why is financial aid important essay

Calculate for all schools

Your chance of acceptance, your chancing factors, extracurriculars, what should be included in a 'reasons why i need financial aid' essay.

I'm applying for financial aid and one of the requirements is to write an essay explaining why I need it. I'm a bit stuck on how to approach this without sounding repetitive or cliché. What are the key points that should definitely be included in this type of essay? Should I focus more on my personal circumstances or my aspirations and how financial aid can help achieve them? Any tips or successful strategies would be super helpful. Thanks!

Writing a 'why I need financial aid' essay requires a thoughtful approach, as you want to clearly explain your financial situation without coming across as though you're asking for pity. It's also important to balance your financial circumstances with your educational aspirations, as the two are often interlinked.

Here are some key points you can consider including:

1. Financial Circumstances : A thorough yet concise summary of your financial situation can be a powerful starting point. This could include your family's income, living situation, and any other financial obligations that may impact your college funding, such as having siblings in college or other significant expenses.

2. Educational Goals : Discuss your plans for college and beyond, including your prospective major, career goals, and how your chosen course of study would help advance these goals. This will demonstrate that you not only need financial aid but also have strategically planned out how to use it.

3. Specific Costs : Detail any particular costs associated with your education, such as tuition, books, travel expenses, or specialized equipment for your program of study. This information can help paint a comprehensive picture of just how much your education is going to cost and how financial aid could alleviate these pressures.

4. Impact of Aid : Elaborate on how receiving financial aid would impact your educational journey. Would it allow you to focus more on your studies and less on part-time work? Could it let you take advantage of additional opportunities, such as internships or study abroad, that might otherwise be financially out of reach?

5. Commitment to Success : Demonstrate your dedication to making the most of the opportunities given to you. You might want to discuss your academic achievements, extracurricular involvement, or community service, showing that you're not just looking for a handout but are committed to working hard and succeeding.

Remember, you don't have to bare all your financial hardships. Be honest, but also focus on your aspirations and your commitment to your education. In other words, make it clear that this is an investment that will yield valuable results in the future.

About CollegeVine’s Expert FAQ

CollegeVine’s Q&A seeks to offer informed perspectives on commonly asked admissions questions. Every answer is refined and validated by our team of admissions experts to ensure it resonates with trusted knowledge in the field.

Financial Need Essay: Examples & Writing Guide

Unfortunately, not everyone striving for education can afford it. Some courses are so expensive that even well-to-do citizens need financial assistance. They can write a scholarship application letter or refuse the undertaking. In such a case, students are supposed to submit a financial need essay.

Funding authorities cannot assist each student. That is why you need to assure them in your statement of financial need that you deserve the scholarship more than anyone else.

If you’re looking for financial need scholarship essay examples, we’ve got you covered. This article by Custom-Writing experts will provide you with a clear explanation of the statement’s structure and a well-written essay sample.

• ✅ What to Include
• 💰 Reasons for Financial Aid
• 🚫 Mistakes to Avoid
• 👀 Essay Sample

🔗 References

✅ statement of financial need: what to include.

This type of writing is a statement of a student’s life circumstances . But there is a limited number of aspects that you need to include. Otherwise, the committee will reject your request for financial aid as it will not look persuasive enough. Follow the next five steps to write a scholarship-winning essay. If you will still be unsure of how to write this kind of paper, explore the example in the next section.

• Introduce yourself. Your readers learn about you for the first time. It is polite to tell them who you are . Stress that you are the first person in your family who will attend a college. If you pertain to an ethnic group that may be underrepresented at the college, mention it.
• Explain how you’re now paying for college. Are you working to pay for your studies? Does this work take the time you could spend learning?
• Justify your financial need. Explain why you need assistance and the difficulties you meet in paying for your studies.
• Describe how you would benefit from the scholarship. Will you have to drop out if you are not given the scholarship? What will happen when you receive it? Explain that you will be able to study more if there is no need to work after classes.
• Make a closing statement . Do not beg and avoid being too emotional. Your essay should sound professional. Thank your readers for taking the time to consider your request.

Here, you can read about other secrets of scholarship essay writing .

💰 Reasons for “Why I Need Financial Aid” Essay

As you already know, you must include the reasons why you need financial aid in your essay. You might be wondering how to clarify your need correctly. Well, we can assist you with this step.

Check out the examples of reasons below to see how you may justify your eligibility for financial aid:

• Limited family income. This is the most widespread reason why you might need financial aid. The financial strain can be even worse if your siblings also attend college. You can explain how low income creates a financial challenge for your family that struggles to save money for education despite working hard.
• Significant financial obligations. Certain financial responsibilities can make it troublesome for a student to devote funds to education. These obligations can include debts, mortgages, or caring for a family member.
• Unexpected financial changes. Financial stability can be disrupted by unexpected financial changes, such as job loss, illness, or a natural disaster. If you experience any of these events, you can use them to justify your monetary need.
• Contribution to your community. You may also apply for financial aid if you volunteer or participate in community service. In this case, you can explain that your activity benefits the society but leaves you with little opportunity to make a living.
• Geographic challenges. Your expenses will differ depending on the cost of living in a particular region. High living expenses increase the financial strain on students, affecting everyday costs, housing, and tuition. This, in turn, is a good reason to receive financial aid.
• Unique educational needs. You can use this reason in your essay if you need supplementary technologies, resources, and specialized materials to learn effectively. Since all these accommodations are high-priced, financial aid will help create a more equitable learning environment.
• Multiple dependents. Some students are the only breadwinners in their families. They have to balance financially supporting their families and pursuing education. A grant will not only allow them to cover family expenses but also maintain a life-study balance.
• Independent student status. Finally, you can experience financial need if you’re an independent student . It means you don’t receive any financial help from your parents or guardians. If that’s your case, you can explain in your essay how a scholarship would help you handle the challenge of providing for yourself.

🚫 Financial Need Essay: Mistakes to Avoid

There are several big mistakes students can make in their scholarship essays. Make sure to avoid them in your statement:

• Negativity. A good financial need essay is not focusing solely on hardships. Instead, it should emphasize how you overcome challenges through your resilience and adaptability.
• Overestimated hardships . Not all life challenges are serious enough to earn you a scholarship. Make sure to mention only the most serious reasons for your application.
• Re-submitting essays . You might need to write several essays to apply for different financing opportunities. In this case, write a unique statement for each program. Do not send the same essay to all organizations.

👀 Statement of Financial Need Example

Paragraph #1 Introduction

I have seen how important learning is in everyone’s life since childhood. My parents did not have a chance to attend college as they had to earn their living. It affected their career, and the lack of education will be felt for the rest of their lives. We have never been a wealthy family, but my parents did their best to instill a love for learning in me.

Paragraph #2 How are you paying for college now?

Previously, I had to work 20 hours per week to support myself. My parents paid most of the tuition fees, but I did my best to relieve this burden. Due to the lockdown, their earnings were cut by half. So now I will have to work more or drop out of college.

Paragraph #3 Justify your financial need

Moreover, the next year’s curriculum includes more subjects. That is why I will not be able to work as much anymore. I could work night hours, but I am afraid it would worsen my results. In any case, I will do my best to cope with all assignments.

Paragraph #4 What are your benefits? 

If I am awarded the scholarship, I will have plenty of time to dedicate myself to the studies. Education, service to others, and striving for a future career are my top priorities. This scholarship will be my motivation for achieving academic excellence. 

Paragraph #5 Closing statement 

Your kind consideration will be highly appreciated. 

We hope that this short, but comprehensive guide will get your essay going! Good luck and be sure to check out our blog for more writing tips.

• Writing a Winning College Scholarship Essay | The Princeton Review
• 5 Ways to Make Your Scholarship Essay Stand Out – U.S. News
• How to Write a Scholarship Essay – Maryville University Online
• How Aid Is Calculated | Federal Student Aid
• Definition of need | Student Financial Aid | University of Missouri
• How need is determined | Student Financial Aid (UWashington)
• Share to Facebook
• Share to LinkedIn
• Share to email

About 40 million people worldwide are now digital nomads, representing 1.18% of the 3.4 billion people employed, and the trend is on the rise. Out of 131.8 million employees in the US, there are 17.3 million digital nomads, making up 13.13%. Surprisingly, 40% of them are over 40 years old,...

Have you ever found yourself stuck in a cycle of self-doubt and criticism, constantly feeling as though you’re not good enough? Since social rejection poses a genuine threat to our existence, our self-criticism steps in to protect us by shaming us before others can. It makes us feel inadequate to...

Have you ever struggled to remember the lecture you’ve just listened to while effortlessly recalling a catchy song from your childhood? Ever wonder why is it so? The information processing theory offers a glimpse into these processes. By delving into it, you can grasp how our brains tackle information and...

Disclaimer: Since we are true proponents of experiential learning, our introduction starts with an example, and the theory will come later. Pretty much everyone likes a chamomile plant. If you are one of the few who don’t, feel free to think of any other plant while you consider these two...

Do you ever find yourself procrastinating, struggling to stay motivated and pursue your goals? If so, you’re not alone. In fact, what we know as laziness, it is often a fear of failure, the pressure of high expectations, or a simple need for relaxation. These issues are so common today...

Academic probation is a period of academic evaluation where a student’s performance falls below the expected educational standard. Going through academic probation is not the apocalypse, even though it may initially feel like it. Academic probation serves as a wake-up call, prompting us to reevaluate our approach to studying and...

Did you know that top smartphone manufacturers continue to make those seemingly outdated push-button cell phones? They’re often dubbed ‘granny phones.’ While we strive to combat ageism in society, it persists. Individuals in their later years often resist changing their customary practices. But does our brain truly diminish with age,...

Learning styles are one of the most debatable concepts in American education. They represent a pillar that supports the educational industry. Moreover: Many teachers and caregivers believe that learning styles are inborn and define how successful the child will be in their future career and personal life. This article explains...

Non scholae sed vitae discimus – We don’t learn for school, but for life While for some people, lifelong learning is a buzzword from yet another New York Times bestseller, for others, it is a lifestyle. Learning throughout life means continuously seeking knowledge and expanding your horizons, regardless of your...

You might think it’s unrealistic to invest as a student. When we’re young, we have lots of time and not much finances. As we get older, we often have more money and responsibilities and less time. But thanks to modern technologies, investing in 2024 is multifaceted and more accessible. You...

Students in today’s classrooms reflect a vibrant tapestry of ethnic backgrounds and cultural identities. It’s no surprise: in recent years, racial diversity in US public schools has increased dramatically. According to research led by the National Center for Education Statistics, more than half of all students are representatives of ethnic...

Are you looking for actionable ways to retain information? If so, you’re not alone. In fact, many students find that conventional learning methods, such as lectures and textbooks, aren’t enough to help them remember and comprehend facts or concepts. But did you know that discussing topics and teaching others can...

Thank you for the financial need essay writing tips you have posted. They are very helpful! I’ll return to this blog for more useful guidelines for writing papers!

Ha, fully posting! How to ask for money? Yeah, it is a great idea to write a financial need essay in a humorous manner.