Determining Financial Need and Your Award Package
Once we receive your completed FAFSA, we will review it to determine your financial need. Decisions regarding how much parents and students can be expected to contribute from their income and assets are based on federal need-analysis formulas and are the basis for awarding all need-based aid at Methodist College.
"Financial need" is defined as the difference between the cost of attendance (COA) and the estimated family contribution (EFC).
Cost of Attendance (COA)
The cost of attendance includes tuition, fees, on- and off-campus room and board costs, and additional allowances for books, supplies, transportation, and personal expenses.
Expected Family Contribution (EFC)
The family is expected to contribute to the student's education. A dependent undergraduate student's family includes parents and/or stepparents and other children in the household, if applicable. Others may be included in the household if the parents and/or step-parent provide more than half of their support and will continue to do so during the award year. Independent undergraduate students' families include the student and spouse and children/step-children, if applicable. Others may be included in the household if the student provides more than half of their support and will continue to do so during the award year. FAFSA data is used to determine the amount of the family contribution. The family's financial circumstances are evaluated in a consistent and equitable manner, recognizing special circumstances that alter a family's ability to contribute to the student's education.
Financial need is the amount remaining when the EFC is subtracted from the COA.
Sometimes students are selected for a process called verification. If you are selected for verification, we may not be able to determine your financial need right away. Please refer to the verification page for more details.