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Cutting The Cost of College

In the world of financial aid, there are two types of aid: need based and merit-based. Need-based aid is determined around a student’s financial ability to pay all of the costs associated with going to college. If the student is still a dependent, then your income and assets are closely analyzed to determine how much they can afford without financial assistance. If a student is deemed in financial need, then they will most likely qualify for need-based aid in the form of loans, grants, and/or work study.

Merit-based financial aid is awarded based on a student’s academic accomplishments, which would include their grades and ACT & SAT scores. Students are also considered for merit-based aid if they can offer a special talent to the university like athletics or music. Studies have shown that merit-based aid makes up close to half the financial aid being awarded. If you are not looking to take out student loans, (which must be repaid), students should be encouraged to boost those grades now and start preparing for the ACT & SAT. Proper preparation can help boost scores which could potentially help to cut the college costs. It is recommended that students take these tests multiple times to get the score they desire. The higher the score, the more money your son or daughter could be awarded.


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