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Financial aid is a key process in the beginning of the college experience. It is, in fact almost as important as the college acceptance of the election of a student, because, these days, without benefit of financial assistance, is very well possible to get through four years of undergraduate school. Financial assistance applies to the experience complete university. It is used to help students pay tuition first, but also in the payment of grants for books and lab fees, their bedrooms or apartments as well as the many and various miscellaneous fees that often apply in college.
But that is only beginning to understand the purpose and benefits financial assistance, which generally fall into two different types of help. The first kind of financial aid that is called based on merit, in which scholarships can be applied both the prizes offered by some universities and those offered by third-party organizations. Merit-based financial aid is usually offered to students who have academically outstanding. Some, however, also apply to students who have excelled in any particular area. Certain groups, such as the YMCA, also deserve an offer based on the scholarships.
For example, an Honor Society student may be offered merit-based financial aid is not only a high level academia, but also because it involves the prestige and merits surrounding the National Honor Society. A football standout at the school with good grades also may qualify for a scholarship based on merit. Not necessarily have to have a 4.0 GPA – in general, C or C + is the minimum grade average – just because he has demonstrated a high quality of skill, responsibility and determination that applies to athletics. Best artist of a school, then you may also receive a merit-based scholarships. Students who display excellent leadership qualities and responsibility may also qualify.
Merit Financial Aid based does not focus on a student's actual financial needs. A student who comes from a wealthy wealthy parents would have no problem paying for college could receive a scholarship based on merit – if he or she deserved, of course – as easily as a student who must rely solely on the financial assistance to attend to college.
That brings to mind the second type of financial assistance: the need-based scholarships. The monetary needs of a student from each person identified the granting of assistance based on financial need. In other words, while the merit-based scholarships may be awarded to those who have a lot of money and those without, the same well-to-do those used in the example above could not receive need-based scholarships. Need-based financial aid exists solely to help those in financial need. In most cases, a student financial need is determined by the FAFSA (Free Application for Federal Student Aid) an extensive survey completed by a student's first semester in college.
Understand the key differences between need-based scholarships and merit-based scholarship is just the beginning, when it comes to understanding the intricacies of financial aid. However, it is incredibly vital to know the difference before you begin the process acquisition of financial assistance to better understand what the future student will be – and, more importantly, what they may receive, in terms of financial aid.
Gary Marjani is author of several articles pertaining to student financial aid such as FAFSA, Stafford Loan, Pell Grant, etc.
