<p>What exactly does this question mean on applications? What constitutes need-based aid?</p>
<p>Need based aid is financial aid based on financial need. Depending on the school and your financial situation (i.e whether you qualify for need based aid) need based aid may constitute some or all or none of: grant aid (money that does not have to be repaid), loans (money you borrow and must repay with interest), Work Study (money you earn in a job). </p>
<p>If you say no then you are saying you (or your family) have the money to pay for school out of your own pocket and will not be applying for any financial aid to help pay for it.</p>
<p>Just as a matter of distinction between different types of aid, there is also “merit-based” aid. Generally speaking this is grants/scholarships awarded for various talents or strengths (athletic scholarships, academic scholarships, scholarships for community service, winning essay contests, etc.)</p>
<p>There are also scholarships that have a foot in both camps, that is, they are merit-based but preference is given to students with financial need.</p>
<p>But when a question asks if you’re applying for need-based aid, that is strictly speaking financial aid awarded based on nothing but a family’s financial situation (income, assets, etc.)</p>
<p>You can say ‘no’ to this question if your family’s income and assets are high enough that you won’t qualify for need-based aid, but you’d still be free to apply for merit-based scholarships.</p>
<p>If a student says “no”, are they saying no to four years of aid or just freshman year.</p>
<p>Depends on the school and their policies. It is very important to check this with each school. For need aware schools especially it is likely to be for the whole 4 years. Also I have read that International applicants there is generally no changing from no to yes in future years.</p>
<p>So, let’s say that my family’s yearly income is above $150,000 and I have a sibling in college. I probably won’t get a lot of money based on family income, but I would still like to be eligible for grants and stuff. Should I mark the “Yes” box when asked about applying for need-based aid?</p>
<p>What kind of grants would a kid be eligible for if his family earns THAT much money???</p>
<p>Why don’t you apply for merit scholarships, those aren’t “FA”.</p>
<p>At many schools that meet need, a family making $150K could qualify for some need based aid with 2 in college depending on assets.</p>
<p>I was told by one school (Wash U) that if you are filling out the FAFSA to ONLY get loans - you can check the No box. Again, I would check with each school. jmom5 is right, someone in that category can qualify for some loans.</p>
<p>jb</p>