<p>I was wondering how need based financial aid works. Is it more like a loan or a scholarship? In other words, do you eventually have to pay back the money that the school gives you for need based financial aid? I found this list of colleges that claimed to "meet" the need of all students: 63</a> Colleges With the Best Financial Aid - CBS News Do you have to pay back the money received for need based aid?</p>
<p>Need based aid comes in many forms. Schools could award you any of the following…but not necessarily all.</p>
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<li><p>Grants or scholarships. These are awards that are given to you and are not repaid. There are several…Pell, SEOG (if your school has it), and any grants your state or school may award based on financial need.</p></li>
<li><p>Work Study-This comes in the form of a dollar amount you get by finding a job and working. You are not given the money “up front” but rather have to earn it. You can use this money for college expenses. It does not have to be repaid.</p></li>
<li><p>Loans- Stafford and Perkins loans are federally funded loans. Loans DO need to have to be repaid except in some very special circumstances where they can be cancelled for certain types of community work. BUT really when you take a loan, anticipate having to repay it.</p></li>
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