Understanding Your Financial Aid Package Spring Open Campus 2012 Wellesley College Student Financial...
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Transcript of Understanding Your Financial Aid Package Spring Open Campus 2012 Wellesley College Student Financial...
Understanding Your Financial Aid PackageSpring Open Campus 2012
Wellesley CollegeStudent Financial Services
Scott Juedes, Director
Cost of Attendance
• Direct Costs (Charged directly by Wellesley)
– Tuition $41,824
– Fees $258
– Room and Board $13,032
• Indirect Cost (estimated expenses)
– Books/Supplies/Personal $2,050
– Travel Expenses (depending on state of residence) $0 to $2,000
• Total Cost of Attendance $57,164 to
$59,164
Family Contribution
• To calculate your parental contribution, the College considers a number of factors– Overall income
– Size of your family
– Number of children in college
– Family assets
• Student contribution
• A family contribution will typically remain steady, assuming that your family financial situation remains about the same– Some typical reasons for significant changes in the family contribution
are a sibling entering or leaving a undergraduate program, change in parental employment, high or changed unreimbursed medical expenses
Financial Aid Awards
• Awards can be made up of three components
• Our financial aid policy has increased grants/scholarships, eliminated loans for some students, reduced loans for others and kept loans at historically low levels for remaining students
Outside Scholarships
• Outside scholarships will first reduce a students self-help– Loan
– Work-Study
– Student contribution
• Suggested outside scholarship search engines and resources are available via our website
Award offers may differ
• Financial Aid is a broad term that is used to mean many types of assistance
• Colleges and Universities offer different types of financial aid and award it in many different ways
• Additional questions or considerations:– Need Blind / Need Award
– Do schools meet 100% of calculated need or do they gap awards
– Special or changing family financial circumstances
– Loan packaging philoshophy
– Merit Scholarship / Aid
– Outside Scholarship Policy
– Study Abroad
Comparing Awards
• Questions to consider:– How much aid is in grants vs. loans vs. work?
– What is not included in the cost of attendance? Are there hidden cost?
– Is aid expected to continue for four years?
– What is the quality and reputation of the curriculum and faculty?
– What are the prospects for career placement and/or graduate study?
– Where do you most see yourself successful and happy?
Options for Financing your Wellesley Education
• Payment Plans– Tuition Management Systems– Spread payments out over 10-12 months– No interest on out financed through the payment plan– Enrollment fee of $65
• Loans– Optional educational loans for either the student or parent– Can contact Wellesley or your financial institution for options
• Student Employment– General award expectation is 8-10 hours per week while classes are in
session– On-campus employers offer flexible working hours and schedules– First year students typically earn $8.00 to $8.75 per hour