Financial Need

Definition of Need

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

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= 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

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