Determining Financial Need
**Note: The following information applies to the 2023-2024 academic year.
A financial aid package based on need can consist of scholarships, grants, loans, Federal Work-Study, or any combination of these.The formula determining need involves comparing cost of attendance (including tuition, room and board, fees, personal expenses and books) to your family’s Expected Family Contribution (EFC) calculated on the FAFSA and CSS Profile.
If the EFC is less than the cost of attendance, you may be eligible for a financial aid package that attempts to meet the financial need of your family. Total assistance received from all sources (including WPI funds, non-WPI funds, and loans) cannot exceed WPI's current cost of attendance.
How is need determined?
The basic financial aid formula to determine a family's need is:
Cost of Attendance - Expected Family Contribution (EFC) = NEED
What is my Expected Family Contribution (EFC)?
The College Board has an excellent description of and a web tool to calculate your Expected Family Contribution.
Net Price Calculator
The Net Price Calculator is a helpful and informative tool that prospective students and their families can use to estimate the net price of attending a particular college or university. Net price is the difference between the full cost to attend a specific college, minus any grants and scholarships for which a student may be eligible.
Please note that the Net Price Calculator is intended for incoming, first year students and is not an accurate measure for current undergraduate or graduate students.
Here is some background to help you along the way:
- It takes 15-20 minutes to complete the Net Price Calculator.
- Certain questions deal with family finances; however, privacy will be protected.
- If unsure of an answer, enter a best guess.