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Define "Financial Need"

In regards to scholarship applications can you please define "financial need". I don't want to waste my time applying for scholarships that I don't qualify for. However, I cannot find the exact number that defines financial need. I come from a one income household with an EFC if $15k, and I do not have money available to pay for my education, so in my opinion I have a financial need. I have read a few places that if I don't qualify for the Pell Grant then I don't have a financial need. So if that is the case , am I wasting my time applying for scholarships that require a financial need? Help please, this is really hard to figure out. #scholarships #financial-aid #college #finance

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Tressa’s Answer

"Financial need" is calculated by utilizing the "Cost of Attendance" at the College/University minus your EFC (received from applying through fafsa.gov) which based on your post - you have done, this gives you your "financial need: at that institution . You can usually find this under the "Admissions or Financial Aid "areas on the institutions website as this is considered "Consumer Information" the Institution is required to provide. The financial aid award from the institution then looks to give you your Pell Grant eligibility (if eligible), Institutional aid (funding the institution may have available based on endowments or other financial aid funding (scholarships are one of these types of aid ), Federal Work Study and then student loan(s).
I recommend that you apply for any institutional scholarship that you meet minimum requirements - you may be pleasantly surprised!

Tressa recommends the following next steps:

Go to College's website and review Admission's requirements
Insiituion's financial aid "next steps"
Be prepared to submit documentation requested to complete "Verification", if selected - your FAFSA will let you know if this is applicable
Make certain you meet ANY deadlines given by the Institution!
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Amy’s Answer

J'Kory, great question. Financial need can seem like a feeling sometimes as you look at the price of higher education, but it is a specific number based on the school/schools you are interested in attending, and it is the difference between the institution's cost of attendance (direct and indirect costs of attending the institution including tuition books, housing, personal expenses, transportation, etc., and this will be disclosed to you on a school's website or in promotional materials) and your EFC or expected family contribution generated from a completed FAFSA or FAFSA4Caster available on fafsa.gov. Subtract your specific EFC number from the school's cost of attendance and you've got your financial need.

If you have had any recent significant changes in your household size or income and feel that your financial need is not being properly represented, please get in contact with a financial aid representative at the school/schools you are interested in to discuss adjustments to your financial need calculation or options to help you.

Amy recommends the following next steps:

Complete a FAFSA at fafsa.gov.
Research institutions you are interested in and search "cost of attendance" on their websites.
Apply, apply, apply for scholarships!
When you have narrowed down some institutions you are interested in, request to speak to someone regarding your specific financial situation.
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Simeon’s Answer

For a lot of these applications, it might be good to go ahead and apply and let them decide if you qualify for the need they have in mind, especially if it's not clearly defined in the scholarship application requirements. Chances are, they might consider your application if it's slightly off if they haven't received applications from people that better fit the requirements they have in mind. Many scholarships go unclaimed, so go ahead and apply for any that you might qualify for since they might make an exception even if not.
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Brenda’s Answer

Hello J'Kory,

I would like some clarification before I give an answer. It appears that you stated you have an EFC of $15K, but an EFC is not given in dollar amounts. So is the $15K that you mentioned an EFC that you got after you have completed the FAFSA and that is the EFC you were given?
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Maria’s Answer

I always encourage students to apply for financial aid regardless if you are eligible for a pell grant. Based on a single household income with $15K you should not have any issues receiving a pell grant. Don't feel that it is a waste of time because you never know. Depending on the college you attend, scholarships are given away.

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