The PSAT/NMSQT (or National Merit Scholarship Qualifying Test) is a preliminary version of the SAT. Not only does the PSAT help prepare students to take the SAT or ACT, a great score on the PSAT can also open the door to National Merit Scholarships and other awards. With $180 million dollars in scholarships awarded to students that achieve high scores on the PSAT, how you perform on this exam can help you earn scholarship dollars that change the direction of your college planning. The PSAT is much more than a practice test.