Definition of Need

Need-based Student Financial Aid

Your family’s ability to pay for educational costs is evaluated

Definition of Need

Cost of Attendance (COA)  –   Expected Family Contribution (EFC) =   Financial Need

Cost of Attendance (COA)

Cost included in COA

  1. Tuition and fees
  2. Room and board
  3. Books and supplies
  4. Transportation
  5. Miscellaneous personal expenses
  6. Loan fees
  7. Study abroad costs
  8. Dependent care expenses
  9. Expenses related to a disability

Expected Family Contribution (EFC)

How to determine Expected Family Contribution

  1. Amount the family is expected to contribute
  2. Calculated with federal formula
  3. Includes parents’ & student’s contributions combined
  4. Stays the same regardless of college selected

Examples of EFC & Need


College


A


College


B


College


C


COA


$ 14,000


$32,000


$57,000


EFC


$ 8,000


   5,000


   5,000

Financial Need

      COA-EFC


$ 6,000


$ 27,000


$52,000

 

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