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National Association of Student Financial Aid Administrators Presents … © 2013 NASFAA Federal Methodology Module 6
Slide 6-2 © 2013 NASFAA Federal Methodology Method for assessing ability to pay consists of two steps: Measuring the family’s financial strength Assessing a portion of family’s financial resources as a contribution toward educational costs
Slide 6-3 © 2013 NASFAA Federal Methodology Methodology used to calculate expected family contribution (EFC) Classifies students according to one of three models: –Model A: Dependent student –Model B: Independent student without dependents other than a spouse –Model C: Independent student with dependents other than a spouse
Slide 6-4 © 2013 NASFAA Federal Methodology Each student model has two formulas: Regular Simplified
Slide 6-5 © 2013 NASFAA Automatic Zero EFC If certain criteria are met no calculation is performed, and the EFC automatically is set to zero Automatic zero EFC is limited to: –Model A: Dependent student –Model C: Independent student with dependents other than a spouse
Slide 6-6 © 2013 NASFAA Simplified Formula Also known as Simplified Needs Test Qualifying criteria similar to Automatic Zero EFC criteria and applies to all student models, but income cap is higher Formula excludes assets from EFC calculation
Slide 6-7 © 2013 NASFAA Simplified Formula If asset information reported on Free Application for Federal Student Aid (FAFSA), two EFC calculations –EFC from simplified formula is primary EFC –EFC from regular formula is secondary EFC School must use primary EFC to calculate need
Slide 6-8 © 2013 NASFAA Regular Formula Full data element formula EFC calculated for 9-month enrollment period Specified-year income is used –2012 is specified year for 2013–14
Slide 6-9 © 2013 NASFAA Regular Formula Allowances protect portions of income and assets Equal distribution of calculated amount of available family resources among all family members (other than parents of dependent student) attending a postsecondary school at least half time
Slide 6-10 © 2013 NASFAA Rounding Rules Carry all calculations to 3 decimal places Round resulting amount to nearest whole number:.001 to.499 round down.500 to.999 round up
Slide 6-11 © 2013 NASFAA EFC Recalculation for Other than Nine Months EFC must be adjusted for enrollment period other than nine months for all Title IV programs other than Federal Pell Grant and Iraq and Afghanistan Service Grant (IASG) programs Alternate EFCs on Institutional Student Information Record (ISIR) and Student Aid Report (SAR)
Slide 6-12 © 2013 NASFAA Summer EFC Example: 3-Month Summer Term If enrollment period 9-12 months, SC = $900; alternate 3-month SC = $300 If package summer and regular academic year together,12-month SC = $900 If package summer and regular academic year separately,12-month period SC = $1,200 $900 9-month SC + $300 3-month SC = $1,200
Slide 6-13 © 2013 NASFAA
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