financial assistance 101 washington university in st. louis student financial services michael...

Financial Assistance 101

Washington University in St. LouisStudent Financial Services

Michael Runiewicz, DirectorOne Brookings Drive, Campus Box 1041

St. Louis, MO 63130314-935-8976 (direct)

Michael_Runiewicz@wustl.edu

Total Annual Cost of Education

• Tuition• Fees• Room and Board• Books• Personal Expenses• Travel

Types of Financial Assistance

• Merit-Based

• Need-Based

Merit-Based Application Process• Varies by College/University

Automatic By separate application

Need-Based Application Process• All Schools

FAFSA

• Some Schools Profile

• CSS PROFILE or

• School Profile Noncustodial Parent’s Statement

FAFSA ReportingCustodial Household Information

• All income (except untaxed

social security)• All non-retirement assets• Investment properties• 529 Plans owned by

parent or student (as parent asset)

• Assets in defined retirement plans• Cash value of life insurance• Home equity• 529 Plans owned by

grandparents

What NOT to INCLUDE What to INCLUDE

Expected Family Contribution (EFC)“The calculated amount your family will beexpected to contribute to your college costs, based on your family’s income, assets and characteristics.”

• Dollar amount of your family’s contribution• for one year• for one student

Need-Based Financial Assistance Formula

Total Annual Cost of Education

minus Expected Family Contribution (EFC)_________________________________________

equals Need

Need-Based Financial Assistance Formula

College A

Cost $ 20,000

EFC - 10,000

Need $ 10,000

College B

$ 55,000

- 10,000

$ 45,000

What is my EFC?

• bigfuture.collegeboard.org• nces.ed.gov/CollegeNavigator

Need-Based Award Components

• Scholarships and Grants• Work-Study Jobs• Student Loans

Scholarships and Grants

• Money Not Paid Back Colleges and Universities Federal and State Governments “Outside” Organizations

Work-Study Jobs

• Campus Jobs• Part-time• Flexible• Build Resume

Student Loans• Federal Direct Loans (Stafford)

Subsidized - need-based Unsubsidized (Stafford)

• Federal Perkins Loan - need-based

Our Best Advice

• Consider the Value

• Share the Details

• Make a Friend in the Financial Aid Office

QUESTIONS?