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What is need-based aid?

April 26, 2017aid need-based

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What is need-based aid?

5 Answers

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Need-based aid is awarded only on the basis of demonstrated financial need on the part of the student. Back to top.

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Need-based aid requires that you have some amount of “financial need”. Examples of need-based aid are Federal Pell Grants, Federal Work Study, Subsidized Stafford Loans, Federal Supplemental Educational Opportunity Grants and South Carolina Tuition Grants.

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• Need-based aid requires that you have some amount of financial need. Examples of need-based aid are Federal Pell Grants, Federal Work Study, Federal Subsidized Direct Loans, Federal Supplemental Educational Opportunity Grants and North Carolina Tuition Grants. U.S. Department of Education determines if the student has a financial need.

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Need-based aid is financial aid that is granted to a student based on her calculated financial need, which is the difference between the student’s cost of attending the college and the family’s ability to pay.

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Any funding source that considers a family’s income or ability to pay as criteria for receiving financial aid is considered need-based. The Scholarship Foundation’s Interest-Free Student Loan Program and grants are need based.