Financial Need and Expected Family Contribution (EFC)
Aid from most of our programs is awarded based on financial need (except for unsubsidized Stafford Loans and PLUS loans). We use an Expected Family Contribution (EFC) number when we determine your need. The EFC is a measure of your family’s financial strength and is calculated from the information you report on the Free Application for Federal Student Aid (FAFSA). Your EFC will appear on your Student Aid Report (SAR). The EFC is calculated according to a formula established by law. Your family’s income (taxable and untaxed), assets, and benefits (for example, unemployment or Social Security) are all considered in determining your EFC. Also considered are your family size and the number of family members who will attend a college or career school. To be eligible for a Federal Pell Grant, your EFC must be below a certain number, which can vary from year to year. For the 2005-2006 award year, eligibility for a Pell Grant required an EFC of under 3850. To determine your financial need for other federal student aid programs (except for an unsubsidized Stafford Loan), we will subtract from your cost of attendance the following: the EFC, any Federal Pell Grant amount you’re eligible for, and other financial aid you’ll receive. If anything is left over, you’re considered to have financial need for additional federal student aid.
So, how do I know how much aid I can get?
The EFC formula must be applied to each family’s financial information, so we can’t tell you here whether you’ll be eligible for federal student aid or estimate how much aid you might get. That’s why you need to apply—to find out! After you get your application results, contact the financial aid office for information on your eligibility. If you want to see exactly how the EFC Formula works, you can get detailed worksheets from the website www.studentaid.ed.gov/pubs. Click on the year under “The EFC Formula.” You can also get the worksheets by contacting the Federal Student Aid Information Center. The financial aid advisor puts together a financial aid package that comes as close as possible to meeting your need. But, most federal student aid funds are limited, so the total amount you receive might fall short of the amount you’re eligible for. Also, except for Federal Pell Grant aid, the amount of federal student aid you receive is affected by other sources of aid you might get—scholarships, state aid, etc.