Defining Financial Need
Financial need is the difference between costs (tuition and fees, room, board, student uniforms, books, supplies, travel, and personal expenses) and the amount of money the student and/or the student’s family can afford to pay. This amount is determined by a standard formula, established by Congress, and approved by the Secretary of Education. The amount is referred to as the Federal Methodology and the calculation is:
Cost of Attendance – Expected Family Contribution = Need
In order to determine the Expected Family Contribution, one must complete the Free Application for Federal Student Aid (FAFSA). The information provided on the FAFSA determines the expected family contribution and these results are used to determine a student’s financial need.
Students that wish to apply for financial aid should submit the FAFSA to the Federal Processor of the U.S. Department of Education by May 1st to meet State scholarship and grant deadlines. Students are required to apply online at www.FAFSA.ed.gov. Students are required to reapply for financial aid for each academic year they wish to be considered for.
The MCHP Financial FAFSA School code is: 006305