How much Financial Aid do I qualify for?

How much Financial Aid do I qualify for?

Your need for financial assistance is determined by many different factors, such as the number of people in your family’s household, how many people are in college, your family’s income, etc.

The financial information you and your family provide on your FAFSA is analyzed by the federal need analysis processor using “Federal Methodology,” a standard formula established by the U.S. Congress. It is used by the federal processor to calculate expected family contribution (EFC)—how much individual students and their familiesare expected to contribute toward their educational expenses. After analyzing your financial information, the federal processor sends the results to the university, indicating how much you and your family should be able to contribute toward your education. If the cost of attendance at Florida Memorial University is greater than what the processor indicates is your family’s expected contribution, then the university considers you to have financial need.

Cost of Attendance

– Family Contribution
= Financial Need

Cost of Attendance includes tuition/fees, books and supplies, housing, food, transportation, clothing maintenance, and personal items/health insurance. Expected Family Contribution consists of expected parental contribution and/or student contribution, depending upon the student’s classification (dependent or independent). The methodology used by the federal processor takes into account the family’s income and assets, employment costs, living expenses, taxes, family size, and the number of family members in college.

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