what is the difference between need based and merit based financial aid?
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The primary difference between these two types of financial aid is that merit-based scholarships, unlike need-based financial aid, are awarded to students based on academic or other merit rather than demonstrated financial need.
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All U.S. undergraduate students seeking admission are automatically considered for Rensselaer merit-based awards. Both the CSS Profile and FAFSA are required for need-based aid consideration.
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It sounds simple enough: Federal financial aid is financial aid awarded by the federal U.S. government. State financial aid is financial aid awarded by the government of a particular state, like California or Minnesota.
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Pell grants are money. FAFSA is an application to get money. ... Forms of financial aid include grants (which you do not have to pay back), scholarships (which you qualify for by talent or by need), work study programs (for which you work and you get paid) and loans (which you pay back). You did not 'apply for Fafsa'.
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As benefits, RA 7687 scholars will receive tuition subsidy, monthly stipend, book allowance and many more. Scholars under the Merit scholarship program will likewise receive the same benefits except for the pro-rated monthly stipend based on the family's socio-economic status.
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International students can't apply for federal student aid, but U.S. universities may use other forms to determine financial need. ... U.S. students fill out the FAFSA to apply for financial aid from U.S. federal and state governments, and the form is used by schools to determine need-based awards.
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WPI Merit-Based Scholarships. WPI automatically considers first-year applicants for merit-based scholarships. No additional applications are needed except for the WPI FIRST and VEX Robotics Scholarships.
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As nouns the difference between merit and excellence is that merit is something deserving positive recognition while excellence is the quality of being excellent; state of possessing good qualities in an eminent degree; exalted merit; superiority in virtue.
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Your eligibility depends on your Expected Family Contribution, your year in school, your enrollment status, and the cost of attendance at the school you will be attending. The financial aid office at your college or career school will determine how much financial aid you are eligible to receive.
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It depends on the requirements of the individual scholarship. However, a merit-based scholarship typically requires a high school GPA of 3.5 (on a 4-point scale) or above. If it is a multi-year scholarship, you would typically have to maintain a GPA of at least 3.0 to keep the scholarship.
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As nouns the difference between worth and merit is that worth is (countable) value while merit is something deserving positive recognition.
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Financial aid is money lent or given to you to help you pay for college. Grants and scholarships are kinds of financial aid that you don't have to pay back. ... Most grants are awarded based on financial need. But a good portion of gift aid is awarded for academic achievement.
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In contrast, eligibility for welfare or public assistance is determined by need and a means test. ... Welfare also has a different connotation. Whereas Social Security is designed to help prevent dependency on the government for survival, welfare programs provide care for people without other options.
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Given that the CSS Profile and the FAFSA ask for a lot of the same information, and every school requires that you complete and submit the FAFSA, the CSS Profile might seem redundant. ... While the FAFSA awards federal aid, the CSS Profile is used by schools to award institution-based aid.
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Merit scholarships are specific to each campus. Students are automatically considered for them when they complete a regular application for admission. Check with campus admissions offices for any other merit scholarship application requirements. ... View scholarships available at individual SUNY campuses.
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FAFSA stands for Free Application for Federal Student Aid; translation: it determines a student's eligibility for need-based federal financial aid for college, which may include grants, scholarships, work-study and loans. If eligible, it can really help you pay for school!
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The difference between merit pay and a bonus is that merit pay is usually added to or incorporated into the employee's base salary while a bonus is a one-off payment.