When an university understands just how much federal assist you qualify to make according to your FAFSA information, they are able to then decide how much your monetary need is, based on the price of attendance at their organization as well as your anticipated household share. There are two main types of institutional honors that colleges subscribe to help students counterbalance the price of university: payday loans Tennessee merit-based prizes and need-based prizes.
Merit-based help is just an award that is grant regarding the power of the application up to an university. When an university establishes the total amount of federal assist you meet the criteria to make, they’ll next decide how much grant cash they are able to provide for the educational and extracurricular achievements.
Need-based help is help that the university considering economic need. The gap if the federal aid package plus the merit-based aid from the college is not enough, colleges will also offer students need-based awards to try to further cover. Read more