Is there a difference between "need-based" and "merit-based" financial aid?

Yes, there is. Need-based financial aid includes any grant, loan, scholarship, etc. that is offered based on your determined financial need (SAR information). Merit-based aid is any scholarship, grant, or other educational resource given to you based on your academic achievement, community service, or involvement in a particular club, sport, or program.

This type of assistance is offered not because you demonstrate financial need, but because you meet other non-financial criteria.

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