Expected Family Contribution and Financial Need
Most financial aid is based on Financial Need. Financial Need is the difference between your college’s Cost of Attendance and your Expected Family Contribution (EFC).
Financial Need is:
- determined by the school, and varies from college to college;
- based on the information you provided on the Free Application for Federal Student Aid (FAFSA); and
- calculated using this equation:
Cost of Attendance - Expected Family Contribution = Financial Need.
Cost of Attendance includes the following:
- Tuition and fees
- Books and supplies
- Room and board
- Personal expenses (clothing, laundry, recreation)
- Transportation
Expected Family Contribution (also known as EFC) is the amount of education expenses you and your family are expected to pay. The calculation is based on the following:
- Your dependency status
- Your and your family’s:
- size,
- income,
- assets,
- expenses, and
- number of family members enrolled in college or trade schools.
You will learn what your EFC is when you receive your Student Aid Report (SAR).
If you or your family has special financial circumstances that you believe will affect your ability to contribute to your education, such as unusual medical expenses, let the school’s financial aid office know. They may be able to make an adjustment.