How Need is Determined
Understanding Cost of Attendance and Determining Financial Need
What is Financial Need?
Financial need refers to the gap between the cost of attending college (Cost of Attendance - COA) and the amount your family is expected to contribute (Expected Family Contribution - EFC). This is determined by filling out the Free Application for Federal Student Aid (FAFSA).
Formula:
Financial Need = COA - EFC
Factors Affecting COA:
- Housing: Living arrangements significantly impact costs. On-campus housing is generally cheaper than living off-campus.
- State Residency: In-state students pay lower tuition fees compared to out-of-state students.
- Enrollment Status: The number of credits taken per semester affects tuition and fees.
Cost of Attendance (COA): This is an estimated annual expense for a full-time student (15 credits per semester) living with parents or away from home at Holyoke Community College for the 2023-24 academic year. Please note: This is an estimate and may vary based on individual circumstances.
Sample Cost of Attendance:
| Category | Living with Parents | Living Away from Home |
| Tuition | $720 | $720 |
| Fees | $6,170 | $6,170 |
| Books & Supplies | $1,200 | $1,200 |
| Food & Housing | $3,570 | $10,400 |
| Transportation | $2,096 | $2,096 |
| Miscellaneous | $1,640 | $3,280 |
| Total Estimated Expenses | $15,396 | $23,866 |
Additional Notes:
- Loan fees, program fees, and licensure fees might be added to the COA based on your specific program and needs.
- Dependent care, disability-related expenses, study abroad costs, and cooperative education expenses can also be factored into the COA if applicable.
Remember: This information is for illustrative purposes only. It's crucial to complete the FAFSA to determine your specific financial need and eligibility for financial aid.
