Understanding Need-based Aid
Need-based aid requires an annual determination of eligibility. To apply for all aid programs students must file the Free Application for Federal Student Aid (FAFSA). The FAFSA uses a federal formula to derive the Expected Family Contribution (EFC) – the amount the student and family are expected to contribute annually toward the student’s education.
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 transferring 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 “offer” 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.”
Accepted students who apply and qualify for need-based financial aid will receive our best financial aid offer possible. Given the size of our endowment and student body, we are unable to meet full demonstrated need with the exception of students in the Odyssey program. However, our admissions policy remains need-blind and we are committed to providing every student the highest quality education at a competitive cost. Elon ranks #30 among the top 177 private universities that provide outstanding value along with excellent academic quality. This is Elon’s 13th consecutive best-value recognition by Kiplinger.