Sample Essay for Need Based Scholarship

Planning to study abroad is a wonderful experience. But attending college in a foreign country can turn out to be quite an expensive affair. This is why several students give up on their dream to pursue higher studies abroad. However, to ensure that students from all sorts of backgrounds can access quality education, most universities provide various kinds of scholarships. A merit scholarship is given based on the academic performance of a student. There are also need-based scholarships. Now, what is a need-based scholarship? Such scholarships are given by universities/institutions to students who are in dire need of financial assistance. 

By offering such scholarships, universities help students who otherwise may not have been able to afford their tuition fees. By granting a need-based scholarship, universities contribute to social advancement, as students from different walks of life, become a part of their institution. Certain countries like the USA, UK, Japan, and Germany have specific institutions and student welfare organizations that provide several kinds of need-based scholarships. Some popular programs for which students apply for a scholarship are MBA, Data Science and Analytics, Dental Surgery, Latin History, Applied Mathematics, and Chartered Financial Analyst.

Some of the most popular need-based scholarships available for international students are:

• Chevening Scholarship is a fully-funded scholarship available to students about to pursue their postgraduate studies at a university in the UK. It covers your cost of tuition, provides you with a monthly living allowance, an economy class return airfare to the UK, and additional grants and allowances to cover essential expenditures.

• The Fulbright Foreign Student Program is meant for students pursuing a Master’s or a PhD degree at a university in the USA. It covers your tuition fees, airfare, and health insurance, and provides them with a stipend.

• DAAD Scholarship is a fully-funded scholarship awarded to students enrolled in a Master’s or a PhD program at a highly-ranked German university.

• MEXT Scholarship is a fully-funded scholarship granted to students who are about to study an undergraduate/postgraduate/PhD program or be a part of a training program in a Japanese university. It covers your cost of tuition, accommodation, monthly living allowance, and round airfare travel expenses from your country to Japan.

Several students want to avail the benefits of a need-based scholarship. In such a scenario, universities prioritize giving admissions to more deserving candidates. Due to this, they ask applicants to write a scholarship essay. Apart from your college admission essays, a scholarship essay also becomes a deciding factor in your application, especially if you are applying for a highly competitive course at a university with a selective admission process. 

Need-Based Scholarship Essay Questions

If you are about to apply for a need-based scholarship, then you must know that you might be asked to write an essay. While writing your essay, you need to answer certain specific questions. An integral part of a need-based scholarship essay is ‘describing your financial need for this scholarship’. Some of the most common questions that are asked are as follows:

• Tell us something about your background, interests, or talent.

• What kind of upbringing have you had?

• What are your academic and career goals?

• Why do you wish to study this course?

• Why do you deserve this scholarship?

• Tell us about a time you failed and what you learned from it.

• Have you participated in a community service program?

• Is there any specific cause for which you would like to work in the future?

• Write about a person or an event that has been a major influence in your life.

• Which activities or organizations would you like to be a part of in our university?

• How do you overcome challenges?

• How will this scholarship help you?

Integral Components of A Need-Based Scholarship Essay

If you are about to apply for a need-based scholarship and are writing an essay for it for the first time or want more clarity regarding what to write, here are some essential details that you must include:

• Brief Introduction- Talk about where you come from, the course you are applying for, and your purpose for writing this essay. 
• Ethnicity/ background- If you belong to a backward/ underrepresented community or come from a lower economic and social background, write about that in your essay, and how your situation has been so far.
• Family Details- Include details about your family members, their occupation, and how much they earn. Write about the way how your family has supported you so far. If someone from your family has lost a job, or you have faced certain financial losses or are going through a crisis, write about that as well.
• Academic and Professional Life- Write about your basic educational qualifications and achievements, and if you have worked previously, include information about your professional roles and responsibilities. Also include information about how availing the scholarship will help you achieve your academic and professional goals.
• Financial Details- While explaining your finances, you need to include information about how much money you have been able to acquire for your higher education, which can be your savings, income, or any other sponsors. Then write about how much money you are falling short of, for your higher education abroad, for which you need the scholarship.
• Challenges- This forms a very important part of your essay, as you get to talk about the kind of hardships that you have faced in life, and how you overcame them. Explain it in a manner that concerns your plan to pursue higher education, for which you need financial support. In case, you are the one who has been bearing the expenses of your education so far, then write about how you have been able to do so, like if you started working at an early age or are currently working to bear out your educational expenses and to support your family.
• Conclusion- Towards the end, sum up the points you have discussed so far, and how the scholarship is likely to help you achieve your goals.

Interdisciplinary studies have meandered flawlessly into the market and are one of the most preferred ways of working in various realms. Pursuing an MS in Finance and Management from St. Paul’s University will empower me to utilize my coding skills learned during the Bachelor’s in Computer Science program. I am equipped with concepts like statistical inference, probability theory, Analytical skills, and mathematical models using analytical approaches. These are significant learnings that will make me perpetuate with ease to the next academic journey that will be smoother through the scholarship.

I have taken all steps to enhance my knowledge and the NIS-Series-XII and XV, where I have accomplished Research Analyst Certification and Equity Derivatives Certification. In addition, I will be taking an exam in August 2023 for the CFA level 1. To prepare for this, I have learned many concepts that will motivate me to further my studies.

Besides, academic learning and certification, I have always been at the forefront of attaining practical experience. My job at Emeritus and my first-hand experience in the derivatives market have been all-encompassing. My association with the Community of Merchants is a glorification of my learning where all the associates organize trading webinars for upcoming and learning traders. As a community, I also attend Merchants Carnival which is conducted annually by Finance Control. This has allowed me to have diverse strategies and thoughts and I have enjoyed my learning so far.

Working with FTSE 200 company Emeritus wherein I worked in USA Branch Accounting and kept and managed the USA Accounts. The most important aspect that I have learned from Emeritus was the internal functioning of a Global Banking giant. I also bring in my experience of more than 2 years in the derivatives market, in which as a full-time derivatives trader and a Computer Engineer.

I am self-sponsoring my education from my parents, relatives, and personal savings. As much as I seek to attain international educational exposure, I also intend to reflect on the fact that I lack the requisite funds to support my education. At this stage in my career, I can only partly fund my studies (up to 30%), and I cannot burden my parents with huge amounts to support my education as they have their liabilities. Also, since the coronavirus outbreak, I have been struggling to manage my finances, and I find it quite difficult to set aside additional funds to manage my tuition fees and living expenses.

A scholarship will give me the much-needed financial support in such trying times and will allow me to completely focus on my studies, without having to worry about my fees. At the University, I bring with me a strong academic propensity, a predilection for research, ample professional exposure, and an unwavering zeal to excel. If presented with the scholarship, I assure you that I will multiply its worth by proving to be a valuable addition to the cohort.   

HOD

My name is Priyanshu Patil, and I have been admitted to your college. I request you to consider my scholarship application so I will have to struggle less to secure my finances. These have been restricted due to the Corona outbreak, hence I request you to consider my scholarship also owing to my achievements in trading and managing finance from a young age.