Once students take their SAT or ACT tests and are admitted into their dream schools, the next concern for many families is the cost of college tuition. Fortunately, SAT and ACT scores can benefit you financially in the form of merit scholarships. Investment in test prep blows every other type of investment out of the water.
Families who tutor with MJ Prep often see Return on Investment (ROI) from 550% to 2,500%.
Sure beats the 1% your checking account pays, right?
Types of Scholarships
Every university has financial aid programs to allow students in need to be able to attend. There are two general types of financial aid programs: need-based and merit-based. Need-based financial aid is determined by the college tuition amount minus a family’s expected financial contribution (calculated via the FAFSA). Merit scholarships are awarded based on academic achievements. The qualifications for scholarships typically consist of at least two things – high school GPA and test scores. While GPA is important in regards to financial aid, a high SAT or ACT test score can also help you earn merit scholarships.
According to a study conducted by the National Association for College Admission Counseling (NACAC), about four out of five colleges use standardized test scores to determine merit scholarship distribution. Many universities offer academic merit scholarships that require minimum SAT or ACT scores to even be considered. Additionally, students who score in the top ten percent of test-takers (on either the SAT or ACT) can count on being offered merit scholarships upwards of $20,000/year at many great colleges.
Payoff of Merit Scholarships
Improvement in a student’s ACT and SAT scores can mean HUGE dollars for families. Here are some examples: