What is need-based financial aid?
A; Aid that is based on a student’s ability to pay is called need-based aid. The primary process for determining need is the Free Application for Federal Student Aid (FAFSA). This form is submitted by the student and his or her family every year. Applicants must provide financial information on these forms, which is processed according to a federal formula. Information from this form is provided to schools and is used to determine the form and amount of aid a student will receive. Q: Who provides financial aid? A: Schools, state and federal governments, and private organizations provide financial aid. You and your family have the primary responsibility for meeting educational expenses to the best of your ability. Top of Page Q: How is financial aid awarded? A; Schools award aid on the basis of financial need (need-based) or on the basis of academic achievement, athletic ability, or other talents or abilities (merit-based). Most financial aid is need-based but is often awarded in combin
