Study.com Need-Based Scholarships Guide

Need-Based Scholarships: What Are They & How to Apply

Attending college can be a costly experience. According to recent research from the Education Data Initiative, the average annual cost of attending a four-year degree program, including tuition, books, and living expenses, is $35,551. That makes the total cost of college for four years approximately $142,204. Tuition can also vary by state. For many students, paying those costs out of pocket is simply not an option. Fortunately, there are several other ways to pay for a college degree, including loans, grants, and scholarships.

Several different kinds of scholarships cater to the needs of different student populations. One common type of college funding is need-based scholarships.

What are need-based scholarships?

These scholarships are designed to make college accessible to students who would not otherwise have the funds to attend. The application process for need-based scholarships usually requires students to disclose their or their family’s income to determine eligibility. There is no universal standard of financial need that students must meet to be eligible for need-based scholarships. Requirements vary, so students should examine various scholarship programs to find the ones that best suit their financial situation.