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What Is a Need-Based Scholarship?
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Often, parents make too much to qualify for government grants. So need-based scholarships are there
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What Is a Need-Based Scholarship?
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Hi! This is Meghan Lynn Allen for About.com, and today we'll discuss answer the question, what is a need-based scholarship?A need-based scholarship sounds like exactly what it is - a scholarship based on need. If you can provide information and show that you need financial aid from someone other than the federal government, you may be qualifying for a need-based scholarship.Every student or potential student applying for a college program needs to fill out a FAFSA - or Free Application for Federal Student Aid. And most of the time, this will ding the appropriate sources to say, hey, I need some additional help of a need-based scholarship. There might be a need-based scholarship out there just for you that doesn't apply to everyone else. For instance, an occupational, a vocational, or technical scholarship that not only is need-based, but seeks out that special talent that applies to a specific field of study.A need-based scholarship may be offered by a school, a business, an organization or a private endowment. Keep in mind that a need-based scholarship depends on your income, so you might want to have plenty of information about your income handy - it's always nice to have last year's taxes on hand - and if you're a student under the age of 18 or a dependent on someone else's income, you'll need to have information on that person (such as a parent or legal guardian).
Often, parents make too much to qualify for government grants, so need-based scholarships are there to bridge the gaps.
Exactly how much assistance can you expect from a need-based scholarship? Well, it depends on the application and the college itself. Some offer full tuition, some offer a partial subsidy. Also, there are offers for a book stipend or housing. Make sure to read the fine print and fill out the application with the specific details of the scholarship application.
Thanks for watching. To learn more, visit us on the web at About.com.
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