When calculating the amount of your financial aid package, IUPUC considers several pieces of information that you provide on your Free Application for Federal Student Aid (FAFSA) form.
If you meet the basic eligibility criteria, the amount of aid you are offered depends on your expected family contribution (EFC), your year in school, your enrollment status, and the cost of attendance (COA) at IUPUC.
How Need Is Calculated
The formula that all U.S. colleges and universities, including IUPUC, use to consider your financial aid package each year is
COA – estimated EFC = financial need.
The information you submit on the FAFSA is used to determine if your COA can be met through your own personal resources or the resources of your parents, if you are their dependent. Also known as a “need budget,” COA is based on average costs for educational expenses.
Cost of Attendance (COA)
Your COA is an estimate of what it will cost for you to attend IUPUC for one year (both fall and spring semesters).
A variety of factors are considered when determining your educational expenses, such as:
- Tuition and fees based on your projected or actual enrollment, residency status, and major. This includes reasonable costs for study abroad programs.
- Room and board based on the housing option you report on the FAFSA
- Books and supplies based on an average cost for textbooks and related supplies for your projected or actual enrollment
- Transportation costs based on U.S. Department of Labor Bureau of Labor Statistics data
- Personal expenses for child or other dependent care, costs related to a physical disability, medical and dental costs, as well as life and health insurance premiums.
The total amount of the aid package you are offered by IUPUC cannot exceed your COA.
Expected Family Contribution (EFC)
Your expected family contribution is NOT the amount of money your family will have to pay for your university expenses nor is it the amount of aid you will receive. It is a number IUPUC uses to calculate how much aid you are eligible to receive.
The EFC is based on information you report in your FAFSA. Your EFC is calculated according to a formula established by federal law. Your family’s taxed and untaxed income, assets, and benefits (including unemployment and Social Security income) are all considered as part of the equation. The size of your family and the number of other family members who are attending college are also considered. The EFC Formula guide shows exactly how an EFC is calculated.
Your EFC will be reported to you on your Student Aid Report (SAR) and represents the amount you and your family are expected to contribute toward your COA.
Most aid awarded at IUPUC is need-based. IUPUC makes financial aid offers based on your financial need and the date by which we receive your FAFSA information. For priority consideration, always complete the FAFSA as soon as possible each year after January 1.
Need-based federal student aid programs include:
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Direct Subsidized Loan
- Federal Perkins Loan
- Federal Work-Study
Following the formula, if your COA is $6,000 and your EFC is $2,000, your financial need is $4,000 ($6,000-$2,000=$4,000). In this example you would not be eligible for more than $4,000 in need-based aid.
Other kinds of aid, like unsubsidized loans or scholarships, can help cover your EFC.