Financial Assistance 101
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Financial Assistance 101 Financial Assistance 101 Washington University in St. Louis Student Financial Services Mike Runiewicz, Director One Brookings Drive, Campus Box 1041 St. Louis, MO 63130 314-935-8976 (direct) [email protected]
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Financial Assistance 101. Washington University in St. Louis Student Financial Services Mike Runiewicz, Director One Brookings Drive, Campus Box 1041 St. Louis, MO 63130 314-935-8976 (direct) [email protected]. Total Annual Cost of Education. Tuition Fees - PowerPoint PPT Presentation
Transcript of Financial Assistance 101
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)[email protected]
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?
