Merit scholarships are financial awards given to students based on their academic achievements, talents, or other specific criteria. Unlike need-based scholarships, which consider a student's financial situation, merit scholarships focus on the individual's accomplishments, such as high grades, standardized test scores, or exceptional skills in areas like sports or the arts. These scholarships can significantly reduce the cost of education at colleges and universities, making higher education more accessible. Many institutions, including colleges and universities, offer merit scholarships to attract talented students and enhance their academic community.