Financial Aid vs Scholarship
FINANCIAL AID
When we talk about financial aid, we are referring to need-based aid. This type of support is based on the family’s financial situation—not the student’s academic or athletic performance.
Some universities are very generous and offer “Full Need Met” packages. This means they promise to cover 100% of what the family cannot afford. However, not all universities can guarantee this, and the final amount offered may vary depending on factors such as:
- The student’s academic and extracurricular profile
- The university’s available budget at that time
There are two types of financial aid policies:
- Need-Blind: The university does not take financial need into account when reviewing the application. Applying for aid will not affect the admission decision.
- Need-Aware: The university does consider whether a student is requesting aid. In competitive cases, students who can pay full tuition may have a better chance of being admitted.
You must indicate in your admissions application whether or not you plan to request financial aid. If you do, you will later need to fill out an additional online form with your family’s income and expenses. The university will review this information and determine how much your family is expected to contribute, and how much financial aid they can offer to help cover the rest.
SCHOLARSHIPS
Academic scholarships work completely differently. These are based on merit, not financial need. Universities consider your:
- High school grades
- SAT scores (if applicable)
- Other achievements
Most of the time, you are automatically considered for academic scholarships when you submit your general application. However, some universities may require extra materials, such as:
- A separate scholarship application
- A specific essay
- An additional letter of recommendation
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