Need-Based Financial 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 pay for their education. It can come in various forms, including grants, scholarships, and low-interest loans. To qualify for Need-Based Financial Aid, students typically need to complete the Free Application for Federal Student Aid (FAFSA) or similar forms. These applications assess the family's income and assets to determine the level of financial need. The aid can significantly reduce the cost of attending college or university.