Financial Need

What does financial need mean?

Financial need refers to the amount left over when subtracting the school’s cost of attendance (COA) from your expected family contribution (EFC). Although the COA depends on which school you attend, your EFC remains the same.

Who is responsible for determining my financial need?

Your FAFSA application is used to determine your EFC, and therefore your financial need. Consequently, it’s crucial that you fill out your FAFSA application accurately, so you and your school know your exact need.

How is my financial need used?

After FAFSA calculates your financial need, this information gets sent to your school to determine how much need-based financial aid you’re eligible to receive. It also determines how much federal need-based financial aid you can receive.

What types of need-based financial aid can I receive?

You could receive:

  • Grants and scholarships - These do not require repayment and can be awarded by your school or an outside organization.
  • Federal Subsidized Loans - Both subsidized and unsubsidized federal loans require repayment.
  • Work-study opportunities - Work-study allows you to earn a steady paycheck.

How much need-based aid can I get?

As of 2023, the need-based financial aid that you receive cannot exceed your financial need. For example, if your school’s COA is $16,000 and your EFC is $12,000, your need is $4,000. Therefore, you can receive up to $4,000 in need-based financial aid1.

Are there types of financial aid that aren’t awarded based on financial need?

You can receive additional, merit-based aid from your school. Merit-based aid is awarded if you meet certain eligibility criteria, such as grade point average, major, hometown, and more. Most merit-based aid does not require repayment. Similarly, scholarships and grants can be awarded by outside organizations or funds. These do not require repayment but do require you to meet certain eligibility criteria and fill out an application. Learn more about scholarships and where to apply for them.

Affording your degree at Goodwin University

College education has become increasingly important to securing a high-paying career, but it doesn’t have to cost as much as you think. Goodwin has one of the lowest tuition rates for private, non-profit schools in the state. 98%2 of our degree-seeking students received financial aid. Our dedicated financial aid advisors are here to help you apply for FAFSA and answer any questions about grants, loans, and other forms of financial aid. With over $3.3 million in institutional scholarships3 awarded to students, earning your college education has never been more affordable than with Goodwin University. awarded to students, earning your college education has never been more affordable than with Goodwin University.

Want to learn more about Goodwin’s financial aid opportunities? Call 800-889-3282 to speak to an admissions counselor or request more information!

1Information from, accessed August 21, 2023
2Information based on fall 2023 data

3Information based on fall 2022 data

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