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For full-time undergraduate students
This information will help you understand your Chaminade award letter. Your award amount is based on
- An Estimated Budget
- Your EFC
- A Need Analysis
- Financial Need
- Gift Aid and Your Need Analysis
- Need Based Aid and Non-Need Based Aid
- Packaging to Budget
PART 2:
Your Award and What to Do Next
First of all, we start with an estimated budget. These line items are in the budget:
Remember, the estimated budget is not what you owe Chaminade. It is what you will need for your upkeep during your 2 semesters in the upcoming year. For example, some of the expenses, such as personal & transportation, will not be owed to Chaminade.
We have used information supplied on the FAFSA to determine which budget to reference (Living on-campus or with parents, etc.)
The EFC stands for “Estimated Family Contribution.” The amount of the EFC is determined by the federal government from information that your family supplied on the FAFSA. This is the amount the federal government thinks your family should contribute to your college education this year. If you are a dependent student, as most incoming freshmen are, this amount will reflect the sum of what your family and you yourself contribute.
The EFC is used for the Need Analysis.
If you are concerned that your family may not be able to contribute the amount of the EFC, see the information under “Packaging to Budget,” below.
A Need Analysis is a formula to decide how much your family can pay towards the costs of your education. If your family cannot pay the full cost of college, then you are offered financial aid.
The Need Analysis is based on a simple calculation. Budget minus EFC equals financial need.
Budget
- EFC
_____________
Need
The best way to explain financial need is to demonstrate using two examples. The first example is of a family that does not demonstrate need. The second equation does demonstrate need.
The No Need Example (below): In this example of a Need Analysis, the family can cover the cost of college, because the Estimated Family Contribution is 30,000. There is no need, and no financial aid will be offered:
Budget: 30,000
EFC: - 30,000
___________
Financial Need: 0
The Financial Need Example (below): If the EFC doesn’t cover the full cost of college, there will be an amount left over as a result of the equation, and need-based financial aid will be awarded for that amount. In this example of a Need Analysis, the family cannot cover the cost of college, because the Estimated Family Contribution is 10,000.
Budget: 30,000
EFC: - 10,000
___________
Financial Need: 20,000
Gift aid is money you receive from an outside source to go to college, such as a scholarship or grant. These funds are added into the equation, and may change your financial need amount. You must let us know if you receive a scholarship or grant, as we are required by federal law to include these funds in the equation for determining need. Please let us know at any time you receive such an award or funds. Here is an example of the Need Analysis equation with a $4,000 grant:
Budget: 30,000
EFC: - 10,000
Gift: - 4,000
___________
Financial Need: 16,000
If your need analysis determines that you have financial need, it allows us to award you several types of need-based aid.
Federal Need-based aid includes:
Other Need-Based aid includes:
Non-Need Based Aid:
This is additional aid you may receive that is not based on need.
(Also note, Chaminade merit scholarships and some grants are not based on need.)
It is our philosophy to provide you with the maximum aid offer possible. This means, we do not presume that your family will be able to afford to pay the EFC. We generally provide an aid offer that is exactly what we have determined is your budget. This usually will result in the recommendation of a variety of loans, both need-based and non-need based.
To PART 2: Your Award and What to Do Next
