Need-Based Aid

What is Need-Based Aid?

Need-based aid is a broad category of financial aid that is awarded based on factors such as income level, personal assets, family size, and more. The goal of need-based aid is to help prospective students pay for their higher education.

What is the Difference Between Merit and Need-Based Aid?

Unlike need-based aid, merit aid is not awarded based on your family’s finances. Instead, merit aid is offered to students based on their academic performance, athletic ability, artistic talent, or chosen program of study. It is possible to receive both types of financial aid.

What Types of Need-Based Aid Are Available?

There are four major types of need-based aid:

  • Grants
  • Scholarships
  • Federal subsidized loans
  • Work-study

Many grants are merit-based — you are typically eligible for a grant if your prospective career path meets a community need. However, some grants consider financial status. For example, the Federal Pell Grant is awarded based on exceptional financial need. Likewise, scholarships can be awarded based on merit and need.

A subsidized loan is need-based federal aid. It differs from unsubsidized loans because it does not collect interest if you are actively enrolled in a program.

A work-study program allows you to work a part-time job on or off campus. This program helps fund your education while simultaneously providing you with valuable work experience. There are typically limits to how much you can earn through a federal work-study program.

Does Need-Based Aid Require Repayment?

Grants, scholarships, and work-study don’t require repayment. However, federal subsidized loans will need to be repaid. When taking out federal student loans, be sure to check with your loan servicer to understand your repayment terms.

Financial Aid at Goodwin University

At Goodwin University, we understand that everybody’s needs are different. That’s why we’re here to help you navigate the financial aid process.

Learn more about paying for your Goodwin education today!

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