Providing Proof of Financial Support | Carroll University (2024)

FAQs

How do you show evidence of financial support? ›

Specifically, detail any significant shortfalls in your family's income. Explain what your parents or guardians do for a living. If your other siblings are in school too, account for this fact clearly. Let the financier know the direct impact of your challenges to your education.

Some documents that show evidence of financial need are bank statements, documentation from a sponsor, financial aid letters, or a letter from an employer showing annual salary.

Financial support is important for students as it can have a positive impact on their retention and academic success. Scholarships and bursaries can help students from low and intermediate income households to continue their studies.

Proof of funds refers to a document that demonstrates the ability of an individual or entity to pay for a specific transaction. A bank statement, security statement, or custody statement usually qualify as proof of funds. Proof of funds is typically required for a large transaction, such as the purchase of a house.

The letter should simply be a statement of your pledge to provide support. Include all relevant details, including names and financial amounts. If you are an individual and not a lender, enclose accompanying documentation, such as a bank statement to reassure the recipient that you can meet the commitment.

Explain the difficulties you are having meeting your needs. Describe changes in your life that have affected your ability to pay for college. For example, changes in your family's income or unexpected expenses may have caused a financial deficit. Provide evidence that you can handle your finances responsibly.

Usually this statement of financial need is a pretty short scholarship essay (150-300 words), so unlike a college essay or personal statement where you have ample word count to tell anecdotes, you'll likely need to get right to the point.

How do you describe your financial situation for a scholarship? ›

Make sure you describe your parents' occupation, any savings (like a 529 College Savings Account), and any student jobs. You might also discuss any sudden changes in fortune (e.g. parent fell ill or lost their job) that have ruined your original financial plans.

Be specific and detailed: Avoid general statements such as "I need this scholarship because I cannot afford college." Instead, provide specific examples and details that support your case for needing financial assistance.

Colleges want to admit their best applicants. So if you're a strong applicant to a school, that school will accept you, no matter the details of your financial situation.

Please note that you can receive the Federal Pell Grant for no more than 12 terms full-time terms or the equivalent (roughly six years). You'll receive a notice if you're getting close to your limit. If you have any questions, contact your financial aid office.

Some common types of financial support include scholarships, student loans, business grants, social welfare benefits, crowdfunding, and philanthropic grants.

Possible examples of financial support documentation1

Copies of cheques or transfers from the sponsor to the sponsored person(s) and corresponding financial records, such as sponsor bank statements, demonstrating transfers into the sponsored person's account.