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Financial Assistance 101

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….

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Financial Assistance 101

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  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 63130 314-935-5982 (direct) Andrea_Stewart-Douglas@wustl.edu

  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. 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 minusExpected Family Contribution (EFC) _________________________________________ equalsNeed

  10. Need-Based Financial Assistance Formula College A Cost $ 20,000 EFC - 5,000 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 • Federal Direct Loans (Stafford) • Subsidized - need-based • Unsubsidized (Stafford) • Federal Perkins Loan - need-based

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

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

  18. QUESTIONS?

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