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Financial assistance is offered based upon financial need as determined by the federal governments system of need analysis. There is also financial assistance available to those that do not have need according to federal guidelines but that require assistance in paying for college costs. This aid is primarily in the form of low interest loans. What is Financial Need? According to federal guidelines, financial need is based on the following equation: The information you report on the Free Application for Federal Student Aid (FAFSA) is used to calculate your EFC, which is a measure of your familys financial strength. The EFC is used to determine your eligibility for federal student assistance. The formula for the EFC calculation is established by law.