See www.studentaid.ed.gov for full information about student financial aid. Please note, however, you will be leaving the official Pius XI website; bookmark this page or use the back button to return.

MERIT-BASED

This type of assistance is NOT based on financial need. In other words, the family's financial background is not a criteria for receiving this kind of aid. Merit-based scholarships are usually awarded to students who excel in academics, leadership, community service, or other talents such as athletics, music, and drama. Sources for finding merit-based financial aid include:

• College financial aid offices
• Scholarship Bulletin which lists all the scholarships sent to Pius
• Internet sites for free scholarship searches, including:
  • www.fastweb.com
  • www.compassguide.org
  • www.collegeboard.com, click on "Pay for College"
  • www.wiscareers.edu, click on "Education" in the top toolbar, then see "Financial Aid & Scholarships"

NEED-BASED

The family's financial situation is the most important criteria for receiving need-based aid. Other factors are rarely included in deciding who will be awarded this type of financial aid. Family's seeking need-based financial aid must file the Free Application for Federal Student Aid (FAFSA) form after January 1st of the student's senior year. Both parent and student will need to register and  obtain a PIN at this site.  Need-based aid is awarded on a first-served basis, so these forms should be filed as soon as possible after January 1st.

An Example of How Need-Based Aid Works
The Brown family completes the FAFSA form. The government receives the form and processes the information to come up with an expected family contribution (EFC). This is the amount of money the government thinks the Brown family can afford to pay for college for the upcoming school year. The EFC is a fixed dollar amount and does not vary from one college to the next.

The cost of attendance is the amount of money it will cost to attend a specific college for the upcoming school year (tuition, room & board, fees, books, travel expenses, etc.). This is a variable amount because each college will have different expenses. The difference between the cost of attendance and the expected family contribution equals the financial need. Let's assume the Brown family's EFC is $10,000 (they are expected to pay $10,000 for their child's first year in college). Their child is deciding between "College A" (cost of attendance is $25,000) and "College B" (cost of attendance is $10,000). Thus, the financial need is as follows:

College A	College B
25,000 - 10,000 15,000	10,000 –10,000 0	Cost of Attendance EFC Financial Need

Four Types of Need-Based Aid

1. Scholarships: do not have to be repaid.
2. Grants: do not have to be repaid.
3. Loans: have to be repaid. There are several different kinds of loans.
4. Work Study: student is given a part-time job on or near campus.