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What is the difference between merit and need-based financial aid?

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What is the difference between merit and need-based financial aid?

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Merit scholarships are strictly based upon academic achievement prior to entering college. Determination of eligibility for all merit-based scholarships is made by the Office of Admission in conjunction with acceptance to the College. Typically, notification about merit-based scholarships is made two or three weeks after acceptance letters are mailed for Early Action and Regular Decision students. Please note that students not offered a merit-based scholarship at the time of acceptance are not considered for these scholarships in subsequent years even if they are invited to join the Liberal Arts Honors Program.

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