 Your
COA and EFC is used in the following equation to determine your
financial need:
| |
Cost
of Attendance (COA) |
| - |
Expected
Family Contribution (EFC) |
| = |
Financial
Need |
After the financial aid administrator inputs the appropriate
numbers into this equation, your total will determine whether
or not you have demonstrated financial need.
Example:
John Doe will attend AvScholars Technical School in the Fall
of 2003. The cost of attending AvScholars Technical School is
$10,000, and John Doe’s expected family contribution is
$2,300.
| |
$10,000
COA |
| - |
$2,300 EFC |
| = |
$7,700 Financial
Need |
In this example, John Doe has needs $7,700 to help pay for his
education. Therefore, John Doe has demonstrated financial need.If
you have demonstrated financial need, the financial aid office
of each school will try to meet this demonstrated need through
a financial aid "package." This package will include
various sources of Need-based and Non-Need Based Aid. Financial
aid awarded to students based on financial need is called Need-based
Aid. The purpose of need-based aid is to supplement the family’s
contribution, not to replace it.
Need-based aid is awarded in the forms of:
1. Need-based Federal, State, and Institutional Grants
2. Need-based Student Loans
3. Federal or State Work-Study
Note: If the financial
aid administrator calculated and determined that you did not
demonstrate financial need, you may be eligible for Non-Need
based student loans and possible Merit-Based Aid.
|
