Need-Based Scholarships: How to Apply and Where to Find Them

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What are Need-Based Scholarships?

Need-based scholarships are a type of financial aid that are awarded to students who demonstrate financial need. Financial need is determined by the difference between the cost of attendance (COA) and the expected family contribution (EFC). The COA includes tuition, fees, books, supplies, room, board, and other expenses. The EFC is calculated based on the information provided in the Free Application for Federal Student Aid (FAFSA), which considers the income, assets, and household size of the student and their family.

Need-based scholarships can come from various sources, such as the federal government, state governments, colleges, universities, private organizations, foundations, and corporations. Some examples of need-based scholarships are the Pell Grant, the Federal Supplemental Educational Opportunity Grant (FSEOG), the Federal Work-Study Program, and the Iraq and Afghanistan Service Grant. Need-based scholarships can cover part or all of the COA, depending on the amount and availability of the funds.

Why are Need-Based Scholarships Important?

Need-based scholarships are important because they help make college more affordable and accessible for low-income students. According to the College Board, the average COA for a public four-year institution in 2020-2021 was $26,820 for in-state students and $43,280 for out-of-state students. The average COA for a private nonprofit four-year institution was $54,880. These costs can be prohibitive for many students and their families, especially in the context of the COVID-19 pandemic and the economic recession.

Need-based scholarships can reduce the financial burden and stress of paying for college, and allow students to focus more on their academic and personal goals. Need-based scholarships can also increase low-income students’ enrollment, retention, and graduation rates, and promote diversity and inclusion in higher education. Need-based scholarships can also have long-term benefits for the recipients and society, such as higher earnings, lower unemployment, better health, and more civic engagement.

How to Apply for Need-Based Scholarships?

To apply for need-based scholarships, the first and most important step is to complete the FAFSA as soon as possible after October 1st of each year. The FAFSA is the key to unlocking federal, state, and institutional aid, as well as some private scholarships. The FAFSA requires information about the student and their family’s income, taxes, assets, and household size. The FAFSA can be completed online, by mail, or by phone. The FAFSA has a deadline of June 30th of each year, but some states and colleges may have earlier deadlines, so it is advisable to check and apply early.

After submitting the FAFSA, the student will receive a Student Aid Report (SAR), which summarizes the information provided and indicates the EFC. The student should review the SAR for accuracy and make any corrections if needed. The student will also receive a financial aid offer from each college they applied to, which will list the types and amounts of aid they are eligible for, including need-based scholarships. The student should compare the offers and accept the one that best suits their needs and preferences.

In addition to the FAFSA, some colleges and scholarships may require the student to complete the CSS Profile, which is a more detailed and comprehensive application for non-federal aid. The College Board administers the CSS Profile and has a fee of $25 for the first college and $16 for each additional college. The CSS Profile has different deadlines and requirements for each college, so the student should check and follow them carefully.

Besides the FAFSA and the CSS Profile, the student should also search and apply for other need-based scholarships that match their profile and interests. Some many online databases and resources can help the student find and secure scholarships, such as Unigo, Fastweb, Scholarships.com, and U.S. News & World Report. The student should also look for local and community-based scholarships, which may have less competition and more personal connections. The student should pay attention to each scholarship’s eligibility criteria, application process, and deadlines, and submit their applications on time and with quality. The student should also avoid scams and frauds that ask for money or personal information in exchange for scholarships.

What are some examples of need-based scholarships?

Some examples of need-based scholarships are:

• The Pell Grant: This federal grant provides up to $6,495 per year for students with exceptional financial needs.
• The FSEOG: This federal grant provides up to $4,000 per year for students with the lowest EFCs.
• The Iraq and Afghanistan Service Grant: This is a federal grant that provides up to $6,495 per year for students whose parent or guardian died as a result of military service in Iraq or Afghanistan after September 11, 2001.
• The Doan Foundation Arts Scholarship: This private scholarship provides $500 to $1,000 for low-income students from California who want to pursue a career in the arts.
• The Scorenavigator Financial Literacy Scholarship: This private scholarship provides $1,000 for low-income high school juniors or seniors with a GPA above 3.0 and plans to pursue an undergraduate education.
• The Rodney James Pimentel Memorial Scholarship: This private scholarship provides $5,000 for low-income California students pursuing an undergraduate STEM education.
• The Beinecke Scholarship Program: This private scholarship provides $35,000 for college juniors who have demonstrated financial need and high academic achievement in the arts, humanities, or social sciences.
• The Fontana Transport Inc. Scholars Program: This private scholarship provides up to $5,000 for high school seniors who have demonstrated financial need and academic meri.
• The Horatio Alger Targeted Scholarships: These private scholarships provide up to $52,000 for high school students who have overcome adversity and have critical financial needs.
• The Isaac Yunhu Lee Memorial Arts Scholarship: This private scholarship provides $10,000 for low-income students who plan to attend or attend art school.

These are just some of the many need-based scholarships available for students. You can find more by using online databases and resources, such as Unigo, Pickascholarship, Fastweb, Scholarships.com, and U.S. News & World Report. You can also look for local and community-based scholarships with less competition and more personal connections.

Conclusion

Need-based scholarships are a vital form of financial aid that help low-income students pursue their higher education goals. Need-based scholarships can reduce the cost and stress of college, and enable students to achieve their academic and personal potential. Need-based scholarships can also benefit society by increasing the diversity and quality of the educated workforce. To apply for need-based scholarships, students should complete the FAFSA, the CSS Profile, and other applications that match their profile and interests. Need-based scholarships are a valuable opportunity that students should not miss.