Your financial need is determined using your estimated COA and your Estimated Family Contribution (EFC). The EFC is the result of a formula developed by the U.S. Congress that calculates the information you submitted on your FAFSA. Please keep in mind that your calculated EFC and financial need does not represent the dollar amount that you and your parents (if dependent) must come up with to pay the university.
Formula for calculating financial need:
Cost of Attendance (COA)
- Any outside resources (community awards/scholarships, waivers, pre-payment tuition plans, etc.)
= Financial Need
You must have financial need in order to be eligible for need based financial aid such as a Federal Pell Grant, Federal Work Study and Federal Direct Subsidized Stafford Loan. It should be noted that such awards may be limited by the student's total level of need as determined by the federal calculation. Please see Types of Aid for more information on need based and non-need based aid types.
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