Determining Financial Need
What is Financial Need?
Financial need is the difference between what it costs to attend a certain school and what the family can reasonably be expected to contribute toward the cost of attendance.
What is Included in the Cost of Attendance?
The Cost of Attendance includes fixed costs such as tuition, fees, room & board and personal expenses such as books and supplies, transportation, off-campus room and board, and miscellaneous personal expenses.
The Department of Education requires that each university prepare 9-month cost of attendance budgets based on average costs of its students living at home with parents, on-campus housing, and off-campus housing.
These cost of attendance budgets are adjusted depending on the number of semesters enrolled and the enrollment status (full time, 3/4 time, 1/2 time and less than 1/2 time).
| Living Arrangements | Dorm | Off Campus | With Parents | Graduate Off Campus |
|---|---|---|---|---|
| Tuition* | $16,950 | $16,950 | $16,950 | $10,080 |
| Fees | $880 | $880 | $880 | $880 |
| Books & Supplies | $1,298 | $1,298 | $1,298 | $1,298 |
| Room & Board** | $6,944 | $13,694 | $3,472 | $13,694 |
| Miscellaneous | $2,664 | $2,664 | $2,664 | $2,664 |
| Transportation | $2,988 | $2,022 | $2,022 | $2,022 |
| Loan Fees | $78 | $78 | $78 | $78 |
| Total*** | $31,802 | $37,586 | $27,364 | $30,716 |
* Full-time tuition budget is based on 30 hours per year for undergraduate students and 18 hours per year for graduate students at their respective 2013-2014 tuition rates. Divide by two to determine an estimate of cost of attendance for one semester.
** For dorm students, your actual cost for room and board depends upon which dorm and meal plan you choose.
*** Totals are provided for example purposes only. Actual direct and indirect costs vary depending on enrollment status, selection of classes, living arrangements and personal lifestyle. Students are encouraged to save and live frugally in order to limit costs as much as possible.
How is the Expected Family Contribution (EFC) Calculated?
Your EFC is calculated using a standard congressional formula. The Free Application for Federal Student Aid (FAFSA) collects information such as family size, number in college, whether you are dependent or independent of parents, and you and your family’s income and assets. This information is used by the federal government to determine what the family can reasonably be expected to contribute toward your education.
How Will My Financial Aid Package Be Put Together?
- Typically, we put financial aid packages together like this:
- If you are eligible for a Federal Pell Grant, we'll put this in first.
- Then we'll review your eligibility for state grants.
- Then we'll add any academic and/or other type of scholarship.
- If you have any remaining financial need, we'll review your eligibility for federal grants (other than the Pell Grant). We make every effort to distribute funds equitably.
- We'll put loan and employment assistance into your package last. The amounts and programs offered depend upon your year in school and your financial need.
