There are three elements that assist us in determining students’ financial aid offers:
- Student Budget (Estimated Expenses)
- EFC (Expected Family Contribution) – [Discontinuing 2023-24 Aid Year]
- SAI (Student Aid Index) – [Beginning 2024-25 Aid Year]
- Financial Need
Financial need is calculated by subtracting the EFC/SAI from the student budget. (Note: A negative SAI will be considered “Zero” for calculating purposes).
Other factors that determine the types and amounts of offers:
- Federal Pell Grant eligibility
- Outside resources
- Class level
- Major
- Enrollment status
- Prior degree
- Aggregate loan limits
- Funding levels
- Residency
- State and federal regulations
- Institutional philosophy
The student budget allows for education-related costs for the student only, not for family members, as described below:
- Tuition and Fees: Full-time instructional costs and mandatory fees
- Living Allowance: Average cost of housing, food, and utilities for students living on or off campus. Residence hall contracts vary by hall, room type, and meal plan choices.
- Books and Supplies: Average cost of textbooks and supplies.
- Miscellaneous: Allowance for transportation, recreation, health care, and personal expenses.
- If you have unusual expenses or costs (i.e. daycare), please contact a financial aid counselor.
