Because of the greater financial need of applicants, Hamilton College, in upstate New York, will stop providing merit scholarships and use the money instead for need-based awards, according to a news release issued today by the college.

“Hamilton has a reputation for being a school of opportunity,” said Monica Inzer, dean of admission and financial aid, in the news release. “A larger percentage of Hamilton students receive need-based aid than nearly all of our peer colleges. This change in policy will help us sustain that legacy.”

Freshmen who matriculate next fall will be the last to receive merit aid, but scholarships awarded to students in previous classes will remain in effect. Since 1997, about 15 to 20 students per class have received merit scholarships, totaling $1-million of the college’s $21-million financial-aid budget. That money will be reallocated for need-based awards. Over 50 percent of Hamilton’s students receive need-based aid, and the average award is just above $26,000.