Office of Financial Aid

Determining Financial Need

When you apply for federal student aid by completing the Free Application for Federal Student Aid (FAFSA), the information that you report (income, assets, number of family members, number in college, etc.) is applied to a formula established by the U.S. Congress.  The formula calculates your family’s ability to pay for your educational expenses, and produces a figure that is referred to as your Expected Family Contribution (EFC).

 

The basic formula for determining financial needs is as follows:

Cost of Attendance Budget (COA) - Expected Family Contribution (EFC) = Financial Need.

 

Because the determination of Financial Need is a pre-requisite for all federal aid, you are required to file your FAFSA before we can award any type of loan or grant assistance. Because several programs have limited funding, it is extremely important that you file your FAFSA as soon after January 1st as possible each year. 

 

Help us to help you by following these simple steps in applying for aid.  You should complete the required forms as early as possible to ensure that you receive the maximum amount of aid for which you are eligible.

 

Step 1:  The Free Application for Federal Student Aid (FAFSA)