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Determining Financial Need

After the Free Application for Federal Student Aid (FAFSA) form has been processed, students will receive a Student Aid Report (SAR) from the Central Processor at the Department of Education.

Students will need to verify the information on the SAR to make sure it is correct and to provide any corrections or additional information that is necessary. For the VCOM-Virginia location, students must designate VCOM’s school code, G37093, on the form so that VCOM will receive information electronically; for the VCOM-Carolinas location, students should designate the VCOM-Carolina school code, E01970.

Upon receipt of the electronic report from the Department of Education, VCOM’s Office of Financial Aid will begin to determine the student’s eligibility for financial aid. Eligibility amounts are based upon the amount calculated in the formula developed by Congress to establish the Estimated Family Contribution (EFC), which takes into account the student’s income, family’s income, assets, taxes and basic living expenses. The EFC may not exactly match the amount the student and his/her family actually contribute toward educational expenses, but it is used to calculate the need for financial assistance.

The VCOM Office of Financial Aid calculates the amount of loans needed by subtracting the Expected Family Contribution (EFC), scholarship funds, and any other amounts of outside aid from the Cost of Attendance. The Cost of Attendance includes expenses directly related to education such as tuition, fees, books and supplies, an allowance for transportation and living expenses. Any amount remaining after scholarships and outside aid is deducted, is the amount of financial assistance you will need to cover your educational expenses.