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FINANCIAL AID |
Determining Financial Need |
| Need
is defined as the difference between the cost of attendance
at a particular institution and the family's ability to pay
for those costs. The amount the family is expected to pay is
commonly referred to as Expected Family Contribution, or EFC.
The difference between the cost and the EFC is called "financial
need". |
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| A
family’s ability to pay (that is, the EFC) is calculated using
a process known as “need analysis.” |
Need
analysis is based upon the principles that:
To
the extent they are able, parents have the primary responsibility
to pay for the education of their dependent children;
Students,
also, have a responsibility to help pay for their educational
costs;
Families
should be evaluated in their present financial condition;
andA
family’s ability to pay for educational costs must be evaluated
in an equitable and consistent manner, while recognizing that
special circumstances can and do alter a family’s ability
to pay. |
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| Cost
of attendance is not a constant figure. It varies by type of
school and the costs associated with attending that school.
For example, independent (or private) colleges and universities
do not receive government operational subsidies and, therefore,
must charge students higher tuition and fees than a state-supported
community college or other public institution of higher learning.
Consequently, the cost of attendance at a private college or
university is usually higher than that of a public college or
university. |
| The
cost of attendance at a particular school may be estimated by
consulting its catalog. In your estimate you should include
the cost of tuition and fees, room and board, books and supplied,
transportation, and any other miscellaneous personal expenses
for the academic year. While the above categories cover most
of the costs the student will encounter, expenses related to
borrowing educational loans, study abroad, dependent care, disability,
and cooperative education programs may also be included with
adequate documentation. |
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| Based
on data provided by the student and parent on the Free Application
for Federal Student Aid (commonly called by its initials, the
FAFSA), the need analysis uses a formula known as "Federal Methodology."
Federal Methodology was created by Congress to determine the
EFC |
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FINANCIAL AID LINKS
Related Links
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