0 ▁and ▁$ 1 8 0 , 0 0 0 ▁a ▁year . ▁Institution s ▁will ▁consider ▁students ' ▁financial ▁needs ▁as ▁well ▁as ▁their ▁academic ▁mer it ▁standing ▁when ▁applying ▁for ▁financial ▁aid . ▁Mer it - based ▁aid ▁and ▁need - based ▁aid ▁have ▁been ▁linked ▁together ▁for ▁many ▁financial ▁aid ▁scholar ships . ▁This ▁relationship ▁is ▁benef icial ▁as ▁it ▁under lies ▁that ▁one ▁form ▁of ▁financial ▁aid , ▁particularly ▁mer it - based , ▁is ▁not ▁completely ▁taking ▁over ▁need - based ▁aid . ▁Statistics ▁do ▁show ▁results ▁of ▁studies ▁performed ▁from ▁ 1 9 9 2 - 2 0 0 0 ▁that ▁the ▁increase ▁in ▁financial ▁aid ▁awarded ▁was ▁based ▁entirely ▁on ▁mer it . ▁However , ▁when ▁view ing ▁numbers ▁of ▁both ▁mer it - based ▁and ▁need - based ▁aid ▁closely , ▁the ▁differences ▁are ▁not ▁significant . ▁ ▁Gr adu ate ▁and ▁professional ▁students ▁The ▁following ▁types ▁of ▁federal ▁financial ▁aid ▁are ▁available ▁to ▁gradu ate ▁and ▁professional ▁students . ▁A id ▁for ▁these ▁students ▁is ▁primarily ▁lo ans . ▁ ▁The ▁William ▁D . ▁Ford ▁Federal ▁Direct ▁Lo an ▁( Direct ▁Lo an ) ▁Program : ▁El ig ible ▁students ▁may ▁borrow ▁up ▁to ▁$ 2 0 , 5 0 0 ▁per ▁school ▁year . ▁These ▁lo ans ▁are ▁un sub s id ized ; ▁Congress ▁has ▁determined ▁that ▁subs id ized ▁lo ans ▁( no ▁interest ▁while ▁en rolled ) ▁are ▁only ▁available ▁to ▁under grad u ates . ▁Gr adu ate ▁and