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To qualify for need-based aid a student must have a significant amount of financial need, which is determined by the federal government based on the FAFSA. Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC).
In the United States, schools with large financial aid budgets—typically private, college-preparatory boarding schools—tend to offer either need-blind admission or a commitment to meet the full demonstrated need of the U.S. citizen students that they admit (as determined by the schools' respective financial aid departments). Certain schools ...
The payments will be offered to "students who received need-based financial aid to cover some but not all costs (tuition, fees, room, and/or board) to attend," according to the settlement order.
The ISIR is also sent to state agencies that award need-based aid. Students can file an appeal with their college financial aid office in order to seek additional financial aid if their current financial situation is no longer the same as the financial information they provided on FAFSA (i.e. their parent recently lost their job).
One explanation posits that tuition increases simply reflect the increasing costs of producing higher education due to its high dependence upon skilled labor.According to the theory of the Baumol effect, a general economic trend is that productivity in service industries has lagged that in goods-producing industries, and the increase in higher education costs is simply a reflection of this ...
In cases in which a student qualifies for merit-based (rather than need-based) financial aid, the student and their family may pay less than the EFC. A well-to-do family's EFC may exceed the cost of attendance at a school, and in that case the student does not have financial need, as defined by the federal financial aid system.
[137] [138] [139] In most cases, the barrier of entry for students who require financial aid is set higher, a practice called need-aware admissions. Universities with exceptionally large endowments may combine need-based financial aid with need-blind admission, in which students who require financial aid have equal chances to those who do not.
Most federal aid is need-based. The three most common types of aid are grants, loans, and work-study funds. Grants are a type of financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status.