Financial Assistance 101Financial Assistance 101

Washington University in St. LouisStudent Financial ServicesMike Runiewicz, Director

One Brookings Drive, Campus Box 1041St. Louis, MO 63130

314-935-8976 (direct)Michael_Runiewicz@wustl.edu

Total Annual Cost of Education

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

Types of Financial Assistance

• Merit

• Need-Based

Merit Application Process• Varies by College/University

Automatic By separate application

Need-Based Application ProcessAll Schools• FAFSA

Some Schools• Profile

College Board CSS PROFILE School Profile

• Noncustodial Parent’s Statement

FAFSA Reporting

• 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 to INCLUDE What NOT to Include

Expected Family Contribution (EFC)“The calculated amount your family will be 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

- 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• Interesting Work• Flexible• Build Resume

Student Loans

• Federal Direct Stafford Loan Subsidized (need-based) Unsubsidized

• Federal Perkins Loan

Our Best Advice

• Consider the Value

Our Best Advice

• Share the Details

Our Best Advice

• Make a Friend in the Financial Aid Office

QUESTIONS?