Bloomberg: Give Money to College Students Who Need It

Overall, U.S. colleges dole out $58.7 billion in aid to students. At private colleges and universities, some 25 percent in annual grant money goes toward "merit scholarships," regardless of family income. Some public schools devote an even greater share of resources to merit aid: At nearly one-third of state-funded universities, at least half of all financial aid goes to students who don't need it.