A student’s Financial Need is calculated as the difference between the Cost of Attendance (COA), sometimes referred to as the student’s “budget”, and the Expected Family Contribution (EFC). Once the student's financial need is determined, the Financial Aid Office will try to meet the financial need with different types of aid such as need based funds (e.g. grants, Federal Work-Study, Federal Direct Subsidized Stafford loan, etc.) the student is eligible for and that are available.
In addition, the Expected Family Contribution (EFC) can be replaced with non-need based loans such as the Federal Direct Unsubsidized Stafford loan, the parent PLUS loan or a private student loan. Please refer to Types of Aid for additional information regarding the types of aid available, including the aforementioned loans.