College students may receive both merit-based and need-based aid to help fund tuition and other costs, including school supplies and housing. Need-based aid remains the most common type, while merit-based aid tends to be more difficult to secure.
Not all colleges and universities offer both types of financial aid. Merit-based opportunities are often available at smaller, private schools, while students at larger, public institutions tend to receive most of their financial support from need-based sources. Students can find other opportunities to fund their postsecondary studies beyond need-based and merit-based aid.
Private loans , usually offered through a bank or credit union, can help students fill funding gaps. However, these should be taken out as a last resort; the terms of private loans tend to be less favorable for students compared to federal loans. Additionally, some scholarships provide aid based on factors like a student's interest in a certain subject, though they may still have minimum GPA requirements.
Other awards target students who belong to certain demographic groups, such as women or students of color. Below are various types of scholarships and other financial aid resources that are not need-based or merit-based:. View the most relevant school for your interests and compare them by tuition, programs, acceptance rate, and other factors important to find your college home. Knowledge on college pricing and financial aid. Junior Year. Build your list with great financial fit schools.
Senior Year. Pick the long-term, financially successful college. Saving for College. Cost of College. Student Loans. Book: Better Off After College. Sign In Get Started. Back to app. Partner With Us. For Educators. For Financial Institutions. Try Edmit Free Log In. Nick Ducoff. Vemo and Edmit join forces to help st Alicia Hahn. Awards and scholarships like this are usually awarded by states, colleges and universities, private groups or individuals.
Common examples of merit-based financial aid: College scholarships Awards Tuition waivers Scholarships are the most common type of merit-based aid though some do have a need-based component , which may come from the school or from outside sources.
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Merit Scholarships.
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