Eligibility for Student Financial Aid
Estimating Expected Family Contribution (EFC) and Eligibility for Student Aid
The Department of Education uses information from your FAFSA to perform a need analysis and determine your Expected Family Contribution (EFC). CMC then subtracts the EFC from your Cost of Attendance (COA) to calculate the amount of need-based financial aid you are eligible to receive.
CMC will assemble a financial aid package and send you a shopping sheet outlining the types and amounts of aid available to you along with the estimated educational costs at CMC. You may accept all, part, or none of this financial aid package.
To get an early estimate of your EFC and aid eligibility prior to the official need analysis process, take advantage of the Department of Education’s FAFSA4caster. Using information you provide about the type of school you plan to attend, FAFSA4caster can even estimate award amounts for specific kinds of aid, such as grants, loans, and work-study. When the time comes to fill out the FAFSA, you can use your answers on the FAFSA4caster to prefill many of the FAFSA questions.
You may also want to check out FinAid: The Smart Student Guide to Financial Aid, which provides an Expected Family Contribution (EFC) Calculator. The website also offers a detailed analysis calculator, in addition to a Quick EFC Calculator.
Other kinds of aid, such as scholarships and grants, may be given by schools, organizations, companies, etc. Some grants are based on need, while others are based on academic or athletic ability, career interests, religious affiliation, membership, location, employment, etc. Investigate these opportunities at your school, library, or on the internet at FinAid.
The maximum amount you may borrow in Direct Loans depends on whether you are an independent student or dependent student, as well as your academic year in school.
You’re automatically considered INDEPENDENT if you:
► Were born before January 1, 1990
► Are serving on active duty in the U.S. Armed Forces
► Since turning 13, both parents are deceased
► Are a dependent or ward of the court since turning age 13
► Are married as of the date of your application
► Are a veteran of the U.S. Armed Forces
► Were in foster care since turning age 13
► Are currently or have been an emancipated minor
► Have children and provide more than half of their support
► Will be working on a master’s or doctorate program
► Have dependents (other than children or a spouse) who live with you and you provide more than half of their support
► Are currently or have been in legal guardianship
► Are homeless or at risk of being homeless
The range of personal situations is extensive. If you feel your dependency status is not accurately reflected by these definitions, discuss your personal situation with the Financial Aid Office. If your dependency status changes at any time during the year, you must notify the Financial Aid Office immediately. Independent students do not include their parents’ financial information on the FAFSA.