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 open to spouses of active duty or retired Army soldiers and widow(er)s of soldiers who died on active duty or in retired status to pursue their first undergraduate degree. Students must have a grade point average of 2.0 or higher; scholarships are based on financial need.
Female students who have completed at least their sophomore year of college (i.e., 60 credit hours) and are majoring in accounting or finance are eligible for this scholarship. Students must have a grade point average of 3.0 or higher.
International undergraduate and graduate students who are attending Southern Oregon University are eligible for this award. Undergraduate students must have a grade point average of 2.75 or higher, and graduate students must have a grade point average of 3.0 or higher.
This award is for U.S. high school seniors or returning/continuing college students whose parent, grandparent, or legal guardian is employed by any company located at the Port of Wilmington that has contributed a minimum of $500 towards the Port of Wilmington Maritime Society Scholarship Funds.
College seniors or graduate students who are residents of Illinois currently enrolled in an accounting program at an Illinois institution with a grade point average of 3.0 or higher are eligible to apply for this award. Students must complete an equivalent of four years of education by Aug. 31, and plan to take additional courses in the following year in order to meet the requirements to sit for the CPA examination in Illinois.
High school seniors who have a grade point avearage of 3.0 or higher and are in the top 25 percent of their graduating class are eligible for this award. Students must be attending high schools located inside the North Dallas Bank & Trust Company service area and have a annual family income no higher than $58,720.
Florida high school seniors or current undergraduate students who plan to enroll full time at a two- or four-year college or university in Florida are eligible for apply for this award. Students must be the dependent children of a UPS full-time or permanent part-time employee who has completed at least one year of employment as of the deadline date, or a UPS retiree who was employed by UPS up until the time of retirement, or a deceased UPS employee who was employed by UPS up to the time of death.
This scholarship is for Maine undergradute students who plan to study for a career in outdoor recreation. Students must have a grade point average of 2.5 or higher.
This award is for high school seniors who are residents of Maryland or Washington, D.C. The student must attend an accredited college or university full-time in the fall and must demonstrate financial need.
