What is financial need and how is it determined?

    Published: 06-16-2009
    Views: 11,378
    Financial advisor Brad Barnett discusses what financial need is and how it’s determined.

    Brad Barnett

    Brad received his Bachelor of Science degree from Southern Arkansas University, with a major in Psychology and a minor in Business.  He furthered his education by graduating from the Medical College of Virginia at Virginia Commonwealth University with a Master of Science degree in Rehabilitation Counseling, specializing in Mental Health.  He has been involved in the financial aid and/or rehabilitation professions for the past 15 years. Brad, a Past President of the Virginia Association of Student Financial Aid Administrators (VASFAA), currently serves as the Senior Associate Director of Financial Aid & Scholarships for James Madison University.  Immediately prior to JMU, he served as an Assistant Director of the Financial Aid Office at Virginia Commonwealth University.  Brad has presented numerous sessions at state, regional, and national conferences, and has served on a variety of association committees.  In addition to speaking at professional conferences, Brad has conducted an abundance of workshops and presentations in non-conference environments, including teaching a credit based financial literacy course at JMU entitled “Dollars and Sense.”  Many of the topics Brad’s speaks on include communication, leadership, values, financial aid policies and procedures, financial literacy, and saving for college.  He has also facilitated strategic planning and value development retreats.

    Host: What is Financial Need and how it is determined?

    Brad Barnett: A Financial Need, basically takes your Cost Of Attendance and then we subtract the EFC number, the Expected Family Contribution number, the different between the two is your Financial Need. That s why the Cost Of Attendance and the EFC are so important. Our goal, as a financial aid office, is to try to give you as much money as we can to meet that need. Sometimes we can, sometimes we can t, but that s the basis for awarding financial aid.