Need-based scholarships help bridge the financial gap for college students who don’t qualify for government grants. They are offered by schools, businesses, organizations, or private donations and are primarily based on demonstrating financial need. Academic performance may also be a factor, but financial criteria must be met first. Students should contact their high school guidance counselor and check with the financial aid department of their chosen school for available scholarships.
With rising tuition costs and the burden of student loans, college students are often seeking scholarships. There are many types of scholarships, some offered by the college or university and others offered by foundations or organizations. Some are based solely on academic performance, some on ethnicity, and some on financial circumstances. The latter is a need-based scholarship.
The school, a business, an organization, or a private donation may offer a need-based scholarship. You can take academics into account, but the primary criteria for qualification is demonstrating financial need. Students who have parents in a lower-middle income group may not have the funds to pay for college, but their parents may do too much for them to qualify for government grants and other assistance primarily for students at or below the poverty level .
This type of scholarship helps to bridge the financial gap. It generally has more generous financial qualification criteria, and many were specifically gifted for the student who wants to attend college but whose parents make too much money for him to qualify for most federal programs. A need-based scholarship can pay for partial or full tuition, housing costs, and sometimes a book stipend.
A student should contact their high school guidance counselor for available need-based scholarships. In the United States, the student generally begins by completing a Free Application for Federal Student Aid (FAFSA). Even if the student knows that she probably won’t qualify for federal aid, many colleges and other organizations use the FAFSA as the “official” statement of a student’s financial situation. She will need the help of her parents to complete this form, as they will likely need to attach copies of their tax returns and other documents as proof of income.
A need-based scholarship may also be partially based on academic performance. That is, a student must first meet financial criteria, but then must have a certain grade point average or standardized test score to qualify further. Alternatively, you may need to be accepted into a particular degree program at a university. For example, the scholarship may provide that the student’s parents have a combined income of less than US$50,000, that the student have at least a 3.0 grade point average, and that the student be accepted into the teacher education program at the chosen university. . However, the financial consideration must be met first.
A student should also always check with the financial aid department of her chosen school to see if a need-based scholarship is offered. Sometimes financial aid counselors know about scholarships that the general public doesn’t. The student should also check online resources, which may also have lists of available scholarships. If one is available, it may be just what a student needs to help her attend the college of her choice.
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