<p>hey guys!
Little help here..
What's the difference between merit-based and need-based aid?</p>
<p>Merit aid is based on academic merit. It may be based on your GPA, your standardized test scores, other criteria such as ECs or leadership, or a combination of things. Merit only awards will not take into account your families financial situation. In general you are more likely to be awarded merit money if you are in the top few % points Stats wise for your school. For instance a school whose students average ACT is 28 probably will not award merit money to an 'average' student with a 28 ACT but may do so for a student with, say, a 32 ACT.</p>
<p>Need based aid is based on whether you have financial need. You have to report your family and student income and assets to the school. Based on that information and the cost of attending the school they will decide if you have financial need and may award you aid based on this need.</p>
<p>Some awards may take both need and merit into account.</p>
<p>thank you!</p>