The following formula determines a student’s initial financial need:
COST OF ATTENDANCE – EXPECTED FAMILY CONTRIBUTION = FINANCIAL NEED
The Cost of Attendance figure contains the following components:
- Average cost of tuition and fees
- Average cost of books
- Room and Board
- An allowance for transportation costs
- An allowance for miscellaneous and personal expenses
The Expected Family Contribution (EFC) is calculated based on the information the student provides on the Free Application for Federal Student Aid (FAFSA)
The EFC contains of the following components:
- Student contribution from income
- Student contribution from assets
For dependent students, the EFC also contains:
- Parent contribution from income
- Parent contribution from assets
Financial aid received from all sources (Scholarships, Grants, Loans, Tuition Discounts, Assistantships and Stipends, Vocational Rehabilitation, Arkansas Workforce funds, etc) cannot exceed financial need, or an overaward occurs. An overaward requires federal aid to be reduced. A reduction of your federal financial aid can occur at any time.
