<p>I'm not sure what Financial Aid is exactly.</p>
<p>Also, where is the best place to search for Scholarships?</p>
<p>Financial aid is intended for students who have less ability to pay for college than full pay. What you will have to pay, called the expected family contribution for college (EFC) is determined by the FAFSA, and for some schools, by the College Board Profile form.</p>
<p>If a family has an expected family contribution that is less than the total cost of college (room, board, fees, tuition and living costs) financial aid can make up the difference. How much aid is given ,and in what form the aid is given, depends upon the financial aid philosophy of the college. It can take the form of grants (money not paid back), loans, and work-study.</p>
<p>For lots of really good information about financial aid, go to <a href="http://www.finaid.org%5B/url%5D">www.finaid.org</a></p>
<p>There you will find plenty of answers, along with a financial aid calculator link where you can plug in your own family situation and get a sense of your contribution to college.</p>
<p>A good site for scholarships is <a href="http://www.fastweb.org%5B/url%5D">www.fastweb.org</a></p>
<p>I know about Financial Aid....but how do colleges decide what % of aid to give out in loans....and what % in grants..</p>
<p>A college's generosity with grants can often depend upon the size of the school's endowment, and can often be influenced by how much they want a particular student. Some schools tend to give mostly loans in their aid packages, and others "gap" aid, which means that they do not give 100% of assessed need. It is really difficult to say how they decide how to divvy up the money, which is one very good reason to apply to several schools, and NOT to apply early decision: if financial aid is crucial to you, you should give yourself a chance to compare financial aid offers. </p>
<p>Some schools are willing to "reconsider" a lesser financial aid offer if you were given a better one by another college.</p>
<p>There is also "merit money," which can be based wholly on how well the student compares to the other applicants or partly based on that & partly based on fnancial need.
Even the term "need" is slippery & can be "recalculated" by the school to make a desirable student eligible for more aid, depending on the school's interest in the student in that particular incoming class.</p>
<p>Basically, it's a "cra-pshoot," as I understand it.</p>