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The Free Application for Federal Student Aid application (FAFSA) is generally used for determining federal, state, and institutional need-based aid eligibility. At private institutions, a supplemental application may be necessary for institutional need-based aid. A recent trend shows that what is purely need-based aid is not entirely clear.
Each institution has its own definition of meeting the full demonstrated need. Some schools meet this need through grants and/or merit or talent scholarships alone, while others may include loans and work-study programs. As a result, a student's financial aid package can differ greatly between schools that claim to meet full demonstrated need.
Most federal aid is need-based. The three most common types of aid are grants, loans, and work-study funds. Grants are a type of financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status.
The ISIR is also sent to state agencies that award need-based aid. Students can file an appeal with their college financial aid office in order to seek additional financial aid if their current financial situation is no longer the same as the financial information they provided on FAFSA (i.e. their parent recently lost their job).
He hasn’t been offered any merit-based awards at James Madison but is still awaiting potential need-based aid, Dervishi said. So far, he has received two merit scholarships from USC Columbia and ...
In cases in which a student qualifies for merit-based (rather than need-based) financial aid, the student and their family may pay less than the EFC. A well-to-do family's EFC may exceed the cost of attendance at a school, and in that case the student does not have financial need, as defined by the federal financial aid system.
Many students need to compare financial aid offers from multiple schools to negotiate their aid packages. They may also be vying for merit-based aid such as scholarships. They may also be vying ...
Educational grants are provided to support students and educational institutions. These can be merit-based, need-based, or designated for specific fields of study. The Fulbright Program, which offers grants for international educational exchange, and the National Institutes of Health (NIH) grants for biomedical research are prominent examples.