How is financial need determined?
A student’s financial need is determined by using the Expected Family Contribution (EFC) derived from the Free Application for federal Student Aid (FAFSA) and federal law. The EFC takes into account the number of people in the household, the number of people in college, the state the student and/or parent resides in, the age of the student and/or parents, as well as the student’s and/or parents’ income and assets. The cost of attendance is determined by the PCC financial aid office each year in conjunction with federal guidelines and actual per credit tuition.
Financial need is determined by taking the annual cost of your attendance and subtracting the amount that you and your family is expected to pay toward the cost (your Expected Family Contribution). The difference is your financial need. Based on this federal formula, families with the highest financial need will be expected to contribute less to the cost of the education and will be eligible for a greater percentage of grant assistance and other need based financial aid. Families whose EFC exceeds Cost of Attendance will be eligible for non-need assistance ordinary loans; the unsubsidized Federal Stafford and/or PLUS Loan.
A student’s financial need is determined by using the Expected Family Contribution (EFC) derived from the Free Application for Federal Student Aid (FAFSA). The EFC takes into account the number of people in a student’s household, the number of people in college, the state the student and/or parent resides in, the age of students and/or parents, as well as the student’s and/or parents’ income and assets. The Cost of Attendance (COA) is determined by UNLV Financial Aid & Scholarships in conjunction with the Board of Regents. You may access the UNLV COA Calculator by selecting Cost-Tuition from the Information column of the Financial Aid page of the UNLV website. There you will find a link to the Cost of Attendance (COA) Calculator. Once you have determined your COA, you may subtract your Expected Family Contribution (EFC) to determine your financial need.
A simple formula determines your need at Missouri State: Cost of Attendance (total cost for you to attend the University) minus Expected Family Contribution (the FAFSA generated number indicating what your family’s financial responsibility will be towards financing your education) minus any other Financial Aid (Scholarships, etc) equals Financial Need.
Financial need is determined using the Free Application for Federal Student Aid (FAFSA). The FAFSA is a confidential statement of income and assets for both students and parents. The information is analyzed to compare the financial strength of the applicant to that of other students with similar circumstances in terms of income, assets, size of family, number of family members in post-secondary educations, age of parents, etc. The aim is to make the expectations for the family contribution as equitable as possible for each student.
