Determination of Financial Aid
Eligibility
At St. John’s University financial aid is awarded primarily
on the basis of financial need. St. John’s participates in all
forms of federal financial aid and therefore recommends that all
students file the
Free
Application for Federal Student Aid (FAFSA) as their major
financial aid application.
The financial information you and your family provide on your Free
Application for Federal Student Aid (FAFSA) OR renewal FAFSA is
analyzed by the federal need analysis processor using
Federal
Methodology, a standard formula established by the U.S.
Congress. It is used by the federal processor to calculate
expected family contribution (EFC).
After analyzing your financial information, the federal processor
sends the results to the University, indicating how much you and
your family should be able to pay for your education. If the cost
of attending St. John’s is greater than what the processor
indicates you and your family should be able to pay, the University
then considers that you have financial need.
Cost of Attendance; Family contribution =
Financial Need
Cost of Attendance includes tuition and fees, books and
supplies, housing, meals, transportation, clothing maintenance,
plus personal items/health insurance (see Average Cost of
Attendance).
Expected Family contribution consists of expected parental
contribution and/or student contribution, depending upon the
student’s classification as dependent or independent. Federal
Methodology is used by the federal processor to determine the
amount of each applicant’s expected family contribution, and takes
into account the family’s income and assets, employment costs,
living expenses, taxes, family size and the number of family
members in college.
Family Contribution
Briefly, parents’ contribution + students’ contribution = expected
family contribution. Family contribution is the amount you and your
family are expected to contribute toward your college cost. Your
family’s total income and financial situation are taken into
account in determining financial need.
Parents’ Contribution
In determining parental contribution, deductions are made for
parents’ employment costs; living expenses such as food, clothing,
and housing; and the amount of taxes paid. Also considered are
family size, number of family members attending college or other
postsecondary schools, number of parents working and parents’ age.
In general, parents and students are expected to pay as much of the
educational costs as they can reasonably afford.
Student Contribution
Students are expected to help pay their educational costs from
their existing resources, such as savings, income, benefits or
employment. After analyzing all student income and assets
available, a determination of student contribution is made.