Financial Aid Information SessionDiscover Wellesley

Fall 2012

Wellesley College

Student Financial Services

Agenda

• Wellesley is Affordable• Common Myths and Misconceptions

• Access and Affordability

• Financial Aid at Wellesley College• Principles of Need-based Financial Aid

• Let’s talk about the basics

• Resources for students and families

• Application Process and Timeline

Common Myths and Misconceptions

• “…college is just too expensive for my family.”

• “…there is not a lot of money available for college.”

• “…my parents make too much money, so I won’t qualify for aid.”

• “…the forms are too hard to fill out.”

• “…private colleges are out of reach for my family.”

• “…only students with good grades get financial aid.”

• “…even with financial aid, my 1st choice won’t be affordable.”

• “…if I apply Early Decision, it will change my financial aid award.”

Creating Access and Affordability

• Largest endowment per student of any liberal arts and sciences college

• Financial Aid budget of more than $53.5 million reserved to support undergraduate access and affordability

• Average financial aid award of more than $38,000 with an average grant of more than $36,000

• 100 percent of resources for research, stipends, internships, and conference participation are awarded to women

What Makes Wellesley Affordable

• Need-blind admissions– A family’s financial situation has no impact on your admission

decision

• 100 percent of demonstrated need is met for all admitted students

• Historic commitment to low loans– Packaged loan amounts are based on each family’s individual situation

Financial Aid

• Any funds used to help students pay for post-secondary educational expenses – Institutional, Federal, and State Grants; Loans; Work Study

• Need analysis formula evaluates a family’s ability to pay for educational expenses– Institutional (CSS PROFILE)

– Federal (FAFSA)

• Distributed by Wellesley in a fair and equitable manner

Principles of Need Analysis

• To the extent they are able, parents have the primary responsibility to pay for education

• Students also have a responsibility to contribute

• A family’s ability to pay for educational cost must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay

• Evaluate a family’s ability to contribute, not its willingness

How Financial Aid is Determined

Family Contribution

• Parental contribution is calculated by considering a number of factors:– Overall income

– Size of your family

– Number of children in college

– Assets

• Student contribution

• A family contribution will typically remain similar, assuming that your family financial situation remains about the same– Some typical reasons for significant changes: sibling entering or

leaving a undergraduate program, change in parental employment, or high/changed unreimbursed medical expenses

Meeting 100% of Demonstrated Need

• Financial Aid 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 continued our commitment to historically low levels for all students

What resources are available to helpnavigate ‘The System’

• Guidance and College Counselors– Guidance Counselors are a great resource for information about college,

the financial aid process, and outside scholarships

• Financial Aid Administrators– Source of information about financial aid programs and applications

(institutional, federal, and state)– Do not hesitate to call with questions – We’re here to help and our help is

always free!

• Financial Aid Consultants– Consultants typically charge a fee based on the services provided and the

student’s particular needs– Before considering a consultant, call the financial aid office at any of the

schools you’re considering - we may be able to perform many of the same services for free

Application Process and Timeline

• Complete your financial aid application in conjunction with your Admission application

• Where to Begin:– CSS PROFILE (available after October 1)

– FAFSA (available after January 1)

– Income Documentation (as requested)

• Visit www.wellesley.edu/sfs for more detailed instructions

Financial Aid Information SessionDiscover Wellesley

Fall 2012

Student Financial Services

sfs@wellesley.edu

www.wellesley.edu/sfs

781-283-2360