Understanding Need-based Aid
Need-based aid requires an annual determination of eligibility. To apply for all federal aid programs students must file the Free Application for Federal Student Aid (FAFSA). At Elon, to apply for all other types of need-based aid, students must file the CSS Profile from the College Scholarship Service (CSS) as an incoming student (typically a one-time filing requirement). Both forms ask for information concerning income, assets, size of family, number in college with the CSS Profile gathering additional information regarding home ownership, and prior and future earnings and expenses, etc. Both forms will also apply a uniform formula to derive the Expected Family Contribution (EFC) – the amount the student and family are expected to contribute annually toward the student’s education. The two calculated EFC (s) from the FAFSA and CSS Profile might vary depending on the family financial circumstances.
Federal Aid Programs
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (SEOG)
- Federal Work-Study Program
- Federal Stafford Loan (subsidized)
State Aid Programs
- NC Need Based Scholarship Fund
- Maryland, Rhode Island & Vermont State Grants
Elon Aid Programs
- Elon University Grants
- Odyssey Scholars Program
- Alamance Community College Scholarship (for students transfering to Elon)
Financial Need is determined by subtracting the Expected Family Contribution (EFC) from the university’s Cost of Attendance.
Cost of Attendance – Expected Family Contribution = Financial Need (Financial Aid Eligibility)
The cost of attendance is determined by combining the direct costs (tuition, fees, room and board) with the indirect costs not billed or paid directly to the university. Indirect costs include $900 for books, $1,100 for transportation and $1,500 for miscellaneous personal expenses.
Students with need will be offered a financial aid “package” consisting of one or more of the following types of aid: scholarships, grants, loans and campus employment. Scholarships and grants are “gift” assistance, which do not have to be repaid, while loans and work are referred to as “self-help.”
Elon will attempt to present their best package initially. Without a sizable endowment, Elon is not always able to offer a student the financial assistance we would like to be able to offer, nor are we always able to meet need. However, our admissions policy remains need-blind and our commitment to providing every student the highest quality education for the lowest possible price remains firm.