1. Financial Assistance 101 James McDonald Assistant Director
sfs.wustl.edu

2. What we’ll cover… Where to begin Types of aid How to apply
How is aid determined
Components of an award

3. Where to Begin Cost of Attendance (COA) Tuition Fees Room & Board
Books
Personal Expenses
Travel

4. 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.

5. 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

6. What Income Info Do I Use?
Complete the 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

7. 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

8. 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

9. Need-Based Financial Assistance Formula
Total Annual Cost of Attendance
Less Expected Family Contribution
____________________________
Equals “Need”

10. 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

11. What is My EFC? Net Price Calculators
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.

12. Components of an Award Scholarships/Grants = Free Money
Work-Study Job = Earned Money
Student Loans = Borrowed Money

13. 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

14. 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

15. 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.

16. Our Best Advice Consider the Value Tell YOUR Story
Make a Friend in the Financial Aid Office

17. Questions? James McDonald 314-935-6847 James_McDonald@wustl.edu
sfs.wustl.edu