subject: Types of University Financial Aid [print this page] Types of University Financial Aid Types of University Financial Aid
Applying for a scholarship grant or a university financial aid can be difficult especially before the Obama Back to School speech. Since the Obama government wants the people to go back to school again, it has been making more scholarships and grants available for their citizens. A university financial aid is available in two types: the merit-based financial aid and the need-based financial aid.
A merit-based university financial aid is available for those students who have outstanding and excellent grades. It is given by most universities to their talented and exceptional students in their fields. A need-based university financial aid, on the other hand, is available for those students who have financial needs. This is especially granted to families with a low annual income.
The need-based university financial aids are mostly federal aids given by the government. However, certain universities also make these financial aids available for their students. Federal aids are usually available as grants. Grants are not the same with student loans. Grants are given for free by the government. This means that you do not have to pay back for the money given to you to support your studies.
In applying for a federal aid, you usually need to fill out an application for called the Free Application for Federal Student Aid or FAFSA. This application form, if approved by the Department of Education, can make you eligible for the type of financial aid you deserve. You only need to state in this application your current income and assets. If you become eligible, you must comply with the certain requirements set by the government.
You can learn more about the FAFSA and the application process for both the merit-based and the need-based university financial aid in these following websites: the Financial Aid Directory and the Grants Directory.
