Financial Aid Eligibility

calculating the cost of collegeNeed Analysis is the formula used to calculate student Financial Aid eligibility. Every accredited college in the United States evaluates Financial Aid “Need” using this formula: COST – E.F.C. = NEED. Congress enacted this formula in 1965 and passes new regulations yearly.

The following is an example of college costs and need:

College Total College Costs E.F.C. Need
University Of Minnesota $25,124 $10,000 $15,124
University of St. Thomas $48,400 $10,000 $38,400
University of Notre Dame $60,117 $10,000 $50,117
Stanford University $60,421 $10,000 $50,421

Total College Costs: includes tuition, transportation, books, room & board, etc. These costs are set by the college and vary from one university to the next.

Family Contribution: is the amount you are expected to pay toward total college costs. Your EFC is the same at every college regardless of cost. The EFC value of $10,000 stated above is for illustration purposes only.

Need: is your financial aid eligibility for need-based aid. It is the difference between Costs and your EFC or FC. “Need” is dependent on college cost as the above example illustrates.

Types of Financial Aid:

  • Scholarships (Gift-aid)
  • Grants and Awards (Gift-aid)
  • College Work Study (Self-help)
  • Loans (Self-help)

Our Service Provides Guidance By:

  1. Lowering Expected Family ContributionĀ (EFC) and Family Contribution (FC)
  2. Completion of all required financial aidĀ forms
  3. Negotiation Advice and Strategies
  4. College Selection Strategies

See our Services page for complete details.