A family or student financial need is based on a simple formula:
In order to calculate financial need, the expected family contribution is subtracted from the cost of attendance. Financial need is interpreted as eligibility for financial aid. From this equation you can see that the higher the cost of college, the greater the amount of financial need.
The cost of attendance consists of tuition, fees, room, board, books, travel, and other associated educational costs.
The EFC is a calculated assessment of how much a family is expected to contribute to their child's college costs.
The EFC is calculated by considering the family's financial strength (their income and assets). Many variables are considered to determine a family's financial strength such as: family size, number of family members in college, age of eldest parent, savings, investments, income, and assets.
There are two main formulas used to determine EFC:
Grove City College uses IM. Developed and maintained by the College Board to assist colleges, universities, and private scholarship programs in determining eligibility for institutional and private financial aid funds, IM is a need analysis formula. Use the College Board's EFC Calculator to estimate EFC using the IM formula.
All students who wish to be considered for need-based financial aid need to apply by completing the Grove City College Financial Aid Application.
Students and families should start the process early, apply by the deadlines even they are wait-listed, and keep copies of all documents and correspondence. Students who plan to study abroad should review the Aid for Study Abroad Policy.
Applications must be submitted each year. Select and complete the appropriate Financial Aid Application.
The Grove City College Net Price Calculator collects financial and additional information to calculate an estimated EFC. It then provides an estimated financial aid package to provide students with a sense of what it will cost to attend Grove City College for the year.