So pretty much everyone applying should fill out the FAFSA, to see if they are eligible for federal aid. My mom filled it out, but we do not fit the requirements. I live in a wealthy town, and my family owns a small business. We make a decent amount of money, but I have three siblings and we honestly do not have as much money as the website thinks we can pay. How else do people get financial aid?
On all the mail I get from colleges, it says “98% of students receive need-based aid” and stuff like this, but what does it mean? Also, it can say, “on average, students get $45,000 of aid at this school”. Where does this money come from, and am I eligible for it?
Filing the FAFSA checks if your EFC is low enough to get a Pell grant, or a state grant, and qualifies you to take a federal student loan.
Private schools have endowments and they can be quite generous with need based institutional grants.
Since they can cost $40 k or more for tuition, depending on the EFC that the school calculates when you file the CSS profile or their own aid form, which asks about finances in more detail than FAFSA, they can give grants of up to cost of attendance-EFC (most also ask for a student contribution).
The best way to find out how much a school might offer in aid for your situation, is to run the net price calculator on the college website.
Merit scholarships is also aid that is based on grades and test scores, and most often is not based on need.
The schools that have the best financial aid (covering those in higher income brackets) are also the most competitive for entry. If you have the stats to compete for those then you might get some FA.
98% receiving need based aid means nothing because what most people need differs from family to family. If I need $5000 and you give me $1000, I am part of that 98% who has received need based aid (especially if the school does not guarantee to meet 100% demonstrated need)
You need to run the Net Price Calculator at the website of each of the places you are applying to. You may qualify for some institutional aid. Since you have filed the FAFSA, you will be able to borrow the federal student loan.