Understanding Your Financial Assistance Award

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1 Understanding Your Financial Assistance Award Washington University in St. Louis Student Financial Services By Mail Student Financial Services One Brookings Drive, Campus Box 1041 St. Louis, Missouri By Phone (314) (local) (888) (toll free) (314) (fax) By Mouse sfs.wustl.edu

2 Financial Assistance Information Tuition & Fees, Housing, and Meal Plan Costs... 3 Full time Enrollment Requirement....3 Student Billing / Student Accounting.3 Washington University Scholarships.. 4 State Grant Programs...4 Federal Grants...4 Federal Work Study / Campus Jobs... 4 Federal Perkins Loans... 4 Federal Direct Loans (Stafford) Outside Scholarships Study Abroad Payment Options Partners in Education with Parents (PEP). 6 TuitionPay Monthly Payment Plan. 6 Federal Parent Loan for Undergraduate Students (PLUS)

3 Academic Year Costs Tuition & Fees Tuition $45,700 Student Activity Fee $457 Student Health & Wellness Fee $310 Housing (triple / double/ single room) Traditional Housing $6,964 / $9,222 / $10,466 New Housing $7,690 / $10,200 / $11,554 Sample Meal Plans Bronze $3,906 Silver $4,666 Gold $5,426 Student Billing / Student Accounting Visit studentaccounting.wustl.edu for helpful information about e billing and viewing your statements online. Students can invite parents to view their bills online Students can sign up for direct deposit and avoid standing in line for a refund check Parents can learn how to access student bills online Students and parents can pay bills online through a checking or savings account What do we deduct from your tuition bill? Scholarships: Washington University Scholarships, Honorary Scholarships, Washington University Merit Scholarships, and Missouri Academic Scholarships Grants: Pell Grants, State Grants, SEOG Grants Federal Perkins Loans, Federal Direct Loans (Stafford), and Federal PLUS Loans Outside Scholarships after we receive the funds What don t we deduct from your tuition bill? Federal Work Study / Campus Job (FWS) awards Outside Scholarships while we are waiting for the funds When should we expect to receive a bill? The university charges tuition twice in an academic year in July for the fall semester and in December for the spring semester. Half of your award will be credited in the fall semester, the other half will be credited in the spring semester. You ll receive a refund for any excess financial assistance. Full time Enrollment Requirement Unless stated otherwise, we based your financial assistance on full time enrollment in a degree seeking program and semester tuition of $22,850. If you withdraw from Washington University before the end of the academic semester, we must refund the unearned amount of Title IV funds (Pell Grant, SEOG, Subsidized and Unsubsidized Federal Direct Loan, and Perkins Loan) awarded. You re responsible for any disbursed but unearned portion of your federal financial assistance. Additionally, scholarships funded by Washington University will be reduced, reflecting your reduced tuition charge. 3

4 Washington University Scholarships Washington University Scholarships (which may have been Eliot, Mesmer, Hudson, Olin, Murphy, Ramirez, or Revard in previous years) are awarded based on financial need and do not require repayment. A Federal Supplemental Educational Opportunity Grant (SEOG) may fund part of these scholarships. State Grant Programs If we anticipate a state grant as a part of your financial assistance award and you don t qualify for it, or receive less than we expect, we ll make up for the difference with scholarship, as long as you have filed the necessary forms by the required state deadlines. Federal Grants We automatically award federal grants based on your Free Application for Federal Student Aid (FAFSA) information. If we anticipate that you will receive more money from a federal grant than you do, we will make up the difference with scholarship. However, this guarantee is only valid if you have had official results released to us by indicating Washington University on your Student Aid Report (SAR). If you receive more federal grant than we anticipated, we ll reduce your Washington University Scholarship by the additional federal grant amount. Federal Work Study / Campus Jobs The Federal Work Study (FWS) program provides students with part time employment during the fall and spring semesters. You ll generally work hours per week while classes are in session. You should arrange your schedule with your employer so that employment does not interfere with academic and extra curricular activities. You will be paid every other week for the actual hours you work. Your earnings from your campus employment can help you meet ongoing expenses. Remember: your campus employment will not be credited toward your university charges. Federal Perkins Loans All Federal Perkins Loan borrowers are required to submit a signed Perkins Master Promissory Note. If you are a new Perkins borrower, you will be notified by Student Financial Services by when it is time to sign your note online. If you have already submitted a signed Perkins Master Promissory Note, there is no need to submit another one. If you do not submit a signed Perkins Master Promissory Note, your loan will be canceled. You are not required to make principal or interest payments on Perkins Loans while attending college at least half time. Repayment begins nine months after not being enrolled at least half time, with a fixed annual interest rate of 5%. Federal Direct Loans (Stafford) Washington University participates in the William D. Ford Federal Direct Loan Program. For undergraduate students, the base Federal Direct Loan annual limits are $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. You generally may borrow a maximum of $31,000 in Federal Direct Loans during your undergraduate education (no more than $23,000 of which can be subsidized). If you are a new Federal Direct Loan borrower, you need to submit a Federal Direct Loan Master Promissory Note (MPN) and complete Federal Direct Loan Entrance Counseling by July 1st to receive credit on your tuition bill. 4

5 Once you have accepted your financial assistance award, you can complete your Federal Direct Loan MPN & Entrance Counseling electronically at studentloans.gov. Once you have completed these requirements, your loan funds will be disbursed to the university. An origination fee will be deducted from your loan proceeds by the Department of Education. Interest rates and terms are subject to legislative change. For more information, visit studentloans.gov. Federal Direct Loan, Subsidized No repayment of interest or principal is required on your Subsidized Federal Direct Loans while you are in school, as long as you are enrolled at least half time in a degree seeking program. Interest begins to accrue after you are no longer attending college at least half time. Loans first disbursed on or after July 1, 2013 have a fixed interest rate of 3.86%. The standard repayment term for Federal Direct Loans is ten years. Various payment options are available. To learn more, visit studentloans.gov. Federal Direct Loans, Unsubsidized No repayment of principal is required on your Unsubsidized Federal Direct Loans as long as you are attending an accredited college or university at least half time in a degree seeking program. However, you are responsible for interest that is accruing on your loan while you are in school, and during grace and deferment periods. You may choose to pay the interest while you are in school or wait to pay interest until you have entered repayment. For example, if you choose to pay interest on your loan while you are in school, the interest rate charged on loans disbursed on or after July 1, 2013 is 3.86%. If you choose to wait to pay interest, it will accrue at 3.86% and will be added to the balance of your loan. After you stop attending college at least half time, you will repay the balance of your loan over 10 years. Various payment options are available. To learn more, visit studentloans.gov. Additional Federal Direct Loan, Unsubsidized Funds Beginning on July 1, 2008 all undergraduate students are eligible to receive $2,000 in Federal Direct Loans, Unsubsidized loan funds in addition to the base Federal Direct Loan annual limits outlined above. In addition to the $2,000 of increased eligibility, freshmen and sophomores who meet the following criteria may be eligible for an additional $4,000 in Federal Direct Loan, Unsubsidized funding (for a maximum funding level of $6,000). Juniors and seniors may be eligible for an additional $5,000 (for a maximum funding level of $7,000): If you are a dependent undergraduate student whose parents application for a PLUS loan has been denied, OR If you have been declared an independent undergraduate student. If you are eligible for these additional loan amounts, the maximum amount you may borrow through the Subsidized and Unsubsidized Federal Direct Loan programs (combined) increases to $57,500 (no more than $23,000 of which can be subsidized). Please speak with a counselor in our office if you feel that you may qualify and are in need of additional Federal Direct Loans. Outside Scholarships or Grants You must report all additional scholarships and grants received from non university sources to Student Financial Services. This includes scholarships from corporations, foundations, service clubs, and benefits from other universities due to a parent s employment. Outside scholarships will be deducted from your tuition bill after we receive the funds. If you have 5

6 notified us of an outside scholarship you have received but do not yet see the credit on your bill, you can deduct the amount of the outside scholarship from the balance due before paying the balance. It is the policy of the university that receipt of an outside scholarship will not result in a reduction of your Washington University Scholarship unless the total amount of all scholarships and grants from all sources exceeds your annual cost of attendance at Washington University. In rare cases, the university is compelled to reduce your Washington University Scholarship if the total amount of all scholarships and grants from all sources exceeds your cost of attendance at Washington University. Student Financial Services also may have to adjust other components of your financial assistance package, such as Federal Work Study and federally subsidized loans, to comply with federal regulations. Student Financial Services offers a Scholarship Resource Center (SRC) as our way to connect you with a list of valuable Outside Scholarships that we ve seen benefit students first hand scholarships that are winnable! Study Abroad If you are participating in an approved study abroad program, you must comply with the normal requirements for the awarding of financial assistance, including applicable documentation deadlines. Your award will be based upon a calculation of the educational costs of the program, including essential travel and living expenses. Vacation travel, shopping, telephone service, gifts, entertainment, and other optional expenses are not included in the calculation of education costs. You should have additional funds available for these expenses, bearing in mind they may be significantly different from what you are used to due to currency exchange rates, taxes, and other factors. For more information visit Payment Options Partners in Education with Parents (PEP) The PEP program offers two options: the Multi Year Option Plan and the Annual Option Plan. Each plan helps manage the costs associated with tuition, the activity and health fees, and room and board charges, less anticipated financial assistance (excluding Federal Work Study/Campus Job). Visit sfs.wustl.edu to learn more. TuitionPay Monthly Payment Plan The TuitionPay Monthly Plan, formerly administered by Sallie Mae, will be transitioned to Higher One in the near future. With this interest free plan, you will pay total university charges (tuition, fees, room and board) in up to 12 equal monthly installments. Previous months payments are due at the time you apply. There is a $70 annual enrollment fee to participate in this plan. Visit tuitionpay.salliemae.com to learn more. Federal Parent Loan for Undergraduate Students (PLUS) This is the federal government s parent loan program. Parents can apply for up to the student s cost of education minus other financial assistance. This loan is available through the Direct Loan Program, and approval is based upon credit history. Parents must complete a FAFSA. The FAFSA can be completed electronically at Parents also need to complete a Parent PLUS Loan Request Form (available at sfs.wustl.edu) and the Federal Director PLUS Master Promissory notes (MPN) at studentloans.gov. The interest rate for Parent PLUS loans through the Direct Loan program is fixed at 6.41%. An origination fee will be deducted from your loan proceeds by the Department of Education. Payments may be deferred while the student is enrolled at least half time. 6

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