With rising education costs and the burden of student loans, many students and families are facing problems dealing with financial constraints for college education. Many students strive to achieve scholarships to fund their college education. Scholarships are offered by certain foundations and organizations as well as universities and colleges.

Needs-based scholarships are awarded to students who do not have adequate finances to fund their post-secondary studies. In determining which applicants should be granted the scholarship, academics will be taken into consideration, but the prime eligibility criterion is the financial status of the student and his/her parents. 

Assistance is generally offered when the student's parents fall in the lower-middle income bracket and may not have the necessary funds to pay for education expenses, but earn enough to qualify for financial aids. This is offered primarily to students who are at, or below poverty level.

The needs-based scholarship aims at bridging the financial gap and helping students complete their education.  It offers financial assistance by paying for partial or full tuition fees, book stipends, housing costs and other expenses.

There are several needs-based scholarships. The Ontario Student Assistance Program (OSAP) offers scholarships as well as loans and grants on a needs-based formula. This scholarship is funded by both the federal and provincial government. The assistance is based solely on financial need, where parental income and student income play a significant role. OSAP does not replace the income; rather it supplements the student and family's resources.

Students can also receive Canada Learning Bonds, Canada Education Savings Grants and Enhanced Canada Education Savings Grants, for which a student needs to have an RESP (Registered Education Savings Plan) account. Through the Canada Education Savings Grant (CESG) the government of Canada deposits a percentage of contribution made to your RESP account. 

For the first $500 contributed to the RESP account, families are eligible for assistance between $100 to $200, depending on the net family income. Similarly, the Canada Learning Bond provides grants to students assessed based on the National Child Benefit (NCB) program and the tax regulations for RESP.

Additional scholarships available for students from low-income families include the Millennium Access Bursaries, part of the Millennium Scholarship Program.  The amount is awarded based on the student's financial need and about $285 million is annually apportioned on a per capita basis among provinces and territories. Apart from government-sponsored scholarships, individual universities also offer several needs-based scholarships. 

One can find all the information about these scholarships, which generally have generous financial qualification criteria, both online and from the student guidance counsellor. The counsellor can provide information about all of the different types of scholarships that the student is qualified to apply for. These scholarships are not only available for Canadian students, but also for international students who may be experiencing financial need.•

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