How is financial need determined?
Financial need is calculated by the FAFSA processor. The Financial Aid Office utilizes this need analysis to construct a financial aid package meeting the need as much as possible with a combination of student loans and work study. Scholarships and grants for graduate students are awarded by the individual departments. The Financial Aid Office can be contacted at 516-463-8000.
There are several components taken into consideration when determining a student’s financial need. A student’s Expected Family Contribution (EFC) is determined by information provided on the FAFSA and other data reported on the Need Access Application. The EFC is then subtracted from the student’s cost of attendance, which is an estimate of the expenses a student will incur during the academic year. The end result is the student’s financial need.
The Financial Aid Office at Saint Mary’s uses the Free Application for Federal Student Aid (FAFSA) and the CSS/Financial Aid PROFILE to collect information about a family’s financial situation which determines their ability to contribute toward college costs. The reported income, family size, number in college, personal assets and unusual family expenses factor into the family’s overall financial profile. The student’s savings and base-year earnings also are included to determine the student’s contribution. Financial need is the difference between the cost of your education and what you might reasonably be expected to contribute to meet college costs. These contributions are determined using Federal Methodology, the federally approved system utilized by post-secondary institutions across the nation.
