Scholarships
Grants
Loans
Student finance
It’s no surprise that the cost of college is a barrier to entry for many students. In fact, data shows that students from low-income backgrounds can only afford to attend about 5% of colleges nationwide and 38% of college dropouts state financial pressure as their reason for leaving. While it may have been possible to work and pay your way through college in the past, the reality is that nowadays about 84% of college students rely on some form of financial aid to pay either part or all of their college costs.
Despite the increased need for financial aid, some students have a much higher need than others, especially students from historically underrepresented groups and students trying to break family cycles of poverty. Expanding opportunities for disadvantaged students is critical to breaking the poverty cycle and empowering students to take control of their futures.
To support the success of low-income students, the federal government, several private organizations, and numerous colleges and universities set aside funds specifically for students with high levels of financial need. Begin your search by learning about all the financial aid options that are open to students, and then narrow your search to match your circumstances.
What is a need-based scholarship?
A need-based scholarship is a financial award presented to students based specifically on financial need. Academic performance, interests, extra-curricular activities, or other merit-based aid criteria is not taken into account for the allocation of scholarships. Most need-based scholarships require you to complete the Free Application for Federal Student Aid (FAFSA) to determine your financial need and eligibility. Scholarships and grants provide you with money for school that doesn’t need to be paid back – making them the best option for covering the cost of your education.
Government need-based aid
Federal Pell Grant
The Pell Grant was created to support undergraduate students with financial need. Students should complete the FAFSA each year to find out their eligibility for the grant. Financial need is calculated based on the Expected Family Contribution (EFC), cost of attendance of the student’s program, and part-time or full-time status.
Scholarship amount: Up to $6,495 per year
Official scholarship website: Federal Student Aid – Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Students with financial need can apply to receive Federal Supplemental Educational Opportunity Grant (FSEOG) funds from the federal government. Students must be attending a participating institution to receive the grant. Unlike the Federal Pell Grant, the FSEOG is first-come, first-serve.
Scholarship amount: Up to $4,000 per year
Official scholarship website: Federal Student Aid – FSEOG
Need-based scholarships for undergraduate students
South Dakota Needs Based Grant Program (SDNBGP)
This grant program provides funds to participating colleges and universities to help students earn a degree despite financial need. Participating institutions include Augustana University, Dakota State University, and the University of South Dakota, among others. The scholarship award varies depending on the student’s amount of unmet need.
Scholarship amount: $500 to $2,000
Official scholarship website: South Dakota Board of Regents
Families of Freedom Scholarship
This need-based scholarship is awarded to dependent children, spouses, and domestic partners of 9/11 victims. Students can use the funds at a vocational-technical school, trade school, 2-year college, or 4-year college/university. The scholarship is renewable, but students must reapply each year.
Scholarship amount: No amount specified
Official scholarship website: Families of Freedom
Jack Kent Cooke College Scholarship
Students with financial need can apply for this generous scholarship, which can be used towards tuition, books, living expenses, and educational fees. Award amounts are based on tuition costs and other financial aid granted to the student. In addition to financial support, students also receive personal guidance during the college transition process.
Scholarship amount: Up to $55,000 per year
Official scholarship website: Jack Kent Cooke Foundation
Jack Kent Cooke Undergraduate Transfer Scholarship
The Jack Kent Cooke Foundation awards annual scholarships to transfer students with unmet financial need. Students must be attending or recently graduated from a community college or 2-year institution and planning to enroll in a full-time bachelor’s degree program. The award aims to provide funds to cover tuition, living expenses, books, and fees for 2 to 3 years. Winners also receive one-on-one advising and guidance throughout the transition to a 4-year school.
Scholarship amount: Up to $55,000 per year
Official scholarship website: Jack Kent Cooke Foundation
Louisiana GO Grant
The Louisiana GO Grant is offered to Louisiana residents who are attending school at least half time. Students must be Federal Pell Grant recipients to be eligible and have unmet financial need. The grant can be renewed annually by completing the FAFSA.
Scholarship amount: $300 to $3,000
Official scholarship website: Louisiana GO Grant
Ohio College Opportunity Grant (OCOG)
Awarded by the Ohio Department of Higher Education, this need-based grant is provided to Ohio residents with exceptionally high levels of financial need. Students must be attending a college or university in Ohio and pursuing their first associate’s, bachelor’s, or nursing degree. Financial need is determined by completing the FAFSA.
Scholarship amount: No amount specified
Official scholarship website: Ohio Department of Higher Education
The SC Need-Based Grant Program
The South Carolina Commission on Higher Education awards need-based grants to part-time and full-time students at South Carolina public colleges and universities. The program committee selects grant recipients based on unmet financial need.
Scholarship amount: Up to $1,250 for part-time students and up to $2,500 for full-time students
Official scholarship website: SC Need-Based Grant Program
Need-based scholarships for graduate students
Legal Opportunity Scholarship
The American Bar Association awards need-based law school scholarships to students from underrepresented groups. The scholarship is renewable for all 3 years of law school based on academic performance and available funds. In addition to financial need, the scholarship committee considers the student’s participation in the community as well as family, personal, and educational background.
Scholarship amount: $5,000 per year
Official scholarship website: American Bar Association
Bill and Shireen Kirk Scholarship Fund
Undergraduate, graduate, and doctoral students with financial need are eligible to apply for this annual scholarship. Students need to be pursuing a degree in the field of business, chemistry, civil engineering, construction management, marketing, or sales. The scholarship committee gives preference to students with a focus in civil infrastructure.
Scholarship amount: No amount specific
Official scholarship website: Asphalt Foundation
Generation Google Scholarship
Computer science students with a commitment to diversity and inclusion, academic performance, and leadership can apply for this need-based scholarship. Students can be studying at the undergraduate, graduate, or doctoral level. Individuals from groups that are underrepresented in the technology industry, such as women, Black/African American, and Hispanic/Latino, are highly encouraged to apply.
Scholarship amount: $10,000
Official scholarship website: Build Your Future – Google
Need-based scholarships for minority students
Gates Millennium Scholarship
The Bill and Melinda Gates Foundation provides generous scholarships to minority students with significant financial need. Students studying computer science, science, mathematics, public health, library science, engineering, or education are eligible. Undergraduate, graduate, and doctoral students can apply.
Scholarship amount: All unmet financial need
Official scholarship website: Gates Millennium Scholars Program
Smartwool Scholarship
In partnership with the United Negro College Fund (UNCF), Smartwool awards 10 need-based scholarships per year to students attending an HBCU in North Carolina or Tennessee. Students from any major are welcome to apply, but preference is given to design, fashion, finance, marketing, operations, textiles, and similar disciplines. Candidates should have a passion for the outdoors and a love for nature.
Scholarship amount: $2,500
Official scholarship website: UNCF – Smartwool Scholarship
Ron Brown Scholarship
The Ron Brown Scholarship Program provides up to 50 need-based and merit-based scholarships per year to exceptional African American students. Applicants should have a strong passion for global citizenship, public service, community engagement, and business entrepreneurship. Students can be pursuing a degree in any field.
Scholarship amount: $40,000 per year
Official scholarship website: Ron Brown Scholarship Program
Pursuing higher education can be life-changing for students, especially those from low-income backgrounds. In addition to expanding career opportunities and access to higher-paying positions, many students from low-income backgrounds are first-generation college students. Earning an education can help break the cycle of poverty for both the student and their families. If you have unmet financial need, applying for federal and private need-based scholarships can help turn your educational dreams into a reality.
Frequently asked questions (FAQs)
How do I know if I’m eligible for need-based scholarships?
The first step to determine your eligibility for need-based scholarships and grants is to complete the Free Application for Federal Student Aid (FAFSA). This will determine your Expected Family Contribution (EFC), your eligibility for federal financial aid, and your amount of unmet financial need. Most schools and scholarship programs will require the FAFSA to determine your award eligibility.
Where can I find need-based scholarships?
Your high school guidance counselor or university’s financial aid office are great places to begin your search. You can also search independently on the Degree Choices database, which allows you to search by major, GPA, and other criteria. Additionally, Fastweb, Petersons, and Cappex have extensive scholarship databases that can allow you to access even more opportunities.
How much does a college degree cost?
Although the cost is on the rise each year, the Education Data Initiative estimates that the current cost for a 4-year undergraduate degree is $141,324. Additionally, students pay an average of $66,340 for a master’s degree and $114,300 for a doctoral degree. Being proactive about applying for scholarships and grants can help reduce your costs and make college more affordable.
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