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Need Analysis:
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A system of formulas required by law that is used to estimate a family's financial ability to meet the student's educational expenses.
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Need-based aid:
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Monetary assistance provided to students who cannot afford to go to college using only their own or their family's financial resources, as determined through federal, state, and institutional formulas. This kind of aid is based upon financial need. The most common forms of need-based aid are grants, work-study programs, and student loans for which the federal government pays the interest for you while you are in school and other qualified periods (subsidized loans).
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Non-need-based aid:
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Monetary assistance provided to students when the financial aid formulas indicate the student or family should be able to afford an education using their own funds. Such aid is almost always in the form of a student or parent loan for which the federal government does not pay the interest for you (unsubsidized loans). Students with financial need may also rely on this kind of aid.
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