you have to look at the quality of the school, the selectivity of UNC, and understand that even though they have a lot of merit scholarships, the competition for those is still very tough. Being awarded honors as an incoming freshman is difficult, too. </p>
<p>If you look on their website, they mention that 180 merit scholarships are awarded each year. Out of ~3700 accepted students, that's still only ~5% of the incoming class, so still competitive. That figure probably doesn't reflect the Morehead or Robertson Scholars, either, but they're even more selective:</p>
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Each year the University offers special scholarships to a select group of entering freshmen. These competitive awards recognize and encourage academic excellence. Criteria for merit-based scholarships include academic achievement, leadership qualities, commitment to service, and potential for success at the University. Financial need is not a consideration. The University seeks to identify students who have earned academic distinction in high school. Because UNC-Chapel Hill is a selective university, competition for these awards is very strong. Approximately 180 new scholarships are awarded each year to an incoming class of over 3,700 students. The recipients of these awards demonstrate impressive academic and extracurricular achievements.
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<p>So, being awarded one of these scholarships (and honors) is still a difficult prospect; it's just not a given in a school as selective as UNC. I often think people believe that it should be, because UNC is a public university, but that's just not the case. </p>
<p>UNC just completed their Carolina First Campaign, reaching something like $2.3 billion (something on that order), and more scholarships, both need-based and non-need based will be made with some of that money, but probably not for this year.</p>
<p>To answer Maximus's question, though, I think a lot of people "justify" the cost of UNC (if they don't get a merit scholarship), because the quality of the school is excellent and, to be honest, the relative cost-- even for out of state students, and certainly for in-state students, is low.</p>
<p>Anyway-- good luck to all.</p>