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.
GE Reagan Foundation Scholarship Program
Dell Scholarship Program
Jackie Robinson Foundation Scholarship
Jeannette Rankin Women’s Scholarship
UNCF Koch Scholarships
Smith College Need Based Financial Aid
Anarcha, Betsy, and Lucy Memorial Scholarship Award
AKA Educational Advancement Foundation Graduate Financial Need
National Association of Hispanic Nurses Scholarships
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.
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.
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.
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.
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.
This award is available for U.S. students who are residents of Berks County, Pennsylvania and have successfully completed at least one semester or term at an institution of higher education. Special preference is given to students studying electrical engineering; preference is also given to students studying at Berks County institutions, with a secondary preference to students studying at Pennsylvania institutions.
This scholarship is open to incoming and current female undergraduate students who reside in the Connecticut Community Foundation’s 21-town service area. Students must have a grade point average of B- (2.75) or higher, and must pursue an artistic career (preference to those pursuing painting and design).
This award is available for U.S. high school seniors and adult students who are entering their freshman year of college and reside in the Connecticut Community Foundation’s 21-town service area. Students must be of Lebanese descent and have a grade point average of B- or higher.
This award is available for male U.S. high school seniors or adults entering their freshman year of college as first-time students. Students must be residents of Waterbury, Connecticut for five years or more and have a grade point average of B- or higher.
This award is available for U.S. high school seniors and adult students entering their freshman year as first-time students who are residents of Waterbury, Connecticut. Students must major in a health-related field and have a grade point average of B- or higher.
This award is available for U.S. high school seniors or adult students entering their freshman year of college who are residents of the Connecticut Community Foundation’s 21-town service area. Students must also have maintained an “A” (90) average or better in school, and be of Italian or French descent.
This award is available for U.S. undergraduate students who are leukemia patients and/or the child of a non-surviving leukemia patient. Students must also have a grade point average of 3.0 or higher and enroll full time at an accredited college or university.
This award is available for U.S high school seniors and adult students planning to enter their freshman year of college who are residents of the Connecticut Community Foundation’s 21-town service area. Students must plan to attend the University of Pennsylvania and have a grade point average of B- or higher.
This award is available for U.S. high school seniors and adult students entering their freshman year who are residents of the Connecticut Community Foundation’s 21-town service area. Students must have a documented learning disability and a grade point average of B- or higher.
This award is available for U.S. female high school seniors and adult students who are entering their freshman year of college who have been residents of one of the following Connecticut cities for the past four years: Cheshire, Naugatuck, Prospect, Waterbury, Watertown, or Woodbury. Students must attend an accredited college or university in New York, the New England states, or Israel; major in a health-related field; and have a grade point average of B- or higher.
