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Financial Aid is a monetary funding /assistance for the poor students, whose parents have low-income level than average, in order to help them in their studies. The main purpose of this assistance is to pay their tuition fee, boarding, supplies and living expenses during education at College and University. Financial aid has many forms such as Scholarships, Grants, Loans and Work-study programs. Students receive these financial assistance based on certain criterion and are mostly based on Merit, Need or State financial aids.
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Merit-based Financial Aid

Merit-based Financial Aid is for the students showing outstanding academic performance throughout their academic history. Federal Government takes the responsibility to grant these aids. In the United States, for the year 2008-2009, students received a cumulative sum of 109.7 Billion US dollars as Financial Aid.

Need-based Financial Aid

Need-based Financial Aid is available for the students whose parents have low ability to contribute to the cost of college education. FAFSA (Free Application for Federal Student Aid) is the main tool contributing to provide Need-based Financial Aid. It determines Expected Family Contribution (EFC) and suggests the sum of financial aid, which a recipient will receive.

State-based Financial Aid

State-based financial aid is the monetary aid offered by the State Government to the students pertaining to get admissions in state colleges. Every state offers different policies across the US. Statistics report that every year students get an aggregated amount of more than 10.2 Billion US Dollars under State-based financial aid.
Federal Government offers loans with low interest rates and some institutions in US have better financial aid policies such as No-loan Financial Aid and Loan-cap, which aims at reducing student-loan debts and provide a limited loan payment every year or combined after completion of a four year degree, respectively. โ€‹โ€‹

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