 What is Financial Need?
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), and parents 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, Federal
Subsidized Stafford Loan and Federal Perkins). To be eligible for these
types of aid, excluding the Federal Subsidized Stafford, parent
information must be provided on the FAFSA.
A student who does not demonstrate need
will be awarded the Federal
Unsubsidized Stafford or other alternative loans. Overall, the student may not receive financial aid from all sources,
need-based or non-need-based, in excess of the school approved student budget.
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