1. 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
(direct)

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

3. Total Annual Cost of Education
Tuition
Fees
Room and Board
Books
Personal Expenses
Travel

4. Types of Financial Assistance
Merit-Based
Need-Based

5. Merit-Based Application Process
Varies by College/University
Automatic
By separate application

6. Need-Based Application Process
All Schools
FAFSA
Some Schools
Profile
CSS PROFILE or
School Profile
Noncustodial Parent’s Statement

7. 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

8. 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

9. Need-Based Financial Assistance
Formula
Total Annual Cost of Education
minus Expected Family Contribution (EFC)
_________________________________________
equals Need

10. Need-Based Financial Assistance
Formula
College A
Cost $ 20,000
EFC ,000
Need $ 15,000
College B
$ 55,000
- 5,000
$ 50,000

11. What is my EFC? bigfuture.collegeboard.org
nces.ed.gov/CollegeNavigator

12. Need-Based Award Components
Scholarships and Grants
Work-Study Jobs
Student Loans

13. Scholarships and Grants
Money Not Paid Back
Colleges and Universities
Federal and State Governments
“Outside” Organizations

14. Work-Study Jobs
Campus Jobs
Part-time
Flexible
Build Resume

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

16. 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

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

18. QUESTIONS?