Financial Assistance 101 Washington University in St. Louis Student Financial Services Andrea Stewart-Douglas, Assistant Director One Brookings Drive, Campus Box 1041 St. Louis, MO 63130 314-935-5982 (direct) Andrea_Stewart-Douglas@wustl.edu

What We’ll Cover… Types of financial assistance How to apply for financial assistance How financial assistance is determined Q&A

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

Custodial Household Information FAFSA Reporting Custodial Household Information What to INCLUDE What NOT to INCLUDE 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

Expected Family Contribution (EFC) “The calculated amount your family will be expected 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 - 5,000 Need $ 15,000 College B $ 55,000 - 5,000 $ 50,000

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 Subsidized - need-based Federal Direct Loans (Stafford) Unsubsidized (Stafford) Federal Perkins Loan - need-based

Checklist Fall Winter Spring Apply for admission (check for deadlines) Apply for merit-based aid (check for deadlines) Apply for admission (check for deadlines) Complete Profile (available October 1st of senior year) Complete FAFSA (available January 1st Apply for “outside” scholarships (Dec/Jan Receive admissions and financial aid offers Talk to school’s Financial Aid Office Make final decision by deadline

Our Best Advice Consider the Value Share the Details Make a Friend in the Financial Aid Office

QUESTIONS?