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Since some need-based aid goes out on a first-come, first-served basis, you could get more aid the sooner you apply. The bottom line As you plan your college future, funding will play a big role.
Need-based financial aid is awarded based on the financial need of the student. The "need" of each student is a figure determined separately for each student. The Free Application for Federal Student Aid application (FAFSA) is generally used for determining federal, state, and institutional need-based aid eligibility.
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.
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). Both (1) need ...
The expected family contribution (EFC), which determines your financial need based on household income, family size and cost of attendance, will be replaced with the Student Aid Index (SAI).
The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well, though some require students to submit an ...