"Do we really need to be part of this arms race in merit aid?"

Extensive merit aid is available up to $80,000 for four years of study.

Others say that as much as they don't like merit aid, restricting it would be unrealistic in this market.

Still, while merit aid may be a valuable recruiting tool, it also carries financial burdens.

The reason Juniata decided to grant merit aid, despite its high cost, was simple.

The university is also cutting back merit aid.

Many more are using merit aid to increase the enrollment of blacks and Hispanic students.

Transfer students can get financial assistance in the form of merit aid.

The most wiggle room is in any merit aid that comes from a college's own coffers.

The final verdict on merit aid is not in, however.