For many families, the big question is, “How do I pay for college?” January 1 marks the release date for the Free Application for Federal Student Aid (FAFSA), a crucial form for those seeking financial assistance. While the FAFSA is often associated with need-based aid, it’s important to know that many colleges also require the FAFSA for students to be considered for merit based aid.
What is Merit Based Aid?
Merit-based aid is financial assistance awarded to students based on their academic achievements, talents, or other criteria, rather than financial need. This can be a valuable resource for families who may not qualify for need-based aid but still want help covering the costs of higher education.
In addition to the FAFSA, some colleges require another form, the CSS Profile, which stands for College Scholarship Service. This form, administered by the College Board (the same organization behind the SAT), collects more detailed financial information and is used by colleges to determine eligibility for both merit aid and financial aid awards. It’s essential to check each college’s website to understand which forms are required for consideration.
Recently, Debbie Davis, an expert from Davis Education and Career Consultants, joined The Education Doctor Radio Show to discuss the ins and outs of merit aid and financial aid. With over 30 years of experience advising families on college and career decisions, Debbie has a deep understanding of how to navigate the complexities of merit-based aid. She emphasized the importance of completing the FAFSA and explained how to evaluate the value proposition when selecting a college.
For families who may not qualify for need-based aid, understanding and pursuing merit aid is crucial. By completing the necessary forms and thoroughly researching college options, students can uncover opportunities for financial assistance based on their achievements and potential. To learn more about Debbie’s insights and advice, listen to the full podcast episode.