Financial need

Financial need refers to the gap between a person's or family's ability to pay for education or other expenses and the actual cost involved. It considers factors like income, savings, and household size to determine whether someone requires financial assistance to meet their essential costs. In the context of scholarships or aid, demonstrating financial need helps identify individuals who genuinely require support to access opportunities they might not afford otherwise. Essentially, it’s a way to assess whether someone’s financial situation limits their ability to cover necessary expenses.