Eligibility for most financial aid is contingent on your financial need.
Need is the difference between the cost of attendance and your expected family contribution (EFC).
The EFC is calculated from the information you supply on the FAFSA (Free Application for Student Aid) using a federally legislated formula used by postsecondary educational institutions across the nation.
Mathematically, financial need is determined as
Cost of Attendance (student budget)
– EFC (parents and student)
________________________________________________
= Need
Since you are the prime beneficiary of the college education, you (and your parents, if you are dependent) are expected to contribute toward meeting your educational costs. Part of your income and assets is considered to be available to pay for educational expenses during the award period.