What is Financial "Need?"
Most financial aid is awarded based on need. "Need" is simply a calculation of the difference between the cost of attending your college (Cost of Attendance) and the amount your family is expected to contribute (Expected Family Contribution). How do you figure out what Cost of Attendance and Expected Family Contribution are for you and your family?
Cost of Attendance is the average amount a student at your college pays for a typical set of expenses. These expenses include: tuition and fees, room and board, books and supplies, transportation, and personal expenses (things that everybody pays for). For information on how much a typical student at a particular college pays, visit the College Costs page, which lists the Cost of Attendance for each of the colleges and universities in Texas.
Expected Family Contribution is the amount of money your family is expected to contribute to your education. It is an amount based on a mathematical equation created by the federal government. The information used in this equation comes from the information you supply on either the FAFSA or TASFA. To get an estimate of how much your family may be expected to contribute to your education, you can use the EFC Calculator, hosted by Sallie Mae.
You can estimate your financial need by inserting numbers into the following mathematical equation:
-
Cost of Attendance (from the College Costs page)
- Expected Family Contribution (from the EFC Calculator or your FAFSA report)
- Other Gift Aid
= Financial Need
Remember, this is only an estimate! Other factors may affect your college’s determination of need. Even if you think your need is $0, make sure you fill out the financial aid application and apply for financial aid at your college. You may be surprised at the aid that is actually available to you based on your circumstances.
