Which offers better merit scholarships: NYU or USC?

I’m a high school senior comparing New York University and the University of Southern California, and cost will be a major factor in my decision. I’m especially interested in understanding how their merit scholarships generally compare in award size, competitiveness, and impact on the overall cost of attendance.
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USC typically offers the more powerful merit-scholarship opportunity, especially for applicants who can win its major named awards.

Receiving admission to USC does not imply receiving a major merit award, so students should treat full- or half-tuition scholarships as high-reach outcomes rather than expected funding.

NYU considers admitted applicants for many institutional scholarships without a separate merit-scholarship application, and awards can combine merit and demonstrated financial need. That can make NYU’s offer more individualized, but it also means applicants often cannot predict the award amount in advance as easily as they can understand USC’s Trustee and Presidential tiers.

For total cost, neither school’s tuition-only merit award eliminates major living expenses. At NYU, housing and day-to-day costs in New York City can remain significant even with a strong scholarship; at USC, Los Angeles housing, meals, fees, and personal expenses also remain. Compare the actual net-price awards line by line, with special attention to whether each grant is renewable for four years and what academic or enrollment conditions apply.
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