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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.
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.
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.
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).
The PSAT/NMSQT is a fee-based standardized test that provides firsthand practice for the SAT for a cost of $18. However, the cost may vary based on state, district, or school. The test also functions as a qualifying test for the National Merit Scholarship Corporation's scholarship programs. There are also other forms of the PSAT, including the ...
[136] [137] [138] In most cases, the barrier of entry for students who require financial aid is set higher, a practice called need-aware admissions. Universities with exceptionally large endowments may combine need-based financial aid with need-blind admission, in which students who require financial aid have equal chances to those who do not.
New York University (NYU) is a private research university in New York City, United States. Chartered in 1831 by the New York State Legislature , [ 13 ] NYU was founded in 1832 by Albert Gallatin [ 14 ] as a non-denominational all-male institution near City Hall based on a curriculum focused on a secular education .