![]() The process of calculating student need begins with students filling out the FAFSA form (Free Application for Federal Student Aid). It may be easier to understand through the following depiction Determining the need is a straightforward mathematics equation that computes the difference between the cost of college attendance and expected family contribution. The answer lies in a tried and tested formula that most colleges and universities use. Now for a fundamental question – How do colleges decide who has an actual need? That way, the deciding committee will be able to get a more intimate view of those that have applied for the scholarship. A personal narrative about why that scholarship is so critical is usually required as well. Most of the time, letters of recommendation also need to indicate why the need for financial assistance is so great. Those requirements will be weighed in along with the economic need. For example, a person may need a certain GPA or desire to pursue a degree in a particular field. There are usually some other requirements, too, to make the process easier. The process of deciding which students will get such a college scholarship is harder to determine than the scholarships that are merit-based only. It generally comes down to whether they will reasonably be able to attend the college they have been accepted to without the funds. The overall dollar amount that they make or that they have access to isn’t much of a concern. These types of funds are only offered to those who can show some financial hardship. Need Based ScholarshipsĪpplying for economic scholarships based on need is quite common. Lets go through these different type of scholarships one at a time: 1. Some of the scholarships are applicable to everyone (like the NMSQT) whereas the others are applicable to special interest groups (athletics, STEM, etc). There are many different types of scholarships targeting different set of students. ![]()
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January 2023
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