Understanding Financial Need
Expected Family Contribution (EFC) – EFC is the amount of out-of-pocket expense that you [and your parent(s)] are expected to provide toward your educational costs, either from income, savings, or a non-need based loan. The EFC is calculated from the information you [and your parent(s)] report on the Free Application for Federal Student Aid (FAFSA) or the Texas Application for State Financial Aid (TASFA). The calculation of the EFC is established by law and is used to measure a family’s financial strength on the basis of the family’s income, assets, family size, and number of family members in post-secondary education. It is used to determine eligibility for most student aid programs.
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
Your eligibility for need-based aid is determined by subtracting other outside financial assistance (scholarships) from the calculated financial need.
– Other outside Financial Assistance
Eligibility for need-based aid
(grants, subsidized student loans and work study)