How to write a statement of financial need for education and scholarship

How to write a statement of financial need for education and scholarship

It’s very important for all people to understand and know how to write a statement of financial need for education and scholarship purpose. Before we proceed, it’s very important to know what statement for financial need is. Statement of financial need is a piece of writing that explains what you will benefit from the education you will receive and the scholarship as a whole. The following points describe what you will need to include in your statement of financial need for education and scholarship.

Firstly, it’s important to know that a statement of financial need for education or scholarship should be written between one to two paragraphs (1-2 paragraphs). All what you will have to say or write and describe should remain within the two paragraphs.  The reasons, situations, previous and present difficulties related to your financial situation should be summarised in just one or two paragraphs. 

Secondly, you should explain how you were and now sponsoring your current education. You should explain the various sources of income. You should say if it comes from your parents, loans or a job you are currently doing. You should be able to clarify the kind of loans, if it is school loan or private loan for which you use to finance your education.

Thirdly, explain the challenges which you have been facing in paying your education in the past and present years. Explain how it has affected you in one way or the other. Talk about your family situation and what affected the low income in the family such as illness, death, or poor environment. Also, try to mention what your family or how much income is available in relation to the school or university you are applying for.

Moreover, mention what you will gain if your education is been financed by the awarding scholarship institution. Show how it will help you to expand your studies, increase your concentration on your studies and how you intent to offer voluntary services or unpaid internships to communities which need assistance.

Conclusively, you will need to attach any supporting documents which could prove your financial situation such as parent’s monthly income being low, loans, your monthly income if any, family size or income and expenditures. Documents demonstrating the low income situation of your family or relatives or explaining why your income is low will help you obtain a financial assistance for your education.