I am a semi-finalist right now from last year's PSAT... personally, I don't think it's all that some people make it out to be. If you're looking at selective colleges many of them won't give you anything for being a national merit semi-finalist, finalist, winner, whatever -- they don't care because so many people that apply have that status, so it's nothing special. It's pretty good though if you want to go to a state school or something less selective. That's my take, anyways. I don't think we hear if we made it to the next round til like March.