How is my “financial need” determined when I apply for financial aid?
Filed under Eligibility for Financial Aid.
The federal processor determines your individual family’s ability to contribute to the cost of education (”Expected Family Contribution”) using the information you provide on the paper or electronic Free Application for Federal Student Aid (FAFSA) and a standard formula established by the U.S. Congress.
After receiving your Expected Family Contribution (EFC) amount from the processor, the Office for Student Financial Affairs then subtracts your EFC from the standard student budget (average cost of attendance).
In formula form: Cost of Attendance - Expected Family Contribution = Financial Need. For complete information on how your need is determined go to Student Financial Affairs.