Need Analysis: 2022-23
The Need Analysis Self-Study Guide reviews the calculation of a student's expected family contribution (EFC), and includes a discussion of the regular and simplified formulas as well as recalculations. Bonus material: Included with this Guide is an optional lesson on institutional methodology, developed in collaboration with the College Board. Completion of this self-study guide qualifies individuals to take the corresponding NASFAA Professional Credential test.
Available as a PDF only.
Upon purchase, you'll have access to download the PDF from the NASFAA website. This PDF is available until June 30, 2023.
Free (Value Members and Value Plus Members)
Lesson 1: Introduction to Need Analysis
- Understand what is need analysis;
- Know a brief history and the evolution of need analysis; and
- Understand the underlying principles of need analysis.
Lesson 2: The Regular Formula
- Recognize the three models used to calculate the EFC;
- Identify the model which should be used to calculate a student’s EFC; and
- Learn the steps used to calculate the EFC using the regular formula.
Lesson 3: Simplified Formulas
- Recognize the differences between the regular formula and the simplified formulas;
- Be able to identify which models qualify for the simplified formulas;
- Understand the eligibility criteria for an Automatic Zero EFC; and
- Understand the eligibility criteria for the Simplified Needs Test.
Lesson 4: Recalculating the EFC
- Understand how to recalculate the EFC for enrollment periods other than nine months; and
- Learn approaches for calculating the EFC for summer periods of enrollment.