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.
The Black Community Scholarship Fund is available for African American students in the greater Kansas City Area. Preference will be given to students majoring in Healthcare, Education, Youth Development, Liberal and Performing Arts or STEM.
This scholarship honors three Michigan public school teachers who were fired for no other reason than their refusal to pay union dues. One $1,000 scholarship is awarded annually to the education student who best exemplifies the dedication to principle and high professional standards. Learn more and apply today!
This scholarship is open to U.S. high school seniors who attend a high school in one of the following counties: California – Kern, Los Angeles; Ohio – Butler, Clermont, Hamilton, Warren; Texas – Tom Green, Dallas, Denton, Collin. Students must demonstrate financial need and plan to enroll in full-time undergraduate study.
NYS Memorial Scholarship is accredited by the New York State Higher Education Services Corporation. The establishment was begun to assist understudies with paying for their instructive programs.
The NYS Memorial Scholarship gives monetary guide to children, spouses, and financial dependents of deceased firefighters, volunteer firemen, cops, harmony officials, and emergency medical assistance laborers who have passed as the result of wounds continued in the line of obligation in support of the State of New York.
Catch A Break! Scholarship program will be celebrating its 10th year in 2024. CAB! has awarded $1.6 million in scholarships to date. CAB! awards $11,000 per year/renewable for 4 years 15 scholarships available each year
CAB! is also more than just financial support: scholarship recipients receive community support throughout their college years. Each CAB! scholar receives an individual mentor, and there are 3 community events per year to foster social support and networking. Earning a scholarship through CAB! comes with an built-in community.
This award is available to Wisconsin resident undergraduate and graduate students who are attending a Wisconsin college or university which offers teaching degrees. The student must be a minority, be enrolled in a program leading to teaching licensure, and have a grade point average of 2.5 or higher.
This award is for U.S. undergraduate and graduate students who have been employed by Wal-Mart Stores, Inc. as an associate for at least six consecutive months. The student must have financial need and be able to prove such need via required documentation.
This scholarship is intended for U.S. female students who are 25 years of age and older and enrolled in an accredited Colorado college or university. The applicant must have a grade point average of 3.0 or higher to be eligible for this award.
This award is available for female undergraduate students who are majoring in any field of engineering. Applicants must have a grade point average of 3.0 or higher and plan to enroll full time.
Lula Mae Gay was a person with a genuine heart of servitude. She spent many years of her life dedicated to the needs and desires of others. Although she had very little, much was given through her love and service toward others.
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The purpose of the LMG Foundation scholarship is to allow her family the means of continuing one aspect of her legacy by providing educational funding to aspiring and/or current college students.
Applicants who are awarded this scholarship will be provided with a $1500 scholarship to cover educational costs for two (2) consecutive semesters (beginning in the fall). Scholarships are not renewable and cannot be transferred. Applicants who are awarded the scholarships will be ineligible to apply the following cycle.
