Yes, many smaller, perhaps less-known private colleges still offer academic merit aid of substantial value.

FORBES: Good Grades And College Aid: The Wake Up Story

Moreover, it's no longer a lonely planet out there: Destinations that once earned you a merit badge in buccaneering now offer levels of luxury that were unimaginable 20 years ago.

FORBES: New Horizons

This kind of financial aid is called academic merit aid, and few colleges offer it based just on grades and test scores alone.

FORBES: Good Grades And College Aid: The Wake Up Story