Financial aid is one of the highest concerns for
students and parents when preparing to enter college,
or applying for aid for the first time.
The first thing to realize is the difference between
need-based aid and merit based aid.
Need based financial aid is based upon the
financial circumstances of the student and the particular
college he or she is attending. Income of the student
is taken into consideration, and income of the parents
if the student is leagally classified as a dependent.
Need based financial aid awards usually come in the
form of grants, student loans, and parent loans.
Merit based financial aid is awarded based
upon specific qualifications of the student, such
as grade point average or SAT scores. Merit based
aid is generally in the form of scholarships.
The majority of the time the term 'financial aid'
refers only the need based financial aid.
Navigating the financial aid process can seem confussing
if it's your first time to apply. Believe it or not,
college financial aid in the United States is really
a simple process, thanks to the federal government.
There is one form that each student needs to fill
out each year to apply for need based programs including
loans, grants and work-study. Find out about the Free
Application for Federal Student Aid
Financial
Aid College Assistance for Students
