Do I Have to Demonstrate Financial Need to Earn Scholarships?

student finance

Flickr user frankieleon

Some students don’t bother looking for scholarships because they don’t think they’ll qualify for any. There’s a persisting myth that in order to have a chance at winning scholarship money you have to have significant financial need. However, that’s not true of all scholarships.

There Are Student Finance-Based Scholarships, But…

While there are plenty of scholarships that focus on financial need, or require “demonstrated financial need” as part of their eligibility rules, there are just as many that don’t focus on EFC, FAFSA, or financial elements at all.

Just about everyone needs help paying for college, not just students from low-income families.

Merit Scholarships

This is largely where merit-based scholarships come into play. These are awards given to students based on a number of things, like: academic accomplishments, extracurricular talents, college major interests, ethnic or religious demographics, essay writing skills, volunteering, competitions, or even unique things like having red hair or being a twin.

Merit scholarships are generally awarded by outside sources, like companies, organizations, private citizens, or schools, looking to promote local students in higher education, or encouraging a certain field of study, or even a particular belief or ideal.

Use College Raptor for more information and details about Finance-Based Scholarships for Free!


Lender Rates (APR) Eligibility
Sallie Mae logo.
5.99% - 16.33% Variable
4.50% - 14.83% Fixed
Undergraduate and Graduate
Credibe company logo.
4.99% - 16.20% Variable
3.65% - 15.91% Fixed
Undergraduate and Graduate
Lendkey company logo.
5.80% - 10.80% Variable
4.89% - 10.90% Fixed
Undergraduate and Graduate
Ascent company logo.
6.16% - 15.49% Variable
4.62% - 15.66% Fixed
Undergraduate and Graduate
5.59% - 10.13% Variable
3.85% - 7.91% Fixed
Undergraduate and Graduate
Earnest company logo.
5.15% - 16.20% Variable
4.45% - 14.90% Fixed
Undergraduate and Graduate
4.48% - 12.29% Variable
4.48% - 12.29% Fixed
Undergraduate and Graduate
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.