What is Financial Need?

“Need” is determined by a simple formula. Your school will calculate your Cost of Attendance (COA) and then subtract the Expected Family Contribution (EFC) which was determined by your completion of the FAFSA. The remaining amount is considered your “need.”

Cost of Attendance (COA)
- Expected Family Contribution (EFC)
_____________________________________
= Financial Need

Examples

University A

  COA $16,500
- EFC    $2,000
_______________
= Need $14,500

University B

 COA $8,000
- EFC $2,000
________________
= Need $6,000

Professional Judgment

In some cases, your financial aid officer may be able to make adjustments to your “need.” Circumstances which may initiate professional judgment:

• Loss of job/income
• Divorce
• National disasters
• Other significant changes impacting your finances