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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 financial aid and need-based financial aid, and focus on how and when to apply for the latter.
Eligibility for need-based financial aid is determined by your family’s financial situation and includes grants, some scholarships, work-study, and subsidized loans. Later in this series, we’ll take a closer look at merit-based aid, which is awarded based on academic achievements and other talents or characteristics.
To apply for need-based financial aid, you'll file the Free Application for Federal Student Aid (FAFSA). All schools use the FAFSA to determine eligibility for federal, state, and often their own institutional financial aid. Every student should file a FAFSA.
Some schools will also require students to file an additional application, called the CSS Profile. The CSS Profile is used to determine eligibility for the school’s institutional financial aid. To find out if a school requires the CSS Profile, visit the financial aid section of the school’s website.
The FAFSA and the CSS Profile both become available on October 1, 2022. In the coming weeks, we’ll explain how financial aid works and help you find the schools that offer the best financial aid. Watch for next week’s email, where we’ll explain how the information on your financial aid application(s) is used by schools to determine your financial aid eligibility.
You've Got This
And we're here to help you every step of the way! FAME's FAFSA and financial aid help is always free. Call us at 800-228-3734 (TTY: 207-626-2717), or email us at Education@FAMEmaine.com.
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