Tulane Home Tulane Shield logo linking to site home page

Establishing Need

Financial need is defined as the difference between the established cost of attendance for an academic year less the a family’s calculated ability to pay towards educational costs for the given year. Here is the calculation:

Cost of Attendance (COA) less Expected Family Contribution (EFC) equals Financial Need

Establishing Need for Federal Student Aid

  • Requires completion of the Free Application for Federal Student Aid (FAFSA)
  • Determined using federal methodology

Establishing Need for Institutional Aid

  • Requires completion of the College Scholarship Service (CSS) Profile
  • Determined using institutional methodology

  • The aforementioned methodologies (federal and institutional) determine the EFC, which is the amount of money, based on the respective standardized formula, that a family is expected to contribute towards educational costs in a given year.
  • While many variables are used in the methodology calculations, the most common factors in the calculations are as follows:
    • Parent calendar year income for the specified year
    • Student calendar year income for the specified year
    • Value of parent assets
    • Value of student assets
    • Number of household members
    • Number of household members in college
    • Age of oldest parent
  • Institutional methodology requires financial data from a non-custodial parent in scenarios where a student’s parents are separated/divorced.
  • Institutional methodology also requires verification of sibling college enrollment shortly after the start of the student’s Tulane enrollment.

Last updated on

October 29, 2018 1:57 PM