24. What is financial need and how is it determined?
When you apply for financial aid, the information you report on your Free Application for Federal Student Aid (FAFSA) is used in a formula established by the U.S. Congress to determine your Expected Family Contribution (EFC).
Your Expected Family Contribution is the amount you and your family are expected to contribute toward your education (although this amount may not exactly match the amount you and your family end up actually contributing).
If you are an undergraduate student and your EFC is below a certain amount (determined yearly by Department of Education), you'll be eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements for the program.
There isn't a maximum EFC that defines eligibility for the other financial aid programs. Instead, your EFC is used in the following equation to determine your financial need:
The Student Financial Services office calculates your cost of attendance (COA) and subtracts the amount you and your family are expected to contribute (EFC) toward that cost. If there's anything remaining, you're considered to have financial need.
COA – EFC = Need
The College Board has a calculator that you can use to ESTIMATE your EFC. It is located at
http://cbweb9p.collegeboard.org/EFC/. In determining your need for aid from other need-based programs, the Student Financial Services office must first consider other aid or resources that you are receiving (such as scholarships, waivers, fellowships, VA benefits, ROTC and athletic awards, tuition prepayment, employer assistance, etc.). If you are receiving assistance that is not reflected on your financial aid award letter, you must report it to the Office of Financial Aid.
The Student Financial Services office puts together a package of grants, loans, and work in an attempt to come as close as possible to meeting your need. However, because funds are limited, the amount awarded to you may fall short of the amount for which you are eligible.
You can make an appointment to see a financial aid advisor, if you feel you have any other special circumstances that might affect your dependency status, the amount you and your family are expected to contribute, or your cost of attendance. All documents turned into that advisor will be reviewed by a Financial Aid Support Committee and they will make a decision based on federal and institutional guidelines.
But remember, there has to be very good reasons for the financial aid committee to make any adjustments, and you'll have to provide adequate proof to support those adjustments.
The financial aid committee’s decision is final and cannot be appealed to the U.S. Department of Education or anyone else.