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.
New Mexico graduating high school seniors who have a grade point average of 3.0 or higher and demonstrate financial need are eligible for this award. Students must apply by April 20 if attending a private or out-of-state school, and by June 20 if attending a public New Mexico school.
New Mexico undergraduate students who have completed one or more semester of school and have a grade point average of 2.5 or higher and demonstrate financial need are eligible for this award.
This scholarship is open to U.S. and international undergraduate students who are majoring in history or education at a four-year college or university. Students must be enrolled full time.
New Mexico college seniors who plan to return to a New Mexico college or university full time to finish their first undergraduate degree are eligible for this award. Students must demonstrate financial need.
This scholarship is available for African American women in Hillsborough County Florida. Applicants must be graduating high school seniors, must demonstrate financial need, and must plan to attend Hillsborough Community College.
This scholarship is available for high school juniors and seniors in Hillsborough county. Applicants must be African American, female, and must demonstrate financial need through eligibility in her current high school’s free or reduced-cost school lunch program.
The Billy Turney Foundation HCC Scholarship is available for high school seniors in Hillsborough County, Florida who plan to attend Hillsborough Community College. Applicants must demonstrate academic merit and additional preference will be given to students who are working while in school and students who have participated in significant amounts of community service.
This scholarship is for high school seniors who have financial need, a minimum UNWEIGHTED GPA of 2.5, performed a minimum of 50 community service hours, and will be attending a public college or university in Hillsborough County (USF and HCC currently) majoring in Writing or Music.
Residents of Texas’s 26 northernmost counties who are graduating high school seniors or older are eligible for this award. Students must have a grade point average of 2.5 or higher and major in engineering or environmental science.
