How is financial need determined?
Eligibility for most federal and state grants and certain scholarships is based on "financial need." Families
are primarily responsible for educational costs, but need-based aid is available
when "need analysis" shows that a family cannot afford to pay the full cost of education.
"Need" is determined using family financial information to estimate what
the family is expected to contribute toward college costs in a year. The estimated
family contribution (EFC) is compared with college costs for a year. When the EFC
is less, the difference is "need". This "need" is the maximum a student
may receive in need-based financial aid.
Example: A student applies for financial aid at three colleges.
The estimated family contribution (EFC) is calculated to be $2,000 and remains constant.
|Oregon Community College
|State University in Oregon
|Oregon Independent College
Your estimated family contribution (EFC) is calculated from family financial information that you put on the Free Application for Federal
Student Aid (FAFSA) or Oregon Student Aid Application (ORSAA). One of these applications must be completed by every student wanting financial
aid for college. You must file a new application each year so that your need can be reevaluated.
You can find a family contribution calculator on the Internet
that will give you an estimate of your family's contribution. Your exact EFC comes from completing your FAFSA or ORSAA.