<p>One of the smartest guys in my school got it this year and he's heading to WUSTL next fall semester.</p>
<p>I’m fairly certain that it is a not a purely merit based scholarship, and I know you don’t have to apply for it. I got it as part of my own financial aid package and did not apply for it, but no information was given to me about it. I think it was basically their way of making sure that I was paying my EFC (although it thankfully went somewhat beyond what I was expected to pay).</p>
<p>I believe the Eliot scholarship is really need based aid disguised as a merit scholarship. I was awarded a large Olin scholarship which is in essence the same thing. Wash U just awards you a scholarship in order to meet your financial needs.</p>
<p>I believe that these need/merit scholarships derive from WashU’s alumni donation policy: Any scholarship donation over $2,000 or so results in a “named” scholarship, so a lot of money that would at other schools be considered purely need-based is termed need/merit and then receives a fancy name, like Eliot or Olin or whatever.</p>
<p>The merit only scholarships require an additional application. All other awards/scholarships are a combo of need and merit. The “Eliot” seems to be one of the ones most often mentioned, although there are quite a few others.</p>