Need-Based Aid is financial assistance provided to students based on their financial circumstances. This type of aid aims to help those who may not have the means to afford the full cost of education. It can come from various sources, including the federal government, state programs, and individual colleges or universities. To qualify for Need-Based Aid, students typically need to complete the Free Application for Federal Student Aid (FAFSA) or similar forms. These applications assess the family's financial situation, including income and assets, to determine the level of aid a student may receive.