Financial Need Analysis
Most financial aid is based on financial need. Financial need is the difference between your college’s cost of attendance and your Expected Family Contribution (EFC). You may be eligible for some types of financial aid even if you do not show any financial need.
Cost of Attendance is determined by the school and will vary from college to college. It includes:
- Tuition and fees
- Books and supplies
- Room and board
- Personal expenses (clothing, laundry, recreation)
- Transportation
Expected Family Contribution (EFC) is calculated from the information you provide on the FAFSA. The financial aid office will use your EFC to determine the types and amount of financial aid you are eligible to receive. The lower your EFC, the more financial aid you are likely to get. Factors that affect your EFC include:
- Dependency status
- Household size
- Household income
- Household assets
- Number of household members enrolled in college or trade schools
If you or your family have special financial circumstances that you believe will affect your ability to contribute to your education (i.e. loss of income, divorce, unusual medical expenses), let the school’s financial aid office know. They may be able to make an adjustment to your EFC which could result in more financial aid.
