Determining Financial Need

The Financial Aid Office uses the following formula to determine eligibility for needs-based financial aid programs: 

Student's Cost of Education (Educational Budget) 
     - Parent Contribution (if applicable) 
     - Student Contribution 
_____________________________________ 
= Student's Financial Need 

The student’s educational budget or cost of attendance is based on the annual billed charges for tuition and fees and indirect costs associated with the student’s attendance such as living expenses, books and supplies.  Indirect costs are not billed by the school yet are considered part of the student’s cost of attendance thus financial aid can support those types of expenses.  Note, however, that federal student financial aid regulations dictate what types of costs/expenses can be included in the student’s cost of attendance.  To this end, the school does set a uniform living expense allowance for those living off-campus, in the dorm and with a parent or other relative (other than their spouse).  Financial aid is meant to support the student’s costs associated with their attendance at TUSDM and is not meant to support the student’s spouse while enrolled.  No student can receive financial aid in excess of their cost of attendance as determined by the school.

The student contribution (and that of their parents depending on the financial aid programs for which the student is applying) is based on the results of a federally mandated formula that considers student (and parent, if applicable) income from the prior year and the current value of their assets.  The contribution figures are derived from the financial aid application materials the student (and parents, if applicable) is required to submit each year they intend to apply for financial aid.  Financial aid applications are completed annually to pick up any changes in the family’s financial circumstances that may occur in any given year.

Parent contribution is only considered for programs that require a parent contribution to be used to determine eligibility.  These programs include Tufts Loan, Tufts Grant, and Health Professions Student Loan (HSPL) and Loans for Disadvantaged Students (LDS).  To determine eligibility for all other needs-based federal loan programs only the student contribution (as derived from their annual financial aid application materials) is used.

In the event that the student contribution as derived from the federally-mandated formula is considered unrealistic for the student, that student contribution can be “off set” with non-needs based financial aid programs.  These include Unsubsidized Federal Direct Loan and Grad PLUS loans.  It should be noted that private education loans (borrowed by foreign students) are also non-needs based.  As a result, qualified students can receive funding up to their cost of attendance as determined by the school with the assistance of non-needs based student loan programs.  Merit scholarship is not based on financial need, yet, if awarded, it is considered part of a student’s financial aid package.

Based on the analysis of the financial aid application materials the Federal Student Financial Aid applicant submits, the Financial Aid Office will provide a Financial Aid Award Notification Letter providing the results of the needs analysis and recommended financial aid programs for which the student has qualified up to the student’s demonstrated financial need.