Financial Need

Definition of Need

  Cost of Attendance (COA)
- Expected Family Contribution (EFC)*

= Financial Need

* analysis of a family's ability to pay based upon income, assets, number in family, and number in college


Need Varies Based on Cost

Need graphic

Principles of Need Analysis

  • To the extent they are able, parents have primary responsibility to pay for their dependent children's education
  • Students also have a responsibility to contribute to their educational costs
  • Families should be evaluated in their present financial condition
  • A family's ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay