Calculating your 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

The Cost of Attendance is not the balance that you owe the college: it is a calculation of expected expenses during the time you are enrolled in school. It includes allowances for tuition, fees, books, course materials, supplies, equipment, living expenses including housing and food, personal expenses, transportation and loan fees, if applicable. This is not the amount you will be billed by SPC.

The Cost of Attendance figures are the maximum amount of financial aid a student can receive per time frame listed.

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.


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, state and private grants and scholarships are awarded first. Federal Work Study is awarded next, followed by Federal Direct Loans. If it is determined that you do not have financial need, you can still apply for an unsubsidized Federal Direct Loan or scholarships based on merit. In addition, parents can apply for PLUS loans.

Campus-based policy: SPC participates in the following campus-based funded programs: FSEOG (Federal Supplemental Education Opportunity Grant) and Federal Work Study (FWS). Awarding for these programs is detailed on SPC's web pages for FSEOG and FWS.

If you receive scholarships or other funds that are not listed on your financial aid awards, you must notify Financial Assistance Services. Reporting this information early will help prevent changes in eligibility that can result in reductions of other financial aid.

There are some funds that do not allow the amount to be more than a specific amount, such as the cost of tuition, tuition and fees or tuition, fees and books. If you have a combination of these funds, one or more of the funds will be reduced or removed to meet this requirement. Florida Prepaid is one of these funds.

If a reduction of financial aid is required, loans are reduced first, followed by Federal Work Study, then forms of free financial assistance.

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 Estimate your Federal Student Aid.


What does the term EFC stand for?

What is an Award Letter?