4 Top Financial Need-Based Scholarships
What are Need-Based Scholarships?
Financial need-based scholarships are awarded to students based on demonstrated financial hardship, aiming to assist those who lack the financial means to pursue higher education independently. Unlike merit-based scholarships, which consider academic or other achievements, financial need-based scholarships prioritize candidates facing economic challenges.
Demonstrating financial need for scholarships doesn't always require being classified as low-income. Even individuals with moderate incomes may encounter financial challenges due to circumstances such as high medical expenses, unexpected emergencies, or other unique financial burdens. Therefore, the concept of financial need extends beyond a fixed income threshold, acknowledging that various factors can impact a family's ability to afford education. For instance, a family with a middle-income level might still face difficulties covering the costs associated with higher education, making them eligible for financial need-based scholarships.
How is Financial Need determined?
Organizations utilize a variety of factors to assess the financial need of students, ensuring that assistance is directed towards those who require it the most. These are some of the factors used when organizations that award scholarships consider:
a. Income Levels:
The most straightforward criterion is the income level of the student's family. This includes factors such as household size and the number of dependents. Generally, the lower the income, the higher the financial need.
b. Assets and Liabilities:
Organizations also consider the assets and liabilities of the student and their family. This may include property, savings, and outstanding debts, providing a more comprehensive picture of the financial situation.
c. Educational Expenses:
Assessment takes into account the specific educational expenses a student is likely to incur, such as tuition, fees, and the cost of living in a particular area. This ensures that financial aid addresses the entirety of a student's needs.
d. Special Circumstances:
Organizations may also consider special circumstances, such as medical expenses, disabilities, or other exceptional situations that could impact a family's financial stability.
Financial Need-Based Scholarships
College dropout rates continue to be a significant concern in the realm of higher education, reflecting various challenges faced by students. According to the National Center for Education Statistics (NCES), the overall undergraduate dropout rate in the United States stands at approximately 40%. This statistic underscores the complexity of factors influencing student persistence, including financial constraints, academic unpreparedness, and personal circumstances. Additionally, a study by the National Student Clearinghouse Research Center revealed that 30% of students who started college in 2014 had not completed their degree within six years. These dropout rates vary across demographics, with first-generation college students and those from low-income backgrounds facing higher risks. Scholarships can be at the forefront of helping solve this issue which is why we’ve put together this list of financial need-based scholarships:
Description: The Davis-Putter Scholarship Fund provides financial support for students who are active and emerging organizers in progressive movements for liberation, self-determination and social and economic justice in their communities.
Amount: Up to $15,000
Eligibility: Undergraduate in College or VoTech Program, Demonstrate Financial Need
Deadline: April 1, 2024
2. Engebretson Foundation Scholarship
Description: The Engebretson Scholarship Foundation was founded in 2006 by the family of the late David J. Engebretson. David J. Engebretson, a native of South Dakota, was a prominent business man who always held children close at heart. Mr. Engebretson had a dream, a dream to "Always Give Back." He supported many organizations and hospitals through donations, always focusing on the needs of a child. The Engebretson Foundation is based on this dream and founded to carry on the dream.
Amount: $10,000
Eligibility: High School Senior, Enrolling in Four-Year College, Demonstrate Financial Need, 3.75 GPA, SAT Score 1240 or Higher
Deadline: March 1, 2024
3. Jackie Robinson Foundation (JRF) Scholars
Description: Established in 1973 by Rachel Robinson to perpetuate the memory of her husband, the Jackie Robinson Foundation is a public, nonprofit organization that administers one of the nation’s premier scholarship and leadership development programs for talented college students.
Amount: Up to $35,000
Eligibility: High School Senior, US Citizen, Minority, Demonstrate FInancial Need and Academic Excellence
Deadline: January 11, 2024
4. Bezos Scholars Program
Description: There’s no experience like the Bezos Scholars Program—a transformative, year-long, no-cost leadership development program that amplifies youth voice, collaboration and action so young people with passion can start making a difference today.
Amount: $1,000
Eligibility: High School Junior, Honors Course Attendee, 30% or Greater in Free or Reduced Lunch Rate
Deadline: January 25, 2024
Conclusion
Financial need-based scholarships serve as crucial mechanisms in addressing economic disparities and fostering equitable access to higher education. These scholarships recognize that financial obstacles to education extend beyond traditional low-income classifications, taking into account various factors such as family income, assets, and specific expenses. By offering financial assistance to individuals facing economic challenges, these scholarships play a pivotal role in breaking down barriers and providing deserving students with the opportunity to pursue their academic goals. The statistics on college dropout rates underscore the importance of such scholarships in mitigating challenges that can impede student persistence. Ultimately, financial need-based scholarships contribute to creating a more inclusive educational landscape, empowering students from diverse economic backgrounds to overcome financial barriers and achieve success in their educational endeavors.
