The Fulbright Scholarship is one of the most sought-after awards in the United States. It is a fully funded scholarship program that allows students to pursue master's and doctoral degrees. The National Merit Scholarship is another highly coveted award for high school students. To be eligible, students must take the PSAT during their first, second, or third year of high school.
The 50,000 highest scores are recognized as National Merit Fellows. This includes 34,000 commended students and 16,000 semifinalists. All of these students are eligible to receive scholarships through the National Merit Scholarship Corporation. However, the real value comes from the college-sponsored scholarships and business-sponsored scholarships available to students.
These can range from a few thousand dollars to full tuition packages that include room and board. So, if you're one of the highest-scoring PSAT examinees, you could cover a large portion of your degree costs.