financial assistance 101 washington university in st. louis student financial services michael...
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![Page 1: Financial Assistance 101 Washington University in St. Louis Student Financial Services Michael Runiewicz, Director One Brookings Drive, Campus Box 1041](https://reader035.vdocument.in/reader035/viewer/2022072011/56649de75503460f94ae0401/html5/thumbnails/1.jpg)
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)
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Total Annual Cost of Education
• Tuition• Fees• Room and Board• Books• Personal Expenses• Travel
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Types of Financial Assistance
• Merit-Based
• Need-Based
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Merit-Based Application Process• Varies by College/University
Automatic By separate application
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Need-Based Application Process• All Schools
FAFSA
• Some Schools Profile
• CSS PROFILE or
• School Profile Noncustodial Parent’s Statement
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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
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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
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Need-Based Financial Assistance Formula
Total Annual Cost of Education
minus Expected Family Contribution (EFC)_________________________________________
equals Need
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Need-Based Financial Assistance Formula
College A
Cost $ 20,000
EFC - 10,000
Need $ 10,000
College B
$ 55,000
- 10,000
$ 45,000
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What is my EFC?
• bigfuture.collegeboard.org• nces.ed.gov/CollegeNavigator
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Need-Based Award Components
• Scholarships and Grants• Work-Study Jobs• Student Loans
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Scholarships and Grants
• Money Not Paid Back Colleges and Universities Federal and State Governments “Outside” Organizations
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Work-Study Jobs
• Campus Jobs• Part-time• Flexible• Build Resume
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Student Loans• Federal Direct Loans (Stafford)
Subsidized - need-based Unsubsidized (Stafford)
• Federal Perkins Loan - need-based
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Our Best Advice
• Consider the Value
• Share the Details
• Make a Friend in the Financial Aid Office
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QUESTIONS?