Growing up without financial means has had a profound effect on me and my family. Is it okay to write about that in the "overcoming challenges" prompt?
It's a great essay topic. Just make sure to write in a way that is positive/optimistic and doesn't leave the reader feeling down when they're done reading it. The main focus should be how you've grown from those experiences and how those circumstances made you into a better person. Here's a great example of an essay that accomplishes this: https://questbridge.s3.amazonaws.com/pdfUploads/570d503145df3c03004347d3-128837f8043c814736e9d80e08bd7703.pdf
Basically, focus on the positive and it could be a really great essay. :)
I think it's not a taboo and is acceptable if it paints a picture of you beacause at the end of the that is what we are trying to do. The reader wants to know who you are and where you're coming, what your background is like and why it is important for you to be admitted into the college but don't try to exaggerate things as this might downvote your application. I hope I have helped.
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If you would like to read more essays like this that talk about growing up financially unstable, Questbridge submissions are a great resource.