Our office calculates a student’s need by subtracting their Expected Family Contribution (EFC) from the Cost of Education (or budget) that we have assigned:
Most aid that we award is need-based, which means that a student must have an adequate amount of need in order to accommodate the aid awarded. For instance, if a student’s need equals $10,000, they may receive no more than $10,000 in need-based aid.
Cost of Attendance (Budget) $15,000 – EFC $5,000= Need $10,000
Need-based aid includes (but is not limited to):
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (SEOG)
- Federal Work-Study
- Federal Stafford Subsidized Loan
- Fee Waivers
- State Grants
- Most Scholarships
NOTE: While scholarships and fee remissions are typically not awarded based upon a student’s EFC or need, they are nonetheless included when totaling the amount of aid counted towards covering a student’s need.
Some types of aid (including but not limited to the Federal Stafford Unsubsidized Loan, the Federal Parent PLUS Loan, Graduate PLUS Loan, and private loans) do not require a student to have need. A student may receive such awards even if their original need figure equals zero.
Regardless of the type of aid package a student receives (all need-based, all non-need-based, or a combination of the two), their total awards may not exceed their cost of attendance.