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Financial Aid Office |
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[Financial Aid Home] [Program Overview] [Forms and Calendar] [FAQs] [Publications] [Links] |
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Determining Financial Need All awards are made on the basis of calculated financial need. Financial need is determined by subtracting the anticipated resources of the applicant (as determined by a standard need analysis formula) from the estimated cost of education as reflected in the student cost-of-attendance budget estimates published by the Financial Aid Office each spring.
The information provided on the FAFSA is evaluated by the federal government using its Federal Methodology need analysis formula. This formula determines the expected family contribution that is used to determine eligibility for federal student aid. For Option I applicants, HMS applies a similar formula developed by the College Board to the family's CSS Profile data to determine an expected family contribution that is used for the purpose of awarding HMS scholarships and loans. The most recent tax year is the source of financial data used in need analysis. For any student demonstrating financial need according to this process, the Financial Aid Office, within the constraints of available funds, will recommend financial aid to meet this need. A description of how the composition of a student’s award is determined is described in the section of this guidebook entitled “Financial Aid Packaging.” The College Board web site provides an Expected Family Contribution Estimator for students who wish to get a rough estimate of what the assessed family contribution may look like. This calculator may be found in the financial aid section of the College Board web site at <www.collegeboard.com>. |
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[Financial Aid Home] [Program Overview] [Forms and Calendar] [FAQs] [Publications] [Links] |