1 / 18

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….

tam
Download Presentation

Financial Assistance 101

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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?

More Related