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Week 5: Applying for Need-Based Financial Aid
Last week we shared some resources to help you learn a bit more about the financial aid process. This week we’ll explain the difference between merit-based and need-based financial aid, and we'll explain how to apply for need-based aid.
Merit-Based Financial Aid
Merit aid, often in the form of a scholarship, is awarded based on who YOU are! Different schools are looking for different types of students and may offer scholarships based on grades, athletic ability, musical skills, or other talents. Not all schools offer merit aid, however, so be sure to check with the schools you're interested in to see if they do, and if so, how to apply.
Need-Based Financial Aid
Need-based financial aid is determined by your family’s financial situation and includes grants, some scholarships, work-study, and subsidized loans.
To apply for need-based financial aid, file the Free Application for Federal Student Aid (FAFSA) at FAFSA.gov. All schools use the FAFSA to determine eligibility for federal, state, and often their own institutional financial aid. Every student should file a FAFSA. Typically the FAFSA is released each year on October 1, but for this year only, the FAFSA will be released in December. The delay is due to revisions being made to the FAFSA that will make it easier and quicker to file. You can learn more about the FAFSA at FAMEmaine.com/FAFSA.
Some schools also require students to file the CSS Profile to determine eligibility for the school’s institutional financial aid. The CSS Profile will be available on October 1.To find out if a school requires the CSS Profile, visit the financial aid section of the school's website.
NEXT WEEK: We’ll crack the code on how schools determine your financial aid eligibility!
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