The expected family contribution is based primarily on your family's income and assets. However, certain allowances are considered and subtracted from total income and assets. These allowances include amounts for a standard cost of living, for future retirement needs, and for future indebtedness. Additionally, part of your own assets and income from your part-time and summer work is considered available for school expenses. Your contribution is added to that of your parents to obtain the expected family contribution.
Financial aid is money awarded to a student to help pay educational costs.
Most financial aid is awarded according to individual need and educational costs. Student employment can be a job that the school has found for you on or off campus or work that you have obtained on your own initiative. Additionally, you should investigate private aid sources such as civic groups, clubs, religious organizations, and businesses that may offer scholarships and loans. Most financial aid is awarded on the basis of financial need. Total educational costs minus the expected family contribution equals need.