Most financial aid funds are awarded on the basis of demonstrated financial need. The following formula is used by institutions to determine financial need:
| |
Cost of Attendance (COA) |
| - |
Expected Family Contribution (EFC) |
|
| = |
Financial Need |
The Cost of Attendance (COA) is the estimated amount it costs a student to attend school. Click on the "Cost of Attendance" link on the left for examples of items that comprise a student's COA. The Expected Family Contribution (EFC) is the amount the student and the student's family are expected to contribute toward the COA. The EFC is determined through the FAFSA application and is reported on the student's Student Aid Report.
The EFC is subtracted from the COA and the remaining amount is the Financial Need. Pending the availability of funds, the Financial Aid Office attempts to offer aid to meet a student's Financial Need.
|
