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| Determining Financial Aid Eligibility |
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| Purpose |
| Beyond high school, it is the family's responsibility to pay for their children's education. Some families, though, are unable to pay for college for their children and that's where financial aid comes in. The purpose of financial aid is to help needy families pay for the education of their students. Within that simple statement are the concepts upon which financial aid eligibility is determined. |
| The Ability of the Family to Pay |
| The Free Application for Federal Student Aid (FAFSA) was created by the Department of Education for the purpose of determining the financial strength of the students' family. Students who are dependent (see the Dependent vs. Independent link to the left) must report their income as well as the income of their parents. Independent students report their income and the income of their spouse, if married.
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| When the FAFSA is processed, it produces a number called the Expected Family Contribution (EFC). The EFC is the theoretical amount that the family can afford to pay toward the student's educational expenses. |
| Cost Of Education |
| It is the responsibility of Financial Aid Offices to set the cost of education (see the link at the left for the LBCC Cost of Education). These costs include tuition and fees, books and supplies, room and board, transportation, and miscellaneous personal expenses. |
| Awarding Financial Aid |
Financial aid is awarded according to the simple formula:
Financial Need = Cost of Education - the EFC
Some financial aid programs, such as FSEOG and FWS, require a zero EFC at Long Beach City College. Others, such as the Pell Grant, vary in amount according to the student's EFC. The total financial aid students may receive cannot exceed their Financial Need.
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