The cost of higher education is so high and the students who strive for education cannot afford it. Some courses are so expensive that even financially well students think twice before enrolling in them. They also thought of financial support. To bridge the gap between the cost of the program and the student’s ability to pay, various scholarship programs are available for students who are in financial need. To secure a scholarship, students have to write an application letter that demonstrates their financial needs. On the other hand, most of the scholarships are awarded based on the need. So, writing a financial needs application is one of the most common college scholarship essays. Here, we will discuss all the elements that are required to demonstrate financial need for scholarships including scholarship essays.
What is the Financial Need for Scholarship?
Financial need refers to the need for finances when students are unable to afford the cost of education. The need arises due to the gap between the cost of education and the ability to pay. To fill this gap, various scholarships are available for which you have to demonstrate your financial need in front of the providers. You can calculate the finances by subtracting the expected family contribution from the total cost of attendance. The gap can be filled through scholarships, work-study programs, grants, and other forms of financial aid.
The students who demonstrate that they face the issue of a lack of resources and the financial condition of the family is not stable, then they will be considered for financial scholarships. Other than this, they have to comply with the eligibility criteria of the scholarships which include submission of financial documents, tax returns, etc.
How to Demonstrate Financial Need for Scholarships?
Scholarships make the higher education accessible to a diverse range of students. Scholarships take off the financial burden and provide assistance to deal with the tuition cost, books, and living expenses. To secure a scholarship, you have to properly demonstrate your financial need to convince the provider to award a scholarship to you.
Steps of Writing an Essay to Demonstrate Financial Need
You should include the below-mentioned point in your essay as it will help you demonstrate your financial need.
- Introduction: As you all know the first impression is the last. So, try to write it in an effective way that catches the reader’s attention towards you. Politely tell them who you are and then mention your background which includes family details. Tell them that you are the first person in your family who is going to attend college. Emphasize the point that if you get the opportunity, you can use it for your future and how it aligns with the goal of the university or program.
Most importantly, start writing the essay after researching the scholarship. Every scholarship has its unique requirements. Include details in your essay as per the requirements. Choose the scholarship that aligns with your goals and financial needs.
- Justify Your Financial Need: While writing about your financial need, you must be honest, and sincere, and provide the exact details of how you face the financial issues, and how they impact your future goals and aspirations.
Mention your financial hardship and how you face challenges including expected financial burdens, education costs, job losses, medical expenses, etc. Explain how these financial challenges affect your goal of pursuing higher education.
Mention about your skills and abilities and how your determination and commitment can help the institution and Society. Highlight your academic scores, extracurricular achievements, volunteer work, leadership qualities, etc. These things will demonstrate your dedication to the program.
Discuss your future goals, how you utilize that scholarship amount, and how you contribute to the family, society, and education.
- Provide a Detailed Budget: Prepare an outline of the budget that describes your financial situation by providing details regarding expected educational expenses and other financial obligations. The budget directly helps the financial committee understand your financial gap. To show them the figured amount, use the realistic approach and provide a thorough calculation. Your calculation must include items like tuition, book expenses, traveling expenses, housing costs, and other relevant personal expenses that are related to your education.
- Provide Letter of Recommendation: If you can provide a letter of recommendation that describes your financial need, then attach it with the application. You can ask your teachers, mentors, or counselors to write a letter of recommendation for you as they know about you and your financial condition. So, they can easily demonstrate your need to the scholarship committee.
- Attach Financial Documents: Provide them with the actual evidence of your financial condition. For this, you can attach financial documents with your application including tax returns, bank statements, employment records, FAFSA forms, EFC, etc.
- Professional Help: You can take financial advice from the scholarship advisors. They will guide you on how to write an application that demonstrates your financial need. They will help you in navigating your application process and provide you with valuable insights.
- Proofreading: Before submitting your application, ensure that it doesn’t have any grammatical errors, sentence errors, or other mistakes. An application that is free from errors reflects your dedication and attention to detail.
- Timely Submission: Submit your application on time as it will increase your chances of getting selected. Complete all the procedures on time because incomplete applications may be disqualified by the providers.
- Follow-up: Try to be in touch with the providers via emails or online websites. Your follow-up action will demonstrate your eagerness to secure the scholarship.
Therefore, these are the points that demonstrate your financial need for the scholarship to the provider. You have to mention your future goals and how your goals align with the goals of the organization. It makes you a deserving candidate for the scholarship.
How to Begin the Essay that Demonstrates Your Financial Need?
Do not start your essay by stating financial need itself. Firstly, describe your passion, motivation, goals, and aspirations. Describe your skills, achievements, qualifications, work experience, etc. that show your ability for the scholarship. After this, describe your financial crisis along with the evidence. The provider evaluates your application by considering all the details.
To demonstrate the financial need for the scholarship, you have to write an effective essay that is attached to your application which requires careful planning, documentation, and a compelling personal statement. Your introductory part describes yourself and your family and your financial background. Your essay should define your true picture of your financial situation and it is possible through evidence. For evidence, you can submit your income statement, taxation record, letter of recommendation, etc. One more thing, the scholarship providers look for candidate who is deserving and motivated, and your application should reflect your determination for the scholarship.