NMSC has a list of schools that sponsor National Merit scholars. This list includes many top schools like Northwestern, Vanderbilt, Emory, etc. but not Ivy ones. It's going to be more money than $2500. If you are going to Ivy school you have to choose $2500. This $2500 is a single check (non-renewable) going directly to financial office of the school your kid is going to attend. This $2500 is for ANY school. If the kid goes to the school in the list then the student has to let NMSC know the school. You can download the form and change the school before the deadline in May, which is after April 1st, the deadline to notify the school you plan to attend. I believe you can change even after May deadline if you chnage your mind and decide to go to another school other than the one you have paid deposit to. You can call NMSC in Chicago to discuss with them if yiu have any questions.