Need-Based Scholarships

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What is a Need Based Scholarship?

Need based scholarships are given to students who show financial need. These awards determine eligibility based on family income. Financial need may come from filling out the FAFSA. About 58% of low income families used need based scholarships in 2019, according to a Sallie Mae study. A scholarship is a monetary gift. you typically do not to pay back the funds compared to a student loan. So receiving a scholarship may make college more affordable. 

10 Scholarships for Financial Need You Should Apply for

There are plenty of need based scholarships for college students. Start your scholarship search with these ten awards. Then look for more scholarship opportunities based on your goals, major and interests. 

  1. GE Reagan Foundation Scholarship Program
  2. Dell Scholarship Program 
  3. Jackie Robinson Foundation Scholarship 
  4. Jeannette Rankin Women’s Scholarship
  5. UNCF Koch Scholarships
  6. Smith College Need Based Financial Aid
  7. Anarcha, Betsy, and Lucy Memorial Scholarship Award
  8. AKA Educational Advancement Foundation Graduate Financial Need 
  9. National Association of Hispanic Nurses Scholarships
  10. Educational Opportunity Fund (EOF) – Graduate Student Grant (NJ)

How Do You Qualify for Need Based Scholarships?

To qualify for need based scholarships, the first step is to fill out the FAFSA. The Free Application for Federal Student Aid is a standard form to determine financial aid. The federal government, states and colleges use it. FAFSA forms are available on October 1st so make sure to apply by the deadline.

The FAFSA asks questions about family income, taxes, and other assets. This helps find what you are able to pay or your expected family contribution (EFC). You also list the colleges you applied to and the cost of attendance. Based on the math: COA minus EFC equals your unmet financial need. Keep in mind that tuition may vary over time but your EFC could stay the same. 

Here are some general eligibility requirements for need based scholarships: 

  • Full time enrollment status
  • U.S. citizen or legal resident 
  • Plans to attend an accredited two or four year college in the United States
  • Have a high school diploma or GED

With all these factors, there are need based scholarships for students majoring in certain subjects. UNCF STEM Scholars Program is one example. This award is for Black high school students. You must have at least 3.0 GPA and plans to pursue a STEM career.

What is the difference between need based and merit scholarships?

Need based scholarship is given to family assets and income while merit scholarships are based on academic success. The main goal of need based aid is to make college more affordable for low income families. Your GPA and test scores may not be a factor in receiving financial need awards. Assuming need is not a criteria, undergraduate students of all income levels may also qualify for merit scholarships.

Merit scholarships are for high achieving students. They look at academic achievements. You typically need a strong GPA and test scores in order to qualify. Other criteria such as community service, leadership, and other talents could help you earn a merit award. 

Where Do You Find Scholarships Based on Financial Need?

Many high schools, colleges, companies and nonprofits provide need based college scholarships. Federal and state governments also offer financial aid based on need. You should also look for local awards within your community. Your scholarship search should include awards based on your academic achievements, major, and personal interests.

The Jack Kent Cooke Foundation College Scholarship Program is for high school seniors with financial need. Eligible students may receive up to $40,000. You must be attending a four year undergraduate school. Many Cooke scholars exhibit a 3.5 GPA or higher and participate in community service projects. If you are selected, you may work with an education adviser. You also may attend a Scholars Weekend event in Washington D.C. 

Jeannette Rankin Women’s Scholarship Fund is for women over 35 years old who show unmet financial need. JRF Scholars may receive up to $8,000. The award empowers non traditional students to pursue undergraduate program or trade skills certification.

Federal and State Government 

The U.S. Department of Education offers need based aid as grants and work study. Once your school’s financial aid office has your FAFSA, it uses your EFC to make you an offer. It’s also called an award letter. It states the types of aid available, total amounts and outstanding cost. The letter may state a college scholarship especially if you’re a first year student.

Federal Pell Grants

This is the largest need based federal grant program. Amounts change but the maximum amount is $6,345 for the 2020 to 2021 academic year. According to Sallie Mae’s How America Pays for College 2020 report, 48% of families relied on grants to pay for college. Although grants are renewable, you may have to keep up with the terms and reapply each year. 

Federal Work Study

This program allows eligible students to earn money to pay for school through a part time job. As a rule, you must apply and interview for these jobs. You may find on campus or off campus work. Some typical work study jobs include office assistant, lab research, cafe worker, and others. 

TEACH Grant

Some colleges offer TEACH Grant eligible programs. If you’re enrolled as an undergraduate, post bachelor’s or grad student at one of these schools you may qualify. Eligible applicants need a 3.25 GPA and must sign a service contract. This states that upon graduation, you agree to teach in a high need field, full time and at a school that serves low income students. In return, this federal grant provides up to $4,000 per year.

State Grants

Many states have a certain amount of need based grants. You may have to fill out a FAFSA as well as state form and be accepted to a public four year college in your state. Just make sure to meet all application deadlines since they may differ.

List of Scholarships for Financial Need

Check out our list of 1,560,502 scholarships worth $6B.

Becca’s Closet Spirit of Generosity Scholarship

Rebecca was a passionate, bright, fun-loving young woman who loved being with her friends and felt that no one should miss a high school event because they couldn’t afford to be there. She saw the inequity in the situation and sought to change things. During the Spring of her sophomore year, Becca singlehandedly collected and donated over 250 formal dresses and helped hundreds of girls across South Florida attend their High School proms in style. To keep Becca’s dream alive, countless dedicated people throughout the United States have joined forces to provide opportunities for those who seek them. Although the core mission of Becca’s Closet, located in the Festival Marketplace in Pompano Beach, FL, was to collect and distribute dresses to high school girls with financial need, our goals have expanded to offer additional opportunities for deserving young people. In the spirit of Rebecca’s visions and aspirations, our foundation raises funds to award post-secondary educational scholarships recognizing the exemplary efforts of young men and women nationwide who demonstrate Becca’s spirit of generosity in their own communities.
Award Amount

Total: $2000

Awards: 1

Deadline

Deadline: March 29, 2024

ISL Education Lending Scholarship

The ISL Education Lending Scholarship awards 45 deposits of $1,000 into College Savings Iowa accounts for Iowa residents in high school or undergraduate college, or the parents, guardians or others who hold a College Savings Iowa account for high school or undergraduate college student.
Award Amount

Total: $45000

Awards: 45

Deadline

Deadline: March 29, 2024

The Hatton Law Firm Aspire Higher Scholarship

At The Hatton Law Firm PLLC, our team understands the difficulties that many families face and the issues that affect parents as they work to provide for their children’s needs. Our experience representing clients who have suffered serious injuries has given us an appreciation of the sacrifices that parents regularly make to better the lives of their children. We also know the importance of a college education, especially for those who come from low-income households and who are looking to pursue opportunities and improve the lives of themselves and their families. To help people in these situations, we have created The Hatton Law Firm Aspire Higher Scholarship, which provides $1,000 each semester to a college student from a low-income family. The deadline to apply for our Fall 2023 scholarship is October 17, 2023. Please review the eligibility requirements for our scholarship below. If you have any questions about the scholarship, please contact us at [email protected].
Award Amount

Total: $1000

Awards: 1

Deadline

Deadline: April 08, 2024

Wells Fargo Scholarship Program for People with Disabilities

Are you a high school senior, graduate, or current college student with an identified disability? This includes any long-term or recurring condition that impacts one or more major life activities. If so, consider applying for the Wells Fargo Scholarship Program for People with Disabilities! Each year, the scholarship provides $2,500 to multiple full-time students and $1,250 to half-time students who apply. The scholarship is jointly offered by Wells Fargo and Scholarship America in order to “help?students pursue the education or training they need to succeed in their chosen career path.” If you have an identified disability and are looking for some help in paying off college costs, we encourage you to apply!
Award Amount

Total: $1875

Awards: 25

Deadline

Deadline: April 10, 2024

Taiwanese American Scholarship Fund (TASF) Program

Established in 2014, the Taiwanese American Scholarship Fund (TASF) focuses on providing financial assistance to economically-challenged Taiwanese American youth. Our mission is to assist all Taiwanese American youth to have the opportunity to pursue higher education and build the foundation for a better future. To ensure the success of the Taiwanese American Scholarship Fund (TASF) program, we partnered with the nonprofit Asian Pacific Community Fund (APCF), to conducted extensive outreach throughout the United States – reaching over 2,250 interested contacts, including 1,975 high school and university counselors/faculty, 18 scholarship clearinghouses, over 100 tutoring centers, 16 community and faith-based organizations, and over 120 Taiwanese American affiliated associations nationwide in addition to 12 Taipei Economic and Cultural Representative Office (TECO) located throughout the U.S., as well as the U.S. Overseas Community Affair Council (OCAC), to make this scholarship opportunity available to economically-challenged Taiwanese American students who will be attending their first or second year of college in the fall of 2024. The response was overwhelming, with applicants from 33 states across the nation. (see map below)
Award Amount

Total: $75000

Awards: 10

Deadline

Deadline: April 15, 2024

Chao Family Foundation

APCF was founded in 1990 by API community leaders in response to the need for alternative funding for Los Angeles-based nonprofit organizations serving API communities. Since 2011, APCF has partnered with donors such as local companies and family foundations to offer scholarship programs to financially assist students in their pursuit of higher education. Awardees will be notified no later than June 30th. If selected, must submit college acceptance letter for verification. The scholarship award can only be used to cover the cost of attending a university/college. This may include tuition, fees, books, supplies, living expenses, and meals. What is included in the cost of attendance varies by institution.
Award Amount

Total: $20000

Awards: 5

Deadline

Deadline: April 15, 2024

First General Bank Scholarship

APCF was founded in 1990 by API community leaders in response to the need for alternative funding for Los Angeles-based nonprofit organizations serving API communities. Since 2011, APCF has partnered with donors such as local companies and family foundations to offer scholarship programs to financially assist students in their pursuit of higher education. All of the scholarships have an online application and recommender form that can only be found on our site. The online applications can be found at https://www.apcf.org/scholarships Application requires student to list out community service activities, disclose some family financial information, and answer 2-500 word essay prompts. The applicant must share the recommender form link with their preferred advisor for submission.
Award Amount

Total: $8000

Awards: 4

Deadline

Deadline: April 15, 2024

Harold J West Scholarship

APCF was founded in 1990 by API community leaders in response to the need for alternative funding for Los Angeles-based nonprofit organizations serving API communities. Since 2011, APCF has partnered with donors such as local companies and family foundations to offer scholarship programs to financially assist students in their pursuit of higher education. All of the scholarships have an online application. The online applications can be found at https://www.apcf.org/scholarships Application requires student to list out community service activities, disclose some family financial information, and answer 5-350 word essay prompts.
Award Amount

Total: $2500

Awards: 1

Deadline

Deadline: April 15, 2024

Mega Bank Scholarship

APCF was founded in 1990 by API community leaders in response to the need for alternative funding for Los Angeles-based nonprofit organizations serving API communities. Since 2011, APCF has partnered with donors such as local companies and family foundations to offer scholarship programs to financially assist students in their pursuit of higher education. All of the scholarships have an online application and recommender form that can only be found on our site. The online applications can be found at https://www.apcf.org/scholarships Application requires student to list out community service activities, disclose some family financial information, and answer 2-500 word essay prompts. The applicant must share the recommender form link with their preferred advisor for submission.
Award Amount

Total: $5000

Awards: 5

Deadline

Deadline: April 15, 2024

Preferred Bank Scholarship

APCF was founded in 1990 by API community leaders in response to the need for alternative funding for Los Angeles-based nonprofit organizations serving API communities. Since 2011, APCF has partnered with donors such as local companies and family foundations to offer scholarship programs to financially assist students in their pursuit of higher education. All of the scholarships have an online application and recommender form that can only be found on our site. The online applications can be found at https://www.apcf.org/scholarships Application requires student to list out community service activities, disclose some family financial information, and answer 2-500 word essay prompts. The applicant must share the recommender form link with their preferred advisor for submission.
Award Amount

Total: $16000

Awards: 8

Deadline

Deadline: April 15, 2024