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Determining Your Award

Your financial aid award(s) are determined by your cost of education and financial need. Determining your financial need, also known as need analysis, uses the information contained on your FAFSA which is legislated by the U.S. Congress. If the needs analysis shows that the cost of education exceeds the amount you and your family can contribute, you will qualify for financial aid. The need analysis formula utilizes parents’ and a students’ income, assets, savings, taxes, and other mandatory living expenses to determine your expected family contribution (EFC). In addition, parents’ ages and need for retirement income, number of dependents in the household, and the dependents enrolled in college also are considered.

Determining Your Need
Costs of Education $21,000
EFC – $1,000
Total Need $20,000

You will be notified via e-mail when you have been awarded financial aid. Accept or decline your financial aid award(s) at

The EFC figure is not an actual amount that you (or your parents) have to pay, but it is an approximation of how much you (and your parents) should reasonably be able to contribute toward your educational expenses. If at the time of completing the FAFSA you are married, you will be required to provide your and your spouse’s income and asset information. The EFC will be calculated using your combined resources.