Financial Assistance 101 Washington University in St. Louis Student Financial Services Michael Runiewicz, Director One Brookings Drive, Campus Box 1041 St. Louis, MO (direct)

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 Reporting Custodial 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 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 - 10,000 Need $ 10,000 College B $ 55, ,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

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