Financial Assistance 101 James McDonald Assistant Director 314-935-6847 James_McDonald@wustl.edu sfs.wustl.edu
What we’ll cover… Where to begin Types of aid How to apply How is aid determined Components of an award
Where to Begin Cost of Attendance (COA) Tuition Fees Room & Board Books Personal Expenses Travel
Research Types of Financial Aid Offered Merit-Based Need-Based Merit aid – student driven. Based upon a special accomplishments or achievements. Academic, artistic, commitment to community service, and leadership. Each division offers merit scholarships. Need-based aid – based on family financial information.
How to Apply Merit-Based Application Process Varies by College/University Automatic By Separate Application Need-Based Application Process All Schools FAFSA Some Schools Profile (CSS PROFILE or School Profile) Noncustodial Parent Information
What Income Info Do I Use? Complete the 2018-2019 FAFSA using 2016 income and current asset information. Use the IRS Data Retrieval Tool (DRT) to download tax information. Be aware of deadlines at each school
FAFSA Reporting What to INCLUDE All income (except untaxed social security) All non-retirement assets Investment properties 529 Plans owned by household members (reported as parent assets) What NOT to INCLUDE Assets in defined retirement plans Cash value of life insurance Home equity 529 Plans owned by grandparents
Expected Family Contribution (EFC) The amount your family will be expected to contribute to your college costs. Dollar amount of your family’s contribution for one year for one student Multiple students you’ll need to complete multiple FAFSAs This is the student’s number
Need-Based Financial Assistance Formula Total Annual Cost of Attendance Less Expected Family Contribution ____________________________ Equals “Need”
Need-Based Financial Assistance Formula College A Cost $25,000 EFC - 10,000 Need $15,000 College B Cost $60,000 EFC - 10,000 Need $ 50,000
What is My EFC? Net Price Calculators https://bigfuture.college.board.org https://studentaid.ed.gov/sa/fafsa/estimate The NPC determines the cost for the custodial household. Be sure to give examples of special circumstances – private school tuition, income changes, elder care, out of pocket medical expenses, etc.
Components of an Award Scholarships/Grants = Free Money Work-Study Job = Earned Money Student Loans = Borrowed Money
Scholarships and Grants Money you don’t pay back Colleges and Universities Federal and State Governments “Outside” Organizations Federal and State Grants – Federal Pell grant, Missouri Bright Flight, Access Missouri Outside Scholarships – at WashU we won’t reduce your scholarship if you earn an outside scholarship
Work-Study Job Part-time job opportunity Primarily on-campus Flexible hours Builds a resume You are a Washington University employee. FWS funds will be paid directly to the student only for the hours worked. Not credited on student’s bill
Student Loans Primarily provided by the federal government Subsidized, need-based Unsubsidized, available to all Subsidized – no interest loan while in school (including graduate school) Average graduating student debt – ? This is lower than the state and national averages. Percentage of students with debt - ? This is lower than the state and national averages.
Our Best Advice Consider the Value Tell YOUR Story Make a Friend in the Financial Aid Office
Questions? James McDonald 314-935-6847 James_McDonald@wustl.edu sfs.wustl.edu