Hey everyone, I'm a junior and I'm wondering if I might qualify for need-based financial aid. How do colleges determine eligibility and what factors do they consider? Any information on this topic would be really helpful. Thanks!
Hello! It's great to see that you're thinking about financial aid options early on. Need-based financial aid is determined primarily by your family's financial situation, which colleges assess using the Free Application for Federal Student Aid (FAFSA) and/or the CSS Profile. These forms collect information about your family's income, assets, and number of people in your household, among other factors. The main criteria used to determine your eligibility are your Expected Family Contribution (EFC) and the Cost of Attendance (COA) at the college you'll be attending. If the COA is greater than your EFC, then you may qualify for need-based aid. It's important to submit these forms as accurately and honestly as possible, as they play a significant role in your eligibility for aid. Keep in mind that each college might have its own process and additional forms to fill out. Best of luck!
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