|
Expected Family Contribution
The Expected Family Contribution (EFC) is a measure of each family's ability to pay for the student's educational expenses. It represents the amount of money the student and parent are expected to contribute to the student's educational expenses during the academic year. Each student's EFC is determined by a federal formula applied to the parents' and student's income and asset data reported on the FAFSA.
Financial Need
Your financial need is the
difference between Mercer's Cost
of Education and the Expected
Family Contribution reported on
the Student Aid Report (SAR).
You can
calculate your EFC online
and insert it into the table
below to estimate what your
financial need is.
Your
total need-based aid and outside
resources cannot exceed your
financial need figure.
Need-Based aid includes Federal
Work-Study, need-based Federal
Student Loans (Federal Perkins
and Subsidized Federal Direct
Loans), and need-based and
academic Federal, State and
University scholarships and
grants. Outside resources
includes private and state
scholarships; employer tuition
benefits; veterans' benefits;
vocational rehabilitation
benefits; and non-service
fellowships (no required
service).
Please
be aware that we are often
unable to provide enough aid to
meet every student's total
financial need.
Students
who do not demonstrate financial
need may still be eligible to
borrow non-need-based
Federal Direct Student Loans and
may also apply for merit-based
grants and scholarships.
Students are selected for this process by the Department of Education or by the OSFP in some cases. Students will be notified by the OSFP if they are selected for the Verification Process. The process requires the OSFP to verify information submitted on the FAFSA. Students must complete the Verification Worksheet and return it along with signed copies of their (and their parent(s) if required) Federal Income Tax Returns and all W-2 forms. If low or no income is reported or further information is needed, additional documentation may be required. Also, any incomplete verification documents will be returned for completion.
No federal funds will be disbursed to students selected for the Veification Process until all required forms are received and the process is complete. Students awarded Federal Work-Study funds may not begin working until verification is complete. In addition, a hold may be placed on future registration until verification is complete. If there are differences between the FAFSA information and the student's financial documents, their estimated aid may change. According to federal student aid regulations, selected students must fully complete the Verification Process no later than 90 days after the last day of class or their federal aid will be forfeited and canceled for that term.
Please contact the Office of Student Financial Planning if you have any questions regarding the Verification Process. Most verification documents are available on this website at merceraid.com/atl/forms. The OSFP recommends that all students selected for verification complete this process as soon as possible in order for their aid to be finalized.
|
