What is Financial Need?
Financial need is the difference between what it costs to attend a certain school and what the family can
reasonably be expected to contribute toward the cost of attendance.
Cost of Attendance- Expected Family Contribution (EFC)= Need.
The cost of attendance includes fixed costs such as tuition, fees, room & board and personal expenses such as
books and supplies, transportation, off-campus room and board, and miscellaneous personal expenses.
The Department of Education requires that each college prepare budgets based on average costs of its students
living at home with parents, on-campus housing, and off-campus housing. These cost of attendance budgets are adjusted depending on the number of semesters enrolled and the enrollment status (full time, three quarter-time, half time and less than half time).Your actual personal expenses will depend on how far you live from school and your lifestyle.
What is Expected Family Contribution (EFC). Your EFC is calculated using a standard congressional formula. The Free Application for Federal Student Aid (FAFSA) collects information such as family size, number in college, whether you are dependent or independent of parents, and you and your family’s income and assets. This information is used by the federal government to determine what the family can reasonably be expected to contribute toward your education.
What if the EFC does not reflect you or your parent’s current financial situation?
Contact the Financial Aid office to start an appeal. The office will review your current circumstances and
financial situation and be able to make a determination if it can document your special circumstance and
recalculate your Estimated Financial Contribution and your need for additional Financial Aid. To submit a
financial aid appeal, send an email to email@example.com.