Colleges Column

By Meg Sommerfeld

Students at the most competitive colleges and universities receive less financial aid based on merit than those at less selective schools, according to a new report from the Consortium for Policy Research.

"Merit Aid: Students, Institutions, and Society" examines why various types of colleges offer non-need-based scholarships, and which students are likely to benefit.

In recent years, all but the most selective private colleges have tended to spend more on merit aid. The report attributes the shift in part to the smaller applicant pools that are the result of the shrinking...