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 Nebraska resident undergraduate students who are or planning to attend a Nebraska public or private postsecondary institution. The student must demonstrate financial need and have an Expected Family Contribution of $6,300 or less.
College juniors, seniors and/or graduate students who are Illinois residents currently attending an accounting program of study at an Illinois college or university with a grade point average of 3.0 or higher are eligible for this award. Students must be African-American.
This award is for students planning to attend the University of Oklahoma at its Norman campus, Tulsa campus, or Health Sciences Center. Preference is given to students whose household income is between $30,000 and $75,000.
This award is available for Korean-American students living in and attending school in Delaware, District of Columbia, Indiana, Kentucky, Maryland, North Carolina, Pennsylvania, Virginia, or West Virginia. Applicants must demonstrate financial need, have a grade point average of 3.0 or higher, and plan to enroll full time.
This scholarship is offered to Korean-American undergraduate or graduate students who are attending college in the northeastern region of the U.S. as defined by the Korean American Scholarship Fund. The following states are eligible: Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Rhode Island, and Vermont.
This award is available for Korean-American students who are residing in or attending school in one of the following states: Arkansas, Louisiana, Mississippi, Oklahoma, and Texas.
This scholarship is offered to Korean-American undergraduate or graduate students who are currently enrolled in college and are residents of the midwestern region of the United States as defined by the Korean American Scholarship Fund. The following states are eligible: Illinois, Iowa, Michigan, Minnesota, Missouri, North Dakota, South Dakota, and Wisconsin.
This award is available for Korean students attending or planning to attend college in one of the following western states: Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, or Washington. Applicants must have a grade point average of 3.0 or higher, enroll full time, and have unmet financial need.
This is an award for an international or U.S. student who is majoring in engineering and plans to work in the heating, ventilating, air conditioning and refrigeration (HVAC&R) profession. The student must have a 3.0 grade point average or higher to be eligible.
The Willis H. Carrier Scholarships are two annual $10,000 undergraduate engineering scholarships. Eligible applicants should be international or U.S. students majoring in engineering and pursuing careers in the heating, ventilating, air conditioning and refrigeration (HVAC&R) profession. Students must have a 3.0 grade point average or higher to be eligible.
