Financial aid from a university (you know the kind every family wants) is separated into two forms: need based aid and merit aid. Need based aid is the one that families–typically professional, middle/upper class families, comfortable, yet not abundant in extra cash–worry about being qualified to receive.
The definition of a family’s “need” starts with submitting the FAFSA, or Free Application for Federal Student Aid. Once the Federal Government determines a family’s “Expected Family Contribution” or EFC, then the university’s financial aid office takes over the process–where calculations can be a bit more opaque, depending on the university. [Translation: ASK QUESTIONS.]
Now, for merit aid, which in most cases has nothing to do with a family’s “need”, the New York Times has complied a table of average merit aid for a variety of universities. Each student will need to further investigate the opportunities to see if s/he qualifies for merit aid at potential universities. (See? Your history teacher was right about your research skills coming in handy again.)
See previous posts under “Financial Aid” and “Prudent Planning”
