Calculating your financial aid award package
Federal financial aid is based on financial need. Using the data collected on the FAFSA, financial need is calculated as follows:
Cost of Attendance - Expected Family Contribution = Financial Need
Cost of Attendance
The Cost of Attendance is not the balance that you owe the college: it is a calculation of expected expenses during the time you are enrolled in school. It includes allowances for tuition and fees, room and board, books and supplies, transportation and other personal expenses. This is not the amount you will be billed by SPC.
The Cost of Attendance figures are the maximum amount of financial aid a student can receive per time frame listed.
Expected Family Contribution
The Expected Family Contribution (EFC) is a measure of a student's and his or her family's financial strength and resources that should be available to help pay for the student's education. The EFC is calculated from the information you report on the FAFSA and a formula established by law. Your family's income and assets are considered in determining your EFC. Your EFC will appear on the Student Aid Report (SAR) you receive after you complete the FAFSA.
Federal, state and private grants and scholarships are awarded first. All funding resources are included as part of a student's financial aid package, including federal and state grants, scholarships, waivers, fellowships, assistantships, certain Veterans benefits, AmeriCorps, Federal Work Study, loan, and any other educational benefits paid to cover expenses because of enrollment. Federal Work Study is awarded next, followed by Federal Direct Stafford Loans. If it is determined that you do not have financial need, you can still apply for an unsubsidized Federal Stafford Loan or scholarships based on merit. In addition, parents can apply for PLUS loans.
If you receive scholarships or other funds that are not listed on your financial aid awards, you must notify Financial Assistance Services. Reporting this information early will help prevent changes in eligibility that can result in reductions of other financial aid.
If a reduction of financial aid is required, loans are reduced first, followed by Federal Work Study, then forms of free financial assistance. In some cases, Florida Prepaid funds are reduced to allow for specific scholarship funds.
If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid.
What does the term EFC stand for?