The National Merit Scholarship Program is an academic competition in the United States that recognizes high school students for their exceptional academic abilities. Students who score in the top percentile on the PSAT/NMSQT are designated as National Merit Semifinalists. From this group, a select number are named National Merit Finalists based on their academic records, extracurricular activities, and an essay. Finalists are eligible for various scholarships, including those offered by colleges and corporations, which can help reduce the cost of higher education.