Let us see what does financial need category mean when you apply for a study abroad scholarship!

Financial need is basically 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)– The price of attending a specific institution. It includes more than just tuition such as room and board, books and supplies, transportation, etc. However, the COA is different for every institution you wish to apply to.

Expected Family Contribution (EFC)– This is the amount your family is expected to pay towards your education. This includes family size, taxed and untaxed income, family assets, amount of family members enrolled in school, etc.

Hence, the financial need for scholarships indicates COA – EFC and students are provided scholarships based on their financial needs.