<p>I was on a college website and found that their financial aid policy is "we offer both merit-based and need-based aid to qualified applicants. Moreover, our financial aid packages completely cover institutionally determined eligibility. " How is this different to covering the full demonstrated need of all admitted students?
thanks</p>
<p>When they include that “institutionally determined eligiblity” phrase, it means that THEY are going to tell you what your need is. Generally, universities that say that use the CSS/Profile or their own fin aid forms in addition to the FAFSA. So… if your FAFSA EFC is $10,000 and the cost of attendance is $50,000, your FAFSA-determined need would be $40,000. That particular university (using the CSS/Profile or other form information in addition to the FAFSA) may determine that you only “need” $30,000. </p>
<p>FAFSA-only schools that guarantee to meet full demonstrated need generally stick to the FAFSA-determined need.</p>
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These are very few and far between (if any). The Ivies don’t count because they are not FAFSA only.</p>
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The difference is that merit aid is included in the calculations. It means 1) that the school gives merit aid; 2) that any merit aid you receive will be deducted from your financial aid; and 3) (possibly) that any outside merit aid you receive will also be deducted from your financial aid.</p>
<p>This may also mean that merit aid is given only to students who demonstrate need, or it may not. You need to check with the school if you are not eligible for need-based aid.</p>
<p>thanks a bunch:)</p>
<p>The school is also leaving open the possibility of offering merit aid beyond demonstrated need. They are saying that they are committed to providing a student with at least enough to attend (based on their conception of need) through need-based aid and that they also have a policy of offering merit-based aid beyond that point when such is warranted.</p>