Most students cannot pay for education with cash. This need-based financial aid is determined by your family’s financial circumstances. If you require financial help, the federal government can assist you. Here’s what need-based financial help is and how to get it.
What is Need-Based Aid?
The most frequent sort of financial aid provided to college students in the United States is need-based help. Institutional grants and scholarships, state and federal grants, federal work-study, and federal loans are examples of this form of aid.
The Pell Grant is the most well-known need-based program for low-income students. In the academic year 2020–2021, almost 6.2 million students earned Pell Grants. For the school year 2021–2022, the maximum Pell Grant award is $6,495.
Students with a high level of financial need may be eligible for a Federal Supplemental Educational Opportunity Grant, which gives up to $4,000 a year to cover tuition and other costs.
Grants, tuition waivers, and federal work-study programs are available from most state governments. Some private charities and organizations give both need-based and merit-based scholarships.
Check Out TheMerit-Based Aid vs. Need-Based Aid: How Do They Differ?
Federal Eligibility Requirements
For college students, the federal government is the principal source of financial aid. To be eligible for federal funding, students must meet the following criteria:
1. Have a financial need that they can establish in their financial aid application. (There are certain loans and scholarships available to students who do not have financial needs.)
2. Accepted for enrollment or enrolled at least half-time in a degree or dual degree/certificate program.
3. Students in certificate-only programs are not eligible for federal financial aid, including loans. Before being accepted or enrolled, students can apply for financial aid.
4. Have a valid Social Security number and be a U.S. citizen or qualified non-U.S. citizen.
5. Non-U.S. citizens are limited in their financial aid options because of federal rules and institution policies.
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Non-Candidate for Degree Students
If they are pursuing necessary courses for admission to a U-M program, students enrolled as non-candidates for degrees may be eligible for federal loan help.
For more information on potential eligibility and to gain a Non-Candidate for Degree Questionnaire, contact the Office of Financial Aid.
Enrollment at More than One Institution
Students who are enrolled in more than one college or university at the same time are only eligible for financial help from one of them.
Students from UM-Ann Arbor who choose to complete their coursework at UM-Dearborn or UM-Flint should know the following information.
The UM-Ann Arbor Office of Financial Aid will only offer aid for courses attended on the Ann Arbor campus.
Financial aid will not be available for courses completed at a different campus location, and they will not contribute toward the credit hour requirements for full-time attendance at the Ann Arbor campus.
How We Determine Need-Based Aid Eligibility
They designed financial aid programs with the notion that the student and family bear the main responsibility for paying for college.
Families in need of financial help can apply for need-based financial aid.
The formula we use to determine need-based eligibility:
1. Cost of Attendance
2. Expected Family Contribution (EFC)
3. Other Financial Resources (private scholarships, etc)
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