Definition of Need-Based Aid
Need-based financial aid is funding that is awarded to students based on a calculation of their financial need. (See also
merit scholarships.)
How is Financial Need Determined?
Colleges, and some scholarship programs which use financial need as a selection factor, use one or more of the following:
- the Free Application for Federal Student Aid (better known as the FAFSA)
- the CSS/Financial Aid PROFILE (better known as the PROFILE)
- their own additional forms.
TheFAFSAgives you access to federal grants, loans and college work-study, and this form is used as the primary financial aid form for virtually every college. There is no fee to file or process the FAFSA. You should file it as soon as possible after January 1 during your high school senior year and every year thereafter that you wish to apply for financial aid.
TheCSS PROFILE is a supplemental aid application required by some private institutions in addition to the FAFSA. The College Scholarship Service of the College Board administers the Profile; students must pay a registration fee as well as a processing fee for each college aid application. (Fee reductions are available and are calculated automatically as you complete the CSS Profile online.) The Profile should be filled out early in the application cycle and in accordance with the colleges financial aid application requirements.
Filing and Deadlines
If you are applying for financial aid or merit scholarships, adhering to the deadlines is very important. Deadlines vary from school to school, as do the required forms. While some colleges have institutional financial aid forms, virtually every college will require the FAFSA. In addition, some will require the CSS/Financial Aid PROFILE. Make sure you are aware of the college's requirements by checking the college's website or asking the admission office.
If a family is not sure whether or not they will qualify for need-based aid, the student should apply for aid. Something may be available.
Both the FAFSA and the CSS Profile can be submitted online following the links provided in the above Related Links box on this page. Filing online is strongly recommended to speed processing time. The College Access Center sponsors an annual financial aid workshop in early spring where certified accountants and experienced volunteers will help families file income taxes and finacial aid forms. Contact us to find out more.
Facts to Remember
- Colleges do not have unlimited money available for financial aid or merit scholarships. It is important that you meet aid application deadlines and submit the required forms.
- Not all schools meet full demonstrated financial need. Ask questions about the school's packaging policies.
- While many colleges admit students regardless of need (called "need-blind" admissions ), not all schools are need-blind when making admission decisions. In other words, the college will take into consideration a student's ability to pay when making their admission decisions. Ask the school about their policy so you are an informed applicant.
Warning
Watch out for scholarships scams.
Learn More through the following PowerPoint presentations:
Financial Aid Overview
An introduction to financial aid, including how to apply, how decisions are made, benefits, and terminology.
How to Apply for Financial Aid
Outlines the steps to take when applying for financial aid, with a particular focus on federal sources.
