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How Financial Aid Is Awarded
FINANCIAL NEED
To receive many types of federal, state, and private financial aid, a student must have financial need. The Federal Methodology formula is the standard formula used to determine a student's Expected Family Contribution (EFC), which is used to determine financial need. The formula produces an EFC number.
The lower the EFC, the greater the student's financial need. Thus, the neediest students will have an EFC of 0 and may be eligible for the maximum Federal Pell Grant as well as other sources of financial aid. As the EFC increases, the amount of the Pell Grant decreases.
The EFC is computed by the Central Processing System (CPS) and is based on the information the student reported on the FAFSA. The EFC is included, along with the student's application information, on the student's output document: a SAR (student document) or ISIR (school document).
How Financial Need Is Determined - Financial need is determined by evaluating your family's ability to pay for educational costs. This process is commonly referred to as a needs analysis and is completed after the financial aid office has received the results from your FAFSA. If the needs analysis shows that your cost of attendance exceeds the amount you (and/ your parents if dependent) can contribute (EFC), you will have demonstated "need", which will allow the financial aid office to award you need-based aid.
How is need calculated?
Example:
| Cost of attendance |
$12,500.00 |
| less: expected family contribution |
- 250.00 |
| equals: financial need |
$12,250.00 |
Award Letter
The Financial Aid Office will analyze your application and eligibility, applying the college's policies for awarding aid. The Financial Aid Office will send you an award letter as an official notice of your financial aid award. You may also view your award by going to the SFCC Banner Website self-service page:
https://sfccssb.sfccnm.edu/PROD/twbkwbis.P_WWWLogin
Note: If you have been awarded a grant or scholarship that is not included in your award letter, please stop by the Financial Aid Office and notify us in writing. Failure to report all grant and scholarship money received may result in your being required to repay funds received or termination of aid.
For more information, call (505) 428-1000 and select Option 4.