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Financial Aid Dictionary: Top Terms Related to Grants, Work-Study, and . . . Scholarships can be merit based, specific to particular groups of people, or based on financial need They can be offered by schools, individuals, employers, private companies, nonprofits, professional and social organizations, and community and religious groups
What is Need-Based Financial Aid? - Scholarships360 Need-based aid is a type of financial aid given to students based on their financial need So a merit scholarship, for example, which takes into account academics or certain skills or achievements, is not considered need-based aid
Need-Based vs. Non-Need-Based Financial Aid [2024] - Stilt Non-need-based financial aid, also known as merit-based aid, is awarded based on academic achievements, talents, or special skills, regardless of a student’s financial situation
Unit 4 : Financial aid Flashcards | Quizlet Financial aid that is awarded based on a student's academic, leadership, or artistic talent, or some other criteria Merit-based aid may consider a student's grades, test scores, special talents, or extracurricular activities to determine eligibility
Merit-Based vs. Need-Based Financial Aid - UMass Global Merit-based financial aid is awarded to students based on some sort of merit, whether that is academic success or extracurricular achievements and activities For these, financial need does not play a role, so students with higher incomes can often qualify
What is a Scholarship | Scholarships - University of South Alabama A scholarship is financial support awarded to a student, based on academic achievement or other criteria that may include financial need, for the purpose of schooling There are various types of scholarships – the two most common being merit-based and need-based
What are Financial Aid Awards and How Do They Work? Grants and scholarships: This is essentially free money awarded to you based on either financial need (grants) or achievement (scholarships) Need-based grants are primarily determined by your family's financial situation, which they obtain through your completion of the FAFSA or the CSS Profile
Merit-Based vs. Need-Based Financial Aid: Learn The Difference Merit-based financial aid is awarded based on academic, artistic, athletic, or other achievements Need-based financial aid is awarded based on the financial need of the student and their family Understanding both types of aid can help you effectively plan for college expenses
Merit vs Need-Based Financial Aid - Edvisors Merit-based financial aid is a type of financial support awarded to students primarily on the basis of their personal achievements, rather than their financial need This can encompass a wide range of accomplishments, including academic excellence, athletic prowess, and artistic talent
Need-Based vs. Merit Aid: Understanding the Key Differences The amount of need-based aid is determined by the family's financial circumstances, while merit aid is awarded based on academic, athletic, or other achievements regardless of financial need