{"id":15,"date":"2012-12-21T13:24:47","date_gmt":"2012-12-21T18:24:47","guid":{"rendered":"https:\/\/tuxpan.highpoint.edu\/financialplanning\/?page_id=15"},"modified":"2023-11-30T20:30:48","modified_gmt":"2023-11-30T20:30:48","slug":"determiningneed","status":"publish","type":"page","link":"https:\/\/www.highpoint.edu\/financialplanning\/determiningneed\/","title":{"rendered":"Determining Financial Need"},"content":{"rendered":"

When applying for federal student aid, the information you report on the “Free Application for Federal Student Aid “, or the “FAFSA”, is used to calculate your Expected Family Contribution (EFC). Starting with the 2024\/2025 FAFSA EFC will become the Student Aid Index (SAI). The formula used to calculate your EFC\/SAI is established by federal law and is used to measure your family’s financial strength on the basis of your family’s income, assets, family size and number of family members in post-secondary education. The EFC\/SAI is used to determine your eligibility for federal student aid as well as other student aid programs. Cost of attendance (COA) is also referred to as a budget. Financial need is determined by subtracting the EFC from the COA. Please see the formula below.<\/p>\n

Cost of attendance\u00a0–<\/strong> EFC (or SAI) =<\/strong> Financial Need<\/h5>\n

Your eligibility for need-based aid is determined by subtracting other outside financial assistance (scholarships) from the calculated financial need.<\/p>\n

Financial Need\u00a0–<\/strong> Other outside Financial Assistance\u00a0=<\/strong> Eligibility for need-based aid (grants, subsidized student loans and work study)<\/h5>\n","protected":false},"excerpt":{"rendered":"

When applying for federal student aid, the information you report on the “Free Application for Federal Student Aid “, or the “FAFSA”, is used to calculate your Expected Family Contribution (EFC). Starting with the 2024\/2025 FAFSA EFC will become the Student Aid Index (SAI). 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