Financial Aid is broken down into two sections: Need-based and Merit-based.

1. Need-based aid is awarded to students by submitting the FAFSA (Free Application for Federal Student Aid) and/or the CSS Profile (College Board). Even if you do not think you are eligible for need-based aid, fill out the FAFSA (and CSS if need be).

The Department of Education and the institutions you are applying to determine if you are eligible for need-based support by subtracting your EFC (Expected Family Contribution) from COA (Cost of Attendance) at each college or university.

Students do not need to pay back an educational grant or award but do need to pay back loans (subsidized loan payment starts approximately 6 months after graduation and unsubsidized loan payment begins immediately). Loans are the bulk of most financial aid packages. Know the difference between loans. (Private loans are the most expensive.)

Need-based aid is awarded by a combination of the following:

· Loans (such as Direct Unsubsidized Loans, Grad PLUS Loans and Parent PLUS Loans, Perkins and Subsidized Stafford Loans)

· Federal Pell Grants

· State Grants

· Federal work-study Programs

2. Merit-based aid is awarded regardless of financial ability to pay for college. It is usually based on special talents such as athletics, music or academic. Mostly, need-based aid is awarded through scholarships given by universities, states, and local organizations. Make sure to apply for awards through your high school’s scholarship/awards handbook during senior year. It can add up.

Merit-based aid:

Money is awarded to students regardless of need. Merit aid can be awarded for:

· Tuition Waivers

· Scholarships (such as academic or athletic)

· Awards

To find a comprehensive list of helpful Financial Aid information click here:

https://www.suzannelagemann.com/helpful-links/