UT pulling out of National Merit scholarship program

With the economy down, student financial need is up. That, in a nutshell, explains why the University of Texas has decided to withdraw from the National Merit Scholarship Program.

For many schools, though, the National Merit Scholarship functions in part as a prestigious device for luring high-achieving students. That's certainly the case at Texas Tech University, which this year sweetened its five-year, $60,000 award by tacking on a five-year, $39,000 allowance for campus housing.

Tech has been enrolling 10 to 12 merit scholars a year. Will the new housing allowance, which elevates the aid package into a full ride, increase the number of takers?

"We sure hope so," said Helen Carter, associate director of scholarships and financial aid.

Read the rest of the story at Austin American-Statesman