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Scholarships -- Determining Financial Need
I am building our application with Foundant and using this as an opportunity to re-think some of the questions on our application. Several of our scholarships are based on financial need. Currently, I ask students to list their estimated college expenses, scholarships they have for the upcoming year, and estimated PELL grant. I also ask for the EFC. I have used the calculation of Cost - (Scholarships + Pell +EFC) = Need
So... 25,000 - (1000 + 5000 + 250) = remaining need
When I worked for the Illinois Student Assistance Commission, we explained that financial aid covered the gap between the cost of attendance and what the student could pay (EFC). But I also know, the EFC isn't always reflective of a family's situation.
With all of that in mind, I don't know if I am taking the right perspective on determining financial need and I would appreciate any feedback/discussion regarding this process.
Audra Clodfelter, Communication/Scholarship Administrator
Southeastern Illinois Community Foundation, Effingham, Illinois