Determining Financial Need
Financial Need is defined as the difference between the estimated cost of attendance and the amount you and your family can reasonably be expected to contribute toward your educational expenses. Evaluation of the financial circumstances of the student and family follows a federal methodology established by the US Congress to determine eligibility for federal student aid programs. The formula, established by law, measures in an equitable and systematic manner how much individual students and their families can afford to pay for higher education. The process takes into consideration the income, assets of the student and family (other than your primary residence), number of persons in the household and number in college, taxes paid, and other relevant factors. This results in an Expected Family Contribution (EFC) which is included in the Student Aid Report (SAR).
Once the expected contribution from the student and family has been determined, the amount of eligibility for financial aid is derived by this simple formula:

FIU Cost of attendance - EFC = Financial Need

Scholarships and other monetary awards from private sources must be considered in determining eligibility for federal funds. The amount of financial aid that is met will depend on the timing of the completed application, availability of funds and the choice of types of assistance you are willing to accept.