The information you reported on your FAFSA is used to calculate your Expected Family Contribution (EFC). The formula used to calculate your EFC is established by law and is used to measure your family's financial strength on the basis of your family's income and assets. The EFC is used to determine your eligibility for federal student aid and indicates how much money you and your family are expected to contribute towards your cost of attendance for the school year. If your EFC is below a certain number, you'll be eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements.
The amount of your Pell Grant depends on your EFC, your cost of attendance (which the Southern Miss Office of Financial Aid and Veterans Affairs will calculate), and your enrollment status (full-time, three-quarter time, half-time, or less than half-time).
For our other aid programs, the financial aid administrator takes your cost of attendance and then subtracts your EFC, the amount of a Federal Pell Grant you are eligible to receive, and aid you will receive from other sources. The result is your remaining financial need:
Cost of Attendance
-Federal Pell Grant Eligibility
-Aid from Other Sources
=Remaining Financial Need
Note: Certain aid sources are not allowed to exceed student's Cost of Attendance.