Understanding Your Financial Aid Package Spring Open Campus 2013 Wellesley College Student Financial Services Scott Juedes, Director.

Understanding Your Financial Aid PackageSpring Open Campus 2013

Wellesley CollegeStudent Financial Services

Scott Juedes, Director

Student Financial Services

What sets Wellesley apart

How Financial Aid is Determined

Cost of AttendanceHow did Wellesley Determine Your Financial Aid?

The following figures were used to determine how much it will cost your daughter to attend Wellesley College during the 2013-14 academic year:

•Direct Cost – Tuition and fees paid directly to Wellesley

– Tuition $43,288

– Fees $266

– Room and Board $13,488

$57,042

•Indirect Cost – expenses not charged directly by Wellesley

– Books/Supplies/Personal $2,050

– Travel Expenses (depending on state of residence) $0 to $2,000

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

• Students must report any scholarships that they receive from outside sources– Federal regulations require we adjust financial aid award

• Outside scholarships will first reduce a students self-help– Student Contribution

– Student Loan

– Work-Study

• 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

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

Student Financial ServicesContact Information