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How Aid is Calculated
Most families are not able to pay the entire cost of college. Financial aid (grants, scholarships, work opportunities and loans) is available to cover the difference between what a family can pay and what college costs. The system of financial aid is based on the following:
| • To the extent they are able, parents have the primary responsibility to pay for the education of their dependent children. |
| • Students also have a responsibility to help pay for their education. |
| • The present financial situation of the family should be evaluated. |
| • All families must be treated in an equitable and consistent manner, while recognizing that special circumstances can affect a families ability to pay. |
When you apply for federal student aid, the information you report is used in a formula, established by the U.S. Congress, that calculates your Expected Family Contribution (EFC)--an amount you and your family are expected to contribute toward your education. This Expected Family Contribution remains the same regardless of which school you are attending. There is a maximum amount for an Expected Family Contribution for a student to qualify for a Federal Pell Grant.
There is not a maximum Expected Family Contribution that defines eligibility for the other financial aid programs. Instead, your Expected Family Contribution is used in an equation to determine your financial need:
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Cost of Attendance |
| - |
Expected Family Contribution (EFC) |
| ------------------------------------------- |
| = |
Financial Need (Unmet Need) |
The cost of attendance varies from school to school, but the Expected Family Contribution stays the same no matter where a student goes to school. In more expensive schools the cost of attendance will be higher, the Expected Family Contribution will remain the same with the result that the financial need will be greater at a more expensive school and a student will therefore be eligible for more financial aid.
Your financial aid administrator (FAA) takes your cost of attendance and subtracts the amount you and your family are expected to contribute toward that cost. If there is anything left over, you are considered to have financial need. In determining your need for Federal or State aid the financial aid administrator must first consider any other aid you're expected to receive.
Your FAA can adjust the Expected Family Contribution formula's data elements or adjust your cost of attendance if he or she believes your family's financial circumstances warrant it based on the documentation you provide. However, the FAA does not have to make such an adjustment.
These circumstances could include a family's unreimbursed medical or dental expenses, tuition expenses for other children attending private elementary or secondary school, unemployment of parent or spouse, loss of child support or social security benefits. You should check with the Financial Aid office if you feel that you have special circumstances that might affect the amount you and your family are expected to contribute. But remember that there has to be good reasons for the financial aid administrator to make any adjustments and you will be expected to provide adequate proof to support those adjustments. The financial aid administrator's decision is final and cannot be appealed to the U.S. Department of Education.
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