Once you click "Eligibility" on the FAFSA application the following categories appear in a drop down:
Expected Family Contribution (EFC)
The Expected Family Contribution (EFC) is a number schools use to evaluate your eligibility to receive federal, state and institutional financial aid.
Before you can get an EFC, you must complete and submit the Free Application for Federal Student Aid (FAFSA). Once your FAFSA has been processed, you will receive your official EFC number. The financial aid office uses the EFC to determine financial need, which is defined as the difference between the cost of attendance at Platt College and your EFC.
How the EFC is calculated:
- Based on a formula established by the federal government
- Takes into account factors such as family income, assets, household size and the number of family members attending college
How the EFC is used:
- Determines eligibility for federal financial aid, such as Federal Pell Grants, Federal Loans and Federal Work Study programs
- Used by institutions and the state to determine a student's eligibility for other aid programs
EFC is not:
- The amount of money your family will have to pay for college
- The amount of student aid you will receive
Platt College's General Eligibility requirements are that you must:
- Demonstrate financial need
- Be a U.S. citizen or an eligible noncitizen
- Have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau)
- Be registered with Selective Service, if you're a male (you must register between the ages of 18-25)
- Be enrolled or accepted for enrollment as a regular students in an eligible degree or certificate program
- Be enrolled at least half-time to be eligible for Direct Loan Program funds
- Maintain satisfactory academic progress in college
- Sign statements on the FAFSA stating that (1) you are not in default on a federal student loan and do not owe money on a federal student grant and (2) you will use federal student aid only for education purposes
- Show you're qualified to obtain a college education by having a high school diploma or a recognized equivalent such as a GED or completing a high school education in a homeschool setting approved under state law.
Once a potential applicant is admitted to Platt College, s/he will meet with the Financial Aid Office to determine financial aid eligibility. During your appointment with the Financial Aid Office, your paperwork will be reviewed for completion. The Office will then determine your eligibility first by determining your cost of attendance. The definition of cost of attendance is the cost of the student/student family to attend Platt College (examples of the current costs that Platt College uses-subject to change).
The College determines the EFC by reviewing the results of the information submitted on the FASFA and the estimated or actual EFC provided to Platt College by the US Department of Education. The EFC (adjusted for the period of enrollment) is used to determine the student's need (cost of attendance less EFC equals need). The Financial Aid Office will then determine your Tentative Award. These awards consist of all federal aid that the student may be eligible for and that College currently has available. The Tentaive Award Notices must then be accepted and signed by the student. After the acceptance, Federal Loans/Grants may be applied for if applicable for the student.