Determination of Financial Need

Financial Need

Financial need is the difference between the Cost of Education and the Expected Family Contribution. The Cost of Attendance consists of tuition, fees, books and supplies, transportation, and personal expenses. The Expected Family Contribution is the amount of family support the student (if dependent) and the student's family (if dependent), is expected to contribute toward their student's education.

Expected Family Contribution (EFC)

The Expected Family Contribution is determined by the U.S. Department of Education from the information submitted on the Free Application for Federal Student Aid (FAFSA).

Student Housing Status

A student's application for financial aid will be based in part on his or her housing status because it is a factor in determining their cost of education. This information is taken from the Free Application for Federal Student Aid (FAFSA). There is a box at the end of the FAFSA where the student checks if they will be living "on campus," "off campus" or "with parent." For example, a student may be 35 years old but if he or she lives at home, the Cost of Attendance will be based on the "with parent" budget. Students may be required to submit a copy of their lease or deed to the Financial Aid Administrator.

Full-time vs. Half-time Enrollment Status

The amount of financial aid students receive also depends on their enrolment status.
To be considered enrolled full-time for Federal financial aid purposes, students must be taking 12 credit hours per semester over at least 15 weeks. Students must be taking at least 6 credit hours per semester (half-time) to be considered for direct loans. Students may be taking less than 6 credit hours to be considered for Pell Grants.

How Grades Impact Your Financial Aid Eligibility

Students are required to maintain satisfactory academic progress each academic year to renew financial aid. The receipt of financial aid is a privilege that creates both rights and obligations. The United States Department of Education requires every post-secondary institution receiving federal funds (Title IV) to have an academic progress policy that is used to determine eligibility for and continued receipt of funds. To be eligible for financial aid, you must make satisfactory academic progress each year. Refer to Satisfactory Academic Progress Policy at Important Financial Aid Policies