How do I decide whether to apply for need-based or merit-based financial aid?

Hi all, I'm a junior and I'm starting to think about financial aid for college. I'm not sure whether I should focus on applying for need-based or merit-based aid. How do I decide which one is right for me, and what are the differences between the two types of aid? Any guidance would be greatly appreciated!

Hi there! It's great that you're starting to think about financial aid early in your college planning process. The primary difference between need-based and merit-based aid is the criteria used to determine eligibility. Need-based aid is awarded based on your family's financial situation, while merit-based aid is determined by your academic, athletic, or artistic achievements. In many cases, you don't have to choose between the two - you can apply for both! To give you a better idea, here's a quick breakdown of each type of aid:

Need-based aid: This type of aid is based on your family's financial need, which is determined by the information you provide on the Free Application for Federal Student Aid (FAFSA). Examples of need-based aid include grants, work-study programs, and some scholarships.

Merit-based aid: This type of aid is awarded based on your achievements, such as your GPA, test scores, extracurricular activities, and more. Examples of merit-based aid include scholarships, fellowships, and some grants.

I recommend filling out the FAFSA to see what need-based aid you may be eligible for and also researching scholarships and grants that are merit-based. By exploring both options, you'll maximize your chances of receiving financial aid. Good luck with the process!