3 min

Updated: January 8th, 2025

Financial Need Essay: Examples & Writing Guide

A statement of financial need is a document proving that a disadvantaged student deserves to get a scholarship to pursue education.

Financial need essays typically focus on the following:

Personal budgetary challenges
Reasons why one needs financial aid
The type and scope of aid required
Aspirations for higher education despite difficult circumstances

In this article, our custom-writing experts will explain how to write financial need scholarship essay examples. You will learn how to describe your financial need for a scholarship, what to include in your essay, how to justify your eligibility, and what mistakes to avoid. To inspire you, we’ve included a statement of financial need essay sample at the end.

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

✅ Statement of Financial Need: What to Include

A statement of financial need is a clear description of a student’s life circumstances. However, it’s essential to be selective about the number of aspects that you need to include. Otherwise, excessive information will weaken the statement’s persuasiveness, and the committee will reject your request for financial aid.

Follow the next five steps to write a scholarship-winning essay. And if you will still be unsure of how to write a winning paper, explore the examples in the following sections.

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.

🔗 References

About Author

This article was developed by the editorial team of Custom-Writing.org, a professional writing service with 3-hour delivery.

Comments (2)

Otis Bishop

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!

Joey Long

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