1. Financial Assistance 101 Washington University in St. Louis Student Financial Services Michael Runiewicz, Director One Brookings Drive, Campus Box 1041 St. Louis, MO 63130 314-935-8976 (direct) Michael_Runiewicz@wustl.edu

2. Total Annual Cost of Education Tuition Fees Room and Board Books Personal Expenses Travel

3. Types of Financial Assistance Merit-Based Need-Based

4. Merit-Based Application Process Varies by College/University  Automatic  By separate application

5. Need-Based Application Process All Schools  FAFSA Some Schools  Profile CSS PROFILE or School Profile  Noncustodial Parent’s Statement

6. FAFSA Reporting Custodial Household Information 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 NOT to INCLUDE What to INCLUDE

7. 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

8. Need-Based Financial Assistance Formula Total Annual Cost of Education minus Expected Family Contribution (EFC) _________________________________________ equals Need

9. Need-Based Financial Assistance Formula College A Cost $ 20,000 EFC - 10,000 Need $ 10,000 College B $ 55,000 - 10,000 $ 45,000

10. What is my EFC? bigfuture.collegeboard.org nces.ed.gov/CollegeNavigator

11. Need-Based Award Components Scholarships and Grants Work-Study Jobs Student Loans

12. Scholarships and Grants Money Not Paid Back  Colleges and Universities  Federal and State Governments  “Outside” Organizations

13. Work-Study Jobs Campus Jobs Part-time Flexible Build Resume

14. Student Loans Federal Direct Loans (Stafford)  Subsidized - need-based  Unsubsidized (Stafford) Federal Perkins Loan - need-based

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

16. QUESTIONS?