Need-based financial aid is a type of financial aid that is awarded to students based on their financial need and other eligibility criteria. This type of aid is designed to help students who may not be able to afford the cost of college on their own. Need-based financial aid can come in the form of grants, work-study programs, federal loans, and scholarships.

To qualify for need-based financial aid, students must submit the Free Application for Federal Student Aid (FAFSA), which is used to determine their expected family contribution (EFC) . The EFC is calculated based on the students family income, assets, and other factors, and it represents the amount of money that the student and their family are expected to contribute towards the cost of college.

The amount of need-based financial aid that a student can receive depends on their financial need, as well as the availability of funds from federal, state, and institutional sources. Some colleges and universities may also require students to submit the CSS Profile, which gathers more detailed financial information than the FAFSA.

Its important to note that need-based financial aid is different from merit-based financial aid, which is awarded based on a students academic or other achievements, rather than their financial need. Students may receive both types of aid to help fund their postsecondary studies.

In summary, need-based financial aid is a type of financial aid that is awarded to students based on their financial need and other eligibility criteria. To qualify for need-based financial aid, students must submit the FAFSA, which is used to determine their expected family contribution. The amount of need-based financial aid that a student can receive depends on their financial need and the availability of funds from federal, state, and institutional sources.