Financial
Need
When you apply for federal student aid, the information you
report on the FAFSA is used in a formula established by the
U.S. Department of Education. The formula determines your
Expected Family Contribution (EFC), an amount you and your
family are expected to contribute toward your education. If
your EFC is below a certain amount, you will be eligible for
a Federal Pell Grant, assuming you meet all other eligibility
requirements.
There
is not a maximum EFC that defines eligibility for the other
financial aid programs. Instead, your EFC is used in an equation
to determine your financial need:
Cost of Attendance - Expected Family Contribution (EFC) = Financial
Need
To
determine your need for aid other than Federal Pell Grant, the
calculation to determine unmet need is:
Cost
of Attendance - EFC – Pell Grant and any other
Financial Aid = Unmet Need
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