How does need-based aid work?
Monday, May 10th, 2010 at
2:28 am
What is it? How do you get it? How the whole process works?
Its for boarding school.
By the way, what is endowment?
Thanks.
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Need-based aid is just what it sounds like, aid based on need. Most need-based aid come from the federal and state government, so to apply you need to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA taxes your financial information and generates an Expected Family Contribution (EFC) that determines how much you would be expected to pay for school. They look at that EFC and determine how much need-based aid you are eligible for. An endowment is just a fund that schools accumulate from contributions (normally from alumni) that they use to give out more financial aid.
Complet the FAFSA.
An endowment is a fund that schools or other institutions have that support that instiition.