The financial need of a student is calculated as follows:

Student Budget - Expected Family Contribution = Financial Need for Need-based Aid

The student budget includes tuition, fees, equipment, books, room and board, transportation and miscellaneous expenses.

The expected family contribution is calculated by a federally approved needs analysis system. The information is collected on Free Application for Federal Student Aid (FAFSA). The FAFSA uses financial information submitted by the student, spouse (if applicable), in a federal formula to determine the expected family contribution.

A student must prove financial need in order to be eligible for need-based aid (EVMS-administered scholarships and loans, and Federal Perkins). To be eligible for HRSA Loans for Disadvantaged Students, parental information and parent PIN must be provided on the FAFSA and to the OFA.

A student who does not demonstrate need will be awarded the Federal Unsubsidized Stafford and Graduate PLUS loans. Overall, the student may receive financial aid from a variety of sources, need-based or non-need-based, but in all cases aid cannot exceed the school approved student budget. 

For limited reasons, a student may request a budget increase and thus increase eligibility (usually for additional Graduate PLUS loan).  A student completes the budget increase form which helps gather the required information needed in order for the OFA to determine whether or not a student's budget may be increased.  Not all requests may be approved.