This topic is near and dear to my heart. My DD is a junior and we have been trying to get her to look at some schools where she will get merit $. Even though we are unlikely to qualify for any substantial financial aid, we are not in the position to comfortably pay $71K/year (current estimate at my alma mater), particularly since my husband's job may be at risk if the current proposed federal budget goes through. We also have two other kids in the college pipeline. Trust me, we do not have $850K to spend to send the three of them to private school at full fare. DD should be a NM semi-finalist next fall but I've been hearing from several friends who have gone through the NM deal that it is rarely a full ride and more often a $2500 pat on the head these days. DD has starry eyes about going to an elite but as a parent, it's going to be tough to sell me on that price tag.
FWIW, here's an article that a college counselor sent me about schools that provide merit aid.
http://new.time.com/money/best-colleges/rankings/best-colleges-for-merit-aid/I'm sure that there are other similar articles out there.
