Definition of Need
Cost of Attendance (COA)
- Expected Family Contribution (EFC)*
= Financial Need
* analysis of a family's ability to pay based upon income, assets, number in family, and number in college
Need Varies Based on Cost
Principles of Need Analysis
- To the extent they are able, parents have primary responsibility to pay for their dependent children's education
- Students also have a responsibility to contribute to their educational costs
- Families should be evaluated in their present financial condition
- A family's ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay