It's not what you think. Only certain colleges will reward your efforts so choose wisely.
Every year 1.6 million American 11th graders take the PSAT. 50,000 of those will be commended and 16,000 of those will go on to be finalist or semifinalist. For this massive achievement you will earn a one-time $2500 award. Not so great, but you will also be eligible to apply to colleges who offer a National Merit Scholarship to top applicants. However, many highly-selective universities choose not to participate in National Merit. After all, top schools naturally attract top applicants so they do not need to entice with scholarships.
Fortunately, there are still many good colleges that offer monetary awards for freshman applicants who are National Merit Commended, Semi-Finalist, or Finalist. The key to making the most of your award is to pick a college who will reward you accordingly.
Master list of colleges to target if you find yourself in this enviable position.
Abilene Christian University Full tuition + $6,000 stipend
Arizona State University Up to Full Tuition
Auburn University Up to $10,500 per year plus stipend
Baylor University Up to $22,000
Boston College $1,000 - Up to Full Tuition
Boston University $25.000 - $80,000
Bowdoin College $1,000 - Up to Full Tuition
Brandeis College $500 - Up to Full Tuition
Brigham Young - Provo Full tuition, limited availability
Brigham Young University Full Tuition
Carelton College Minimum $2,000
Case Western Reserve $2,000 - Up to Full Tuition
Clemson University $1,500 - Up to Full Tuition
Colby College $1,000 - Up to Full Tuition
Dickinson College $2,000 - Up to Full Tuition
Emory University $2,000 - Up to Full Tuition
Florida Atlantic University Cost of attendance, regardless of residency
Florida State University COA, Guaranteed admission to University Honors Program
Fordham University Full tuition for top 2-3% of admitted students, competitive
Franklin W. Olin College $1,000 - Up to Full Tuition
Furman University $2,000 - Up to Half Tuition
Grinnell College $2,000 - Up to Full Tuition
Gustavus Adolphus College $30,000+, full tuition for 10 candidates
Harvey Mudd College $1,500 - Up to Full Tuition
Hope College $88,000
Illinois Wesleyan University Up to $160,000 for top 3 Candidates; $16,000 otherwise
Indiana U. - Bloomington $2,000
Iowa State University $5,000, Full tuition for residents, varies for non-residents
Kenyon College $1,000 - Up to Full Tuition
Lawrence University $2,000 - Up to Full Tuition
Linfield College Half to full tuition depending on need
Loyola University Chicago Full tuition for one student, $8,000 if not selected
Macalster College $2,000 - Up to Full Tuition
Miami University - Oxford $2,000
Michigan State University $750 - $2,000
Montana State University $6,000 - $18,000 residents, $10k-$66,000 non-residents
New College of Florida COA for those qualifying for the Benacquisto Scholarship
New Jersey Technology Full COA
Northeastern University $10,000 -$28,000
Northern Arizona University Full tuition plus $2,000 stipend, Honors College
Northwestern University $500 - Up to Full Tuition
Oberlin College $1,000 - Up to Full Tuition
Occidental College $2,000 - Up to Full Tuition
Oklahoma State University Full tuition ($67,800 residents, $145,400 non-residents)
Pennsylvania State Maximum $2,000
Pepperdine University Up to Full Tuition
Purdue University Up to Full Tuition
Rhodes College $2,000 - Up to Full Tuition
Rochester I. Tech $2,000 plus highest Presidential Scholarship
Rose-Hulman I. Tech $2,000 - Up to Full Tuition
Rutgers University Up to Full Tuition
Santa Clara University $2,000 - Up to Full Tuition
Southern Methodist $5,000-$30,000
Texas A&M University $42,000 for residents, $100,000 for non-residents
Texas Tech University Full COA
Trinity University $2,000 – Full Tuition
Tufts University $1,000 – Full Tuition
Tulane University $2,000 – Full Tuition
University of Alabama Full tuition, Housing, $14,000 stipend, $2,000 allowance
University of Arizona $72,000 (full tuition plus) + $1,500 for study abroad
University of Arkansas $40,000 & Up
University of Central Florida COA, Honors College, Housing and laptop computer
University of Cincinnati Full in-state tuition, Honors Program, $1,500 stipend
University of Dallas Full tuition, limited to 10 students
University of Florida Cost of attendance
University of Houston Full Tuition/fees, $1,000 research. $2,000 study abroad
University of Idaho Basic cost of attendance
University of Kansas $40,000 for residents
University of Kentucky Full in-state or out-of-state tuition and housing stipend
University of Louisville Full in-state tuition + $32,000 allowance
University of Maine Full tuition and most fees
University of Miami Cost of attendance (for Florida residents only)
University of Minnesota Morris Full tuition
University of Minnesota Up to $40,000, competitive
University of Mississippi Full tuition + room
University of Nebraska Full tuition + $8,000
University of Nevada Reno Up to $64,000 + guaranteed admission to honors program
University of New Mexico $75,212 for residents, $137,792 for non-residents + iPad
University of North Dakota Full tuition/fee waiver for ND and MN residents
University of Oklahoma $63,000 for residents, $116,000 for non-residents
University of Saint Thomas MN $40,000
University of South Carolina $40,000 for residents, up to $104,000 for non-residents
University of South Florida COA, guaranteed honors college and on-campus housing
University of Southern Cal Half-tuition, limited
University of Texas – Dallas Full tuition/fees, $50,000 in stipends, study abroad, honors University of Tulsa Full tuition and basic room and board
Virginia Commonwealth Cost of tuition/fees + room and board
Washington State University Full tuition
Wheaton College IL $68,000-$72,000