Financial Aid & Scholarships

An additional financial aid application required by many private colleges, particularly selective private colleges. The CSS PROFILE determines eligibility for non-government aid, such as the institution's own grants, loans, and scholarships. Uses institutional methodology (income and assets like home equity and retirement accounts) to determine a family’s financial need. Students must re-apply every year using the CSS PROFILE forms.

Application for federally funded, need-based aid. Determines the amount the government is expected to contribute in the form of grants, work study, and loans. Required by every institution if applying for need-based financial aid. Uses federal methodology (income) to determine a family’s financial need. Students must re-apply for need-based financial aid every year using the FAFSA forms.

Scholarship or grant money given by the college. At some colleges, students are automatically considered when they apply. At other colleges, a separate application is required. This money does not require repayment.

Some colleges will meet 100 percent of demonstrated need through a package of grants, loans, and work study. Schools that do not meet full need will "gap" admitted students, meaning there is a gap between the total cost of attendance and the financial aid package being offered by the college. It is generally expected that families will take out additional loans to cover the financial gap. A student’s financial aid package may appear larger in terms of dollar amount, but if the college does not meet 100% of need, “gapping” can make that college more expensive than a college whose aid package is smaller by dollar amount, but meets full or close to full need.

Financial aid determined by academic, artistic, or athletic talent without consideration of a family’s financial need. Please note that institutional practices vary from those that do not offer any merit-based scholarships to those that award full tuition, room, and board scholarships.

Some colleges may take into account a family’s financial need when making an admission decision. This policy is typically used in the case of applicants on the margin (slightly out of academic profile), waitlisted students, or when difficult decisions must be made in reference to need.

Financial aid based solely on the demonstrated financial need of the family as determined by tax documents, assets, etc. Factors such as grades, test scores, leadership, or athletic ability have no bearing. It is important to note that many colleges – particularly those that are most selective – offer need-based funding only.

Many colleges render their admission decisions without any regard to the student family’s financial circumstances as they make all decisions with no awareness of whether a student has applied for financial aid. This may not apply to international, transfer, or wait-listed students. A small number of colleges in the U.S. have managed to remain need-blind and still meet full demonstrated need.

An online tool on each college’s financial aid website that provides a rough estimate of what the family can be expected contribute to the student’s education. It allows families to provide information the college will need to estimate what the college might expect the family to pay financially.

Aid available through private foundations, local or national organizations, or corporations. Generally merit based, though some have a need-based component.