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 apply for a scholarship 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 that you deserve the scholarship more than anyone else. This article by Custom-Writing experts provides you with a clear structure and samples of a financial need essay. 

In a financial need essay, you should: introduce yourself, explain how you're now paying for college, justify your need, explain your potential benefits, and make a closing statement.

✅ 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. 

  1. 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. 
  2. 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? 
  3. Justify your financial need. Explain why you need assistance and the difficulties you meet in paying for your studies. 
  4. 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. 
  5. 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.

🚫 Financial Need Essay: Mistakes to Avoid

There are several big mistakes that students can make in their scholarship essays.

WhiningDo not write about your own financial needs, about how poor you are and how hard you have to work to support your old parents or a disabled sibling. Yes, this can happen to everyone, but an excellent financial need essay is not the right place to whine about such difficulties. On the contrary, show that you have learned to overcome the challenges.
Non-challenging challengesEveryone has their unique challenges and experiences. When you talk about your challenges, make sure they’re worthwhile to the reader.
Too general essaysIn some cases, you need to write several financial need essays to apply for several financing opportunities. It is OK, but you have to write a unique financial needs essay for each program. Do not make a general essay that has different names of sponsoring organizations.

👀 Scholarship Essay on Financial Need: Example

PARAGRAPH #1 IntroductionI 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 needMoreover, 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 statementYour 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.

✏️  Financial Need Essay FAQ 

❓ How to explain a financial need?

There is no universal way to justify why you need money. Every situation is unique. Every person might have their life circumstances. Typically, students apply for scholarships because they can’t work full-time yet. Thus, they cannot afford the desired program.

❓ How to ask for scholarship money?

Two key strategies to ask for scholarship money are those below.

1. Write an impressive motivation letter mentioning your tight budget,

2. Write an application letter describing your tough life circumstances (especially if you have incomplete family, etc.).

For additional details, check examples of such papers online and in books.

❓ How to write a scholarship essay about financial need?

Applying for a scholarship implies proving why you deserve this assistance. Demonstrate your strong motivation, your real passion for learning, describe your educational background. If you want to be chosen for the program, take a look at examples and templates available online. You need to highlight your strengths and motivation.

❓ How do you start a financial need essay?

It’s probably a bad idea to begin with the statement of financial need itself. Instead, demonstrate your strong motivation and even passion first. Briefly describe your background and highlight relevant educational and work experience. Acknowledge that financial assistance would help you to develop further.

🔗 References

Comments (2)

Otis Bishop
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
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.