Calculating a financial aid award package


Federal financial aid is based on financial need. Using the data collected on the FAFSA, financial need is calculated as follows:

  Cost of Attendance
- Expected Family Contribution
  Financial Need

Cost of Attendance

Cost of Attendance includes tuition and fees, room and board, books and supplies, transportation and other personal expenses.

Expected Family Contribution

The Expected Family Contribution (EFC) is a measure of a student’s and his or her family’s financial strength and resources that should be available to help pay for the student’s education. The EFC is calculated from the information you report on the FAFSA and a formula established by law. Your family’s income and assets are considered in determining your EFC. Your EFC will appear on the Student Aid Report (SAR) you receive after you complete the FAFSA. This is not the amount you will be billed by SPC.


Federal, state and private grants and scholarships are awarded first. All funding resources are included as part of a student’s financial aid package, including federal and state grants, scholarships, waivers, fellowships, assistantships, certain Veterans benefits, AmeriCorps, Federal Work Study, loan, and any other educational benefits paid to cover expenses because of enrollment. Federal Work Study is awarded next, followed by Federal Direct Stafford Loans. If it is determined that you do not have financial need, you can still apply for an unsubsidized Federal Stafford Loan or scholarships based on merit. In addition, parents can apply for PLUS loans.

If you receive scholarship or other funds that are not listed on your financial aid awards, you must notify Financial Assistance Services.

If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid.

Login to MySPC to check your financial aid status and accept the Conditions of Financial Assistance.

The Federal Student Aid website offers an overview of the financial aid process. If you want an estimate of your financial aid award, use the FAFSA4caster.

What does the term EFC stand for?