Calculating Your Financial Aid
When North Park University prepares your financial aid package, we use an equation to help determine your financial need.
Cost of Attendance (COA) – Estimated Family Contribution (EFC) = Need
The Cost of Attendance in this calculation includes items like tuition, housing and food, personal expenses, books, transportation, and living expenses. COA is usually higher than your direct costs (tuition, housing and food), which allows you to borrow money to help cover additional expenses. Your financial aid award, including student loans, cannot exceed your totally COA.
The Estimated Family Contribution (EFC) is a figure generated by your FAFSA, and is the amount of money that the government assumes you and your family can pay for one year of school. A lower EFC indicates higher financial need. We use this number when creating your financial aid package, but you can anticipate that your educational expenses will be greater than the EFC generated by the FAFSA.
The final step of this equation—need—is what we try to meet to the best of our ability, through scholarship, grants, loans, and work-study. Learn more about each of these types of financial aid.