Hi there! I'm trying to understand the difference between need-based and merit-based financial aid. Can you explain how each type works and how I can apply for them? Thank you!
Hello! I'd be glad to help you understand the difference between need-based and merit-based financial aid. Need-based financial aid is determined by your family's financial situation, taking into account factors such as income, assets, and the number of dependents. This type of aid aims to help students who may not have the financial means to cover college expenses. To apply for need-based aid, you'll need to fill out the Free Application for Federal Student Aid (FAFSA) and, in some cases, the CSS Profile. These forms will help colleges assess your financial needs and determine the amount of aid you're eligible to receive.
On the other hand, merit-based financial aid is awarded based on a student's accomplishments, such as academic, artistic, or athletic achievements. This type of aid is not determined by your financial situation, but rather by your talents and hard work. To apply for merit-based scholarships, you'll typically need to submit an application that highlights your achievements, along with recommendation letters and any required materials (e.g., portfolio, audition tapes, etc.). Some colleges automatically consider you for merit scholarships when you apply for admission, while others may require a separate application. Good luck with your college journey!
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