Some private need-based awards are confusingly called scholarships, and require the results of an FAFSA (the family’s EFC). However, scholarships are often merit-based, while grants tend to be need-based. All Need-based scholarships are awarded for one year only, but students may reapply each year.
Federal student aid is need–based. That means it doesn’t discriminate by any factor apart from financial need. Eligibility is based solely on the assets and income of the prospective student and his or her family. Factors such as test scores or athletic ability have no bearing on any aid designated need-based.
This form of financial aid solely takes into account the ability of you and your family to pay the cost of college tuition. You can receive need-based financial aid through both private and federal student loans and grants.
How to Apply:
Applying for need-based scholarships, the candidate must complete the Free Application for Federal Student Aid (FAFSA) and CSS/Financial Aid PROFILE. These forms ask a lot of prying questions. The answers you and your family provide help provide a snapshot of four things:
- Parent or parents’ available income
- Parent or parents’ available assets
- Student’s available income
- Student’s available assets
Free Application for Federal Student Aid (FAFSA)
Start with the Free Application for Federal Student Aid (FAFSA), which you should complete after January 1st your senior year. You can login or register to be applying for Federal Student Aid (FAFSA). Link for FAFSA form is: https://fafsa.ed.gov/
Once you have a clearer picture of the financial aid available, it is time to fill out the Free Application for Federal Student Aid (FAFSA). If you are interested in any form of need-based financial aid, this application is essential to determine your eligibility. Keep in mind that private institutions may have an additional form for you to fill out, so touch base with your prospective schools to inquire about their unique processes. The FAFSA website is very user-friendly, but the process will go faster if you have the following items ready when filling out your form:
- Social security number (including your parents’ if you are a dependent student)
- Driver’s license number, if applicable
- Federal tax information or returns (including parents’ or spouse’s, if applicable)
- Records of untaxed income
- Bank account, investment, and real estate asset information
CSS/Financial Aid PROFILE
The CSS/Financial Aid PROFILE (often written as CSS PROFILE), short for the College Scholarship Service PROFILE, is an application distributed by the College Board in the United States allowing college students to apply for financial aid.
The candidates can complete the form through the given link: https://www.collegeboard.org/