How Financial Aid is Determined

Aid from most financial aid programs is awarded based on financial need. (An exception is the Federal Loan Programs. It's possible to receive a Federal Stafford Loan regardless of income.) To be considered for need-based (federal, state, institutional, and outside) funds you must complete the Free Application for Federal Student Aid (FAFSA).  The FAFSA is an online application that will assist in determining if you have financial need.

The information reported when applying for aid is used in a formula, established by Congress that calculates your Expected Family Contribution (EFC), an amount families are expected to pay toward education. For the Federal Pell Grant Program, if the EFC is below a certain number, students are eligible for a Pell Grant.

Cost of Education
­ Expected Family Contribution
= Financial Need

The financial aid administrator takes the cost of education for the College and subtracts the amount you and your family are expected to pay toward that cost. If there's anything left over, students are considered to have financial need.

 

 

 

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