First, start with an estimated budget. These line items are in the budget:
- Tuition & Fees
- Books & Supplies
- Room & Board
- Personal Expenses
- Transportation Expenses
Remember, the estimated budget is not what you owe Chaminade. It is what you will need for your upkeep during your two semesters in the upcoming year. For example, some of the expenses, such as personal & transportation, will not be owed to Chaminade.
We have used information supplied on the Free Application for Federal Student Aid (FAFSA) to determine which budget to reference (living on campus or with parents, etc.).
EFC stands for Estimated Family Contribution. The amount of the EFC is determined by the federal government from information that your family supplied on the FAFSA. This is the amount the federal government thinks your family should contribute to your college education for the coming academic year. If you are a dependent student, as most incoming freshmen are, this amount will reflect the sum of what you and your family contribute.
The EFC is used for the Need Analysis. A Need Analysis is a formula to determine how much your family can pay towards the costs of your education. The Need Analysis is based on a calculation: Budget – EFC = Need
If you are concerned that your family may not be able to contribute the amount of the EFC, see the information under Packaging to Budget below.
The best way to explain financial need is to demonstrate using two examples. The first example is of a family that does not demonstrate need. The second example does demonstrate need.
No Need Example: In this example of a Need Analysis, the family can cover the cost of college because the Estimated Family Contribution is $30,000. There is no need, and no financial aid will be offered.
|
NEED CATEGORY |
AMOUNT |
|---|---|
|
Budget |
$30,000 |
|
EFC |
– $30,000 |
|
Financial Need |
$0 |
Financial Need Example: If the EFC doesn’t cover the full cost of college, there will be an amount left over as a result of the equation, and need-based financial aid will be awarded for that amount. In this example of a Need Analysis, the family cannot cover the cost of college, because the Estimated Family Contribution is $10,000.
|
NEED CATEGORY |
AMOUNT |
|---|---|
|
Budget |
$30,000 |
|
EFC |
– $10,000 |
|
Financial Need |
$20,000 |
Gift aid is money you receive from an outside source to go to college, such as a scholarship or grant. These funds are added into the equation and may change your financial need amount. Please let us know if you receive such awards or funds, as we are required by federal law to include these funds in the equation for determining need. Here is an example of the Need Analysis equation with a $4,000 grant:
|
NEED CATEGORY |
AMOUNT |
|---|---|
|
Budget |
$30,000 |
|
EFC |
– $10,000 |
|
Gift |
– $4,000 |
|
Financial Need |
$16,000 |
If your need analysis determines that you have financial need, it allows us to award you several types of need-based aid.
Federal need-based aid includes:
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal PELL Grant
- Federal Work-Study
- Federal Subsidized Stafford Loan
Other need-based aid includes:
- Chaminade (Institutional) Aid
Non-need-based aid includes:
- Federal Unsubsidized Stafford Loan
- Federal Plus (Parent) Loan
- All forms of private alternative loans
Note: Chaminade merit scholarships and some grants are not based on need.
It is our philosophy to provide you with the maximum aid offer possible. This means we do not presume that your family will be able to afford to pay the EFC. We generally provide an aid offer that is exactly what we have determined is your budget. This usually will result in the recommendation of a variety of loans, both need-based and non-need-based.