Need-based financial awards you based on the income you receive as a family. If you have economic challenges, I advise applying for this aid. Do you doubt if you qualify for this financial aid? Don't just assume; get a FAFSA form and fill it in. The FAFSA form determines your federal eligibility. Another important issue about this financial aid is that it compares the earnings and the amount you are paying.
Need-Based vs. Merit Based
Need-Based is aid given to people with financial needs. This aid doesn't take into consideration your academic profile. On the other hand, a Merit-Based provides assistance based on academic or extracurricular achievement.
The extracurricular activities are arts, music, and gaming. Application for merit-based differ from school and program, and some schools awards merit aid automatically.
Who Should Apply for Financial Aid?
Everyone should apply; even families that earn $150k+ can also get financial aid. You are eligible to get help even if you are studying in a private institution. Those that show 100% need also can be given by other schools generously.
Sometimes there are possibilities to limit what you borrow in loans so that you don't have much to repay. Regardless of this reason, there are other ways to get financial aid. If you don't qualify for the Need-Based financial assistance awarded through the federal government, you should apply for additional grants like merit-based aid.
Though you are ready for this aid, you must remember that it may not be enough to cover your study costs.
How to Apply for the Aid
Fill out the FAFSA form administered by the education department for an application. The form determines your federal student loans and federal grants.
The school also uses this form in determining how much money to add you. To fill the form, you'll need:
a) Bank statements, tax returns, income records, and your alien security number.
b) Create an FSA ID.
c) Review the Student Aid Report you've made and make necessary corrections.
d) Accept your award letter, including scholarships and grants.
e) Get your aid sent directly to your college or university via email.
f) Review your FAFSA yearly to continue getting the aid.
Another way is to fill out the College Scholarship Service Profile (CSS Profile). It is the college board that administers and determines the eligibility for institutional aid.
The forms open on 1st October while their dateline varies depending on the colleges.
Conclusion
Still, wondering how to get need-based financial aid? Prepare your documents and fill out the FAFSA forms by following the steps above. You will get your award letter and family contributions faster the sooner you apply.
The more you receive free financial grants, the less amount you borrow and pay back. Don't continue struggling with uncertainties about whether it'll go through. The need-based financial aid has been helpful to many in their studies. Consider making your decision and applying for the grant.