Something I've been wondering....

[conuly]

How, exactly, does financial aid work? Do they just say "this is what you can pay, and we'll pay any amount more than that"? Or do they go "this is how much you get, no more"? Or what, exactly?

Edit: See, even though I fill out my FAFSA every year, I have no idea how it works.

Comments

[meryls-corner.livejournal.com]

That depends on what type of financial aid you qualify for. Many are the first type you listed. They try to figure out how much you could pay (assuming that you'll be working part time) and pay over that. The second type is what you might get if you were in a contest for a scholarship (writing essays, that sort of thing).
Did you ever go to FAFSA.org? That has some information that might be useful.

[conuly]

Yes, but see... even though I've been applying for my FAFSA every year (and getting it), I haven't been paying attention to the mechanics of the situation.