Definition of Financial Need

Need is referred to many times in the application process. What is financial need?

First, the cost of attendance (graduate cost of attendance), which is the dollar amount necessary to pay educational costs (tuition, fees, room, board, books & supplies, personal expenses, etc.) is determined. Then a family's estimated contribution is calculated using a formula determined by federal legislation that takes into consideration family income, assets, the number of family members, etc. The contribution figure is the EFC number on the top of your Student Aid Report. You can also estimate your EFC number by using calculators available on the web or the FAFSA4caster on the web.

When the student sends his/her FAFSA to the federal processor, the income and financial information are entered into a computer. A calculation is then performed which reflects the amount of money the parents and student are expected to contribute toward the student's educational costs. The difference between one's cost of attendance and family's estimated contribution is called "demonstrated financial need".

Special or extenuating circumstances experienced by the family may allow the financial aid staff the opportunity to reduce the expected family contribution. Examples of these may be a job lay-off, high medical expenses, or a recent accident or illness causing a loss of income.

These extenuating circumstances must be documented. This means that the student's family must submit supporting documents such as lay-off slips, medical receipts, or any paper documents that prove the unusual circumstances. Questions regarding special circumstances should be directed to the Financial Aid Office.