What, exactly, is "Need-Based"?

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<p>Not sure quite yet. Not Ivies or MIT level, I don’t think.
Also, now I know that our income is actually ~50k, depending on the year in sales for one of my parents, and we have about a quarter of a million in assets. That sounds like a ton! What do you think my chances are for need-based in general now? :eek:</p>