What is the federal formula for determining financial need?
Financial need is the difference between the Cost of Attendance (COA) and the EFC. Financial need can be expressed as an equation: The COA usually varies from school to school, but the EFC stays about the same.
The financial aid professionals at the colleges you have selected use this information to calculate your financial need. The key formula for determining financial need is as follows:
Cost of Attendance – Expected Family Contribution = Financial Need
COA - EFC = Financial Need