Need-based financial aid: What it is and how to qualify
Dori Zinn | Bankrate.com (TNS)
Need-based financial aid is money that’s awarded to you based on your family’s income and finances. If you need additional funds to pay for school and can demonstrate financial need, you may qualify for different types of need-based federal aid, like work-study and Direct Subsidized Loans. To check your eligibility, you must complete the Free Application for Federal Student Aid (FAFSA)
Types of need-based financial aid
Several types of need-based financial aid exists, including:
—Pell Grants. Pell Grants are awarded to undergraduate students who display strong financial need. How much you get depends on your course load and cost of attendance. Not all students who get a Pell Grant will get the same amount, but you can get up to $7,395 for the 2023-24 award year.
—Work-study. Work-study programs are part-time jobs available to students to earn money to pay for school. Jobs can be on or off campus, and you’ll earn at least the federal minimum wage. Your total work-study award depends on when you apply, your need and your school’s funding level. Unlike with Pell Grants and loans, which go straight to your school, work-study usually pays you directly. It’s also worth noting that unlike regular part-time jobs, work-study doesn’t count toward your expected family contribution, so your financial aid won’t be negatively impacted by it.