The financial
aid office of each school will calculate an estimate
of how much it will cost you, the student, to attend
their school for one academic year. Your COA will primarily
depend on your residency (in-state or out-of-state student)
and major/field of study. However, your estimated COA
should assist you and/or your parents in planning a
budget. Your COA will vary from one school to another.
In calculating your COA, the estimated total amount
will typically include:
• Tuition and Fees
• Room and Board
• Books and Supplies
• Travel/Transportation
• Personal Expenses
• Miscellaneous Expenses
In many cases there is a standard fixed budget amount
for some of these categories. For example, the budget
amount for travel may vary depending on the student's
home state. Likewise, room and board expenses may be
reduced and travel expenses increased for commuter students.
If you are interested in calculating an estimated COA
for attending a specific school, contact each school
and request a school catalog, housing brochure, and
other information regarding the academic program you
are seeking admittance for. For information on additional
fees for certain programs, contact the department directly
or a financial aid administrator. Remember, this is
only an estimate, actual costs will differ than the
school's estimated COA once school starts.
•
Expected
Family Contribution (EFC)
The Expected
Family Contribution (EFC) is the amount of funding you
and your parents are expected to contribute towards
your education. The EFC is an estimate of the amount
of money you (and your parents, for dependent students)
could reasonably contribute toward college costs. However,
this amount may not equal the amount your family can
actually contribute.
Your EFC is calculated by completing the Free Application
for Federal Student Aid (FAFSA). The FAFSA is used by
the U.S. Department of Education to determine your Expected
Family Contribution (EFC) and eligibility for certain
Federal Aid Programs. In order to receive financial
assistance from the federal government, you must complete
the FAFSA. Many state education agencies and institutions
also use the information submitted on your FAFSA to
determine eligibility for State and Institutional Aid.
In calculating your EFC for one academic year, the following
factors are considered:
• Income (Taxable and Non-taxable)
• Assets (i.e. stocks, bonds, savings, and business
assets)
• Number of Children in Household
• Certain Debts
• Unusual Circumstances
The federal formula approved by Congress to calculate
the EFC is called the Federal Methodology (FM). The
federal methodology is used to determine eligibility
for federal funds. If a college or university relies
on a different formula for awarding its own funds, that
formula is called the Institutional Methodology (IM).
Different colleges and universities may use different
institutional methodologies.
The EFC is the sum of the student contribution and the
parent contribution:
