Financial Need Calculation
Cost of Attendance
We assign you an estimated Cost of Attendance based upon the costs associated with going to school for all students in your category. Factors like enrollment, housing situation, residency and dependency status each affect your Cost of Attendance significantly.
EFC
The Expected Family Contribution (EFC) is the amount the federal government says you (and your family if you are dependent by the government’s definition) should pay toward your education and living expenses, based on your FAFSA information. If you are a dependent student, the EFC is based on your parents' income as well as your own. If you are independent, the EFC is based only on your household income. Either way, the federal government calculates your EFC and it is not something ISU can change directly.
Financial Need
Your financial need is the difference between your Cost of Attendance and your Expected Family Contribution. (Budget - EFC = Financial Need). Financial need is required for the Federal Pell Grant, SEOG, Work-Study, Perkins Loan and Subsidized Stafford Loan. Other non-federal aid sources may require you to have financial need as well. The Federal Unsubsidized Stafford Loan, PLUS Loan and most alternative student loans do not require financial need.