National Merit Scholarship Program
In addition to being a practice test, the PSAT is utilized for selecting students for the National Merit Scholarship Program. Of more than one million entrants, approximately 55,000 will be selected for recognition based on their selection index (found on the score report). There is no exact cutoff as the qualifying selection index score varies each year.
How to Interpret your PSAT Score report
Youtube video explaining how to interpret your PSAT Score Report.