Understanding Need-Based Financial Aid Options

Many students aspire to study at prestigious international institutions, but the high costs often pose a challenge. While scholarships and grants are limited for international students, there are still opportunities to reduce college expenses. For young adults concerned about affordability, understanding available financial aid options can make higher education more accessible. In 2015-2016, grants covered approximately 34% of college costs, offering some relief from student debt and loan reliance.

Need-based grants are specifically designed to assist students from low-income backgrounds. These funds may be offered by educational institutions or private organizations. Applicants must complete the Free Application for Federal Student Aid (FAFSA) to demonstrate financial need based on family income and assets, which is then assessed to determine eligibility for aid. Many grants, including the popular Pell Grants, are awarded based on the FAFSA assessment.

Pell Grants are among the most widely-recognized need-based aid programs, funded by the U.S. government and managed by the Department of Education. These grants target students from families earning less than $25,000 annually, although some students from higher-income families may also be eligible. For the 2017–2018 academic year, the maximum Pell Grant amount was $5,920. Additionally, the Federal Supplemental Educational Opportunity Grant (FSEOG) provides need-based aid for undergraduates facing financial hardship. Participating institutions receive funds to distribute, with aid amounts varying from $100 to $4,000 per student, helping make college education more attainable regardless of financial situation.