How Financial Need is Determined
The financial information you and your family provide on your Free Application for Federal Student Aid (FAFSA) is analyzed by the federal need analysis processor using federal methodology. Federal methodology is a standard expected family contribution (EFC) formula created by the United States Congress. It is used by the federal processor to calculate how much individual students and their families are expected to pay for college higher education costs. Financial need is determined by subtracting student cost of attendance from expected family contribution.
Financial Need Calculation: Cost of attendance - expected family contribution = financial need.
Cost of Attendance Table: students and parents can view the Cost of Attendance table which includes tuition and fees, books and supplies, housing, meals, transportation, clothing maintenance and personal items.
Family Contribution: consists of expected parental contribution and/or student's classification as "dependent" or "independent." The federal need analysis formula used by the federal processor to determine the amount of each applicant's expected family contribution takes into account the family/student income and assets, employment costs, living expenses, taxes, family size and the number of family members in college. Dependent students must also help to pay their educational costs from their resources, such as savings, prior-prior-year income, benefits, or employment.