Financial aid is provided to people who are in need of monetary assistance in order to pursue higher education from abroad. But what is financial need?
Financial need is the difference between cost and ability to fulfil the cost i.e. the institution's cost of attendance (COA) and your expected family contribution (EFC)
Cost of Attendance (COA) is the cost of attending a specific institution & includes tuition, accommodation, books, supplies, transportation, etc.
However, COA is different for every institution which means your eligibility for financial assistance may differ too.
Meaning, eligibility will depend on your family’s relative ability to pay the COA of the institution you apply to. The relative ability to pay COA is counted as an expected family contribution.
Expected Family Contribution (EFC) is the amount your family is expected to pay towards your education.
While calculating this the bank or scholarship assessor will consider the family size, taxed and untaxed income, family assets, amount of family members enrolled in school, etc