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What is the difference between merit based and need based aid?

Merit-based aid offers financial support based on a student's academic achievements. Need-based aid provides funds for students based on their level of financial need. Students may receive both types of aid to fund their postsecondary studies. There are additional financial aid opportunities beyond merit-based and need-based aid.

Do college students receive merit based or need based aid?

College students may receive both merit-based and need-based aid to help fund tuition and cover other education-related costs, including school supplies and housing. Need-based aid remains the most common type of aid, whereas merit-based aid tends to be more difficult to secure.

What is merit based aid?

Merit-based aid goes to students based on their academic and/or extracurricular achievements rather than their financial need. Scholarships are the most common type of merit-based aid. Students may receive scholarships from nonprofit organizations, private businesses, and colleges and universities.

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