Information Used to Calculate Need
Financial aid budgets include allowances for -
- Tuition and fees
- Room and board
- Books and supplies
- Transportation and personal expenses
- Dependent/elder care and disability related expenses
The family’s ability to pay or EFC is based on -
- Student’s/parents’ taxable and non-taxable income
- Parents’ household size and number in college
- Student’s/parents’ net assets (except for home equity, family farm equity, and retirement fund equity)
- Type of federal tax form filed and certain exclusions from income