Financial Need
Financial Aid is awarded on the basis of financial need.
When you apply for Federal student aid, the information you report is used in a formula, established by the U.S. Congress and called the "Federal Methodology", that calculates your Expected Family Contribution (EFC), an amount you and your family are expected to contribute toward your education. If your EFC is below a certain amount, you will be eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements.
There isn't a maximum EFC that defines eligibility for the other aid programs. Instead, your EFC is used in an equation to determine your financial need:
Cost of Attendance
- Expected Family Contribution (EFC)
-------------------------------------------------
= Financial Need
Fredonia uses its' cost of attendance (which includes direct and indirect college costs), and subtracts the amount you and your family are expected to contribute toward that cost. The remaining balance is considered to be the financial need. In determining your need for aid from student financial aid programs, the financial aid office must also consider other aid you are expected to receive (such as scholarships).
If the calculation shows that there is "0" need, you would still be eligible for your class level maximum in an Unsubsidized Stafford Loan.