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 scholarship is available for north Florida students who are majoring in hospitality or a related field. Applicants must reside in Clay, Duval, Flagler, Nassau, or St. John’s county and have a grade point average of 2.75 or higher.
As an estate planning attorney and a father, I’ve seen the financial impact on families with the soaring costs of college. This annual scholarship is to help aid one winner that shows merit, grit, financial need, and good academic standing.
This fellowship was created in 1988 by the Horace W. Goldsmith Foundation and Richard L. Menschel (MBA 1959) to encourage students from the nonprofit sector to pursue an MBA at HBS. Mr. Menschel, a former director of the Foundation and Limited Partner, Goldman Sachs, was an early supporter of the HBS Social Enterprise Initiative and served on its Advisory Board.
Davis UWC Scholars are exceptional young people who have graduated from a UWC school and then matriculated at selected U.S. colleges or universities. The UWC experience—which brings students from around the world to live and learn together in one of 18 locations on five continents—has challenged them academically and personally, expanded their horizons exponentially, and shown them how to build understanding from diversity.
Davis UWC Scholars arrive at American colleges and universities with outstanding academic abilities, as well as a proven capacity to build relationships with people from a variety of backgrounds. We believe that fostering personal relationships between students who are different from one another will build an effective network of future leaders committed to mutual respect.
Through the Burger King? Scholars Program, we have awarded nearly $60 million to over 45,000 students across North America since 2000. Our goal is to grant one scholarship for every BK restaurant in North America –that translates to more than $7 million each year!
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Created in memory of Burger King Co-Founder James “Jim” W. McLamore, the Burger King? Scholars program provides scholarships ranging from $1,000 to $60,000 to high school students and BK employees and their families. Scholarships are intended to offset the cost of attending college or post-secondary vocational/technical school. Recipients are selected through an application process that takes into consideration their grade point average (GPA), work experience, extracurricular activities, and community service. In 2022 alone, the Foundation awarded over $4.6 million in scholarships to nearly 4,000 students.
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This award is for U.S. and international students planning to attend Harvard College as undergraduates. Students must plan to attend full time and must be high school seniors at the time of application.
The mission of the Clarkston Scholars program is to create equitable access and opportunities for low-income, first-generation college students with the intention of developing a future Clarkston steward. To be eligible, applicant must be a sophomore at one of Clarkston’s Core Schools (University of Michigan, Babson College, UNC Chapel Hill, NC State, Georgia Tech, Agnes Scott College, Spelman College, Clark Atlanta University, Morehouse College, University of Arizona or Arizona State University).
Desert Financial Foundation’s Community Service Scholarship program honors exceptional students who have volunteered 50 or more hours of community service. In 2024, 30 applicants will be selected to receive $3,000 each in scholarship funds, to be distributed directly to the Arizona-based college or university of their choice.
The “Mom to Scholar” Scholarship for Mothers is open to mothers who want to begin or resume their journey towards earning a technical or college degree. This scholarship is funded by Scholarships360’s own Maria Geiger, who started her journey toward a B.A. at the same time that her oldest son Will started college. Maria knows firsthand how challenging it is to raise a family, have a job outside the home, and attend college, but would not change the way she did things for the world. Mothers who have a desire to earn their college degree bring unique perspectives that greatly enhance their learning experiences; for some, motherhood is a vocation that enlightens like no other. If you are a mother over the age of 35 who feels that the time is right to begin your academic or career journey, please apply!
This award is available for U.S. and international female college juniors and seniors who are majoring in engineering or engineering technology. Applicants must have a grade point average of 3.0 or higher and enroll full time.
