"The idea behind the PSAT is fourfold. One, the student gets an opportunity to practice taking the SAT when the stakes are low. No colleges will ever see the PSAT scores. Two, the score report the student receives after taking the exam can serve as a study guide for the actual SAT exam. Three, the scores the student receives can be used as a benchmark for future performance as a way to assess the viability of prospective colleges. And four, the PSAT is co-sponsored by the National Merit Scholarship Corporation to be used as a qualifier for its honors and scholarships (for juniors only)." (read full article here)
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