What is a Need Based Scholarship?
With rising tuition costs, and facing the burden of student loans, college students often look for scholarships. There are many types of scholarships, some offered by the college or university, and others offered by foundations or organizations. Some are based solely on academic performance, some on ethnic background, and others on financial circumstances. This last is a need based scholarship. A need based scholarship may be offered by the school, a business, an organization, or a private endowment. A need based scholarship may take academics into account, but the primary criterion for qualification is demonstrating financial need. Students who have parents in a lower-middle income bracket may not have the funds to pay for college, but their parents make too much for them to qualify for government grants and other assistance primarily for students at or below the poverty level. A need based scholarship helps bridge the financial gap. These scholarships usually have more generous finan
need is determined by subtracting the Estimated Family Contribution (EFC) from the Cost of Attendance (COA). The federal government determines your EFC based on information obtained from your Free Application for Federal Student Aid (FAFSA) and tax returns. The COA estimate includes tuition, fees, room and board, books, supplies, transportation and personal expenses. COA figures are calculated by individual institutions and approved by the Board of Regents.
