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Financial Need Analysis
The Need Analysis is a standardized formula which calculates the Expected Family Contribution (EFC). This estimate will not change based on the cost of attendance. For instance, if the student chooses a four-year private school or a one-year vocational school, the Expected Family Contribution will remain the same. Each student's EFC is figured according to a formula called the Federal Methodology which was defined by Congress and written into Federal law.
Once the EFC has been calculated through the Financial Need Analysis, the school will determine how much assistance the student needs. The school will determine the student's total cost of education for a year (sometimes called the Student Budget) and subtract the Expected Family Contribution from the Cost of Education. The remaining difference is the amount of financial assistance needed. The Financial Aid Office will use this dollar amount to build the financial aid package.
The financial aid office will determine the amount of aid a student receives from their institution, therefore each award letter a student receives may be different. The amount of aid identified is based upon the type of aid available at the school. Please note that if a student applies to more than one school, each financial aid package may be different. This is due to each school having varying funding levels and types of aid to offer. However, as mentioned before, the EFC will remain the same regardless of the type of institution the student attends.
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