When an institution is determining a student's eligibility for financial assistance, two things are considered:

Cost of Attendance (COA)		The estimated amount of money it costs to attend an institution for an academic period. This includes tuition, fees, books, supplies, room and board, transportation, and personal expenses. The COA at educational institutions varies.
Expected Family Contribution (EFC)		The amount of money that a student and student's spouse or family will be expected to contribute toward college costs. This amount is determined through the completion of the FAFSA application; therefore, it can change each year. It is located on the first page of the SAR in the upper right-hand corner.

The difference between the COA and the EFC is considered financial need. A financial aid package, consisting of the programs and amounts you are eligible to receive, may not exceed the financial need. The only exceptions to this rule are for PLUS and Unsubsidized Stafford Loan programs.

The following is an example of how "financial need" is determined

Suppose a student goes to a four-year university and lives at home. The cost of attendance is $8,500 and the student has an EFC of $1,500. Therefore, this student is eligible to receive $7,000 ($8,500 minus $1,500) in financial aid.

The following is an example of how a school may package financial aid

• 	$7,000 Financial Need
  -	$1,675 Pell Grant
  -	$1,000 FSEOG Grant
  -	$1,000 Scholarship
  -	$2,625 Subsidized Stafford Loan
  =	$700 Unmet Need (The amount not covered in your financial aid package.)

Some financial aid programs at colleges and universities have limited funds (excluding FFELP and FDLP loans which only have annual and total loan limits depending on your grade level and amounts previously borrowed) for certain types of aid. This means the funds are awarded to students on a first-come, first-served basis. As a result, an institution may have a priority deadline for financial aid. All students who submit their FAFSA results and any other information as requested by the institution's priority deadline will be in the best position to receive funds. Contact the institution you plan to attend to find out if they have a priority deadline, and if so, when it is.