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Financing Your Wellesley Education Spring Open Campus 2013 Wellesley College Student Financial Services.

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Presentation on theme: "Financing Your Wellesley Education Spring Open Campus 2013 Wellesley College Student Financial Services."— Presentation transcript:

1 Financing Your Wellesley Education Spring Open Campus 2013 Wellesley College Student Financial Services

2 Student Financial Services Financial Aid Educational Financing Student Accounts Student Employment Grants, Loans and Student Employment Student and Parent Loans Billing Payment Student Jobs

3 What sets Wellesley apart Wellesley is committed to making education affordable to students, regardless of family financial circumstances Your financial aid award is based on the full cost of attendance at Wellesley Wellesley is committed to working with families for all four years Wellesley responds to changes in financial circumstances

4 How Financial Aid is Determined Cost of Attendance ‘Sticker Price’ Expected Family Contribution Parent and Student Financial Aid Award Wellesley meets 100% of demonstrated financial need

5 Cost of Attendance How 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

6 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

7 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 Grants/Scholarships Packaged Student Loans Student Employment

8 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

9 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?

10 Financing your Wellesley Education Student Employment – On-campus employers offer flexible working hours and schedules – Two types of work-study are awarded: Federal Work-Study Wellesley Work – General award expectation is 8-10 hours per week while classes are in session – First year students typically earn $8.00 to $8.75 per hour – No job placement or guarantee of a job, but students work-study awards have priority for on-campus jobs during the first two weeks of a term – Work-Study funds are not paid to your student account upfront Students are paid for the number of hours worked during a pay period and paycheck is direct deposited to her account – If you do not wish to work, awards are not replaced with other funds by Wellesley; however, in many cases you are able to replace your work-study award with a student loan

11 Financing your Wellesley Education Student Employment

12 Options for Financing your Wellesley Education Monthly Payment Plan – Payment Partner ~ Tuition Management Systems – Promotes Pay-as-you-go Smaller, monthly payments instead of two larger payments at the beginning of each term – Easy choices that reduce your need to borrow – Tailored to your needs – Low cost - No approval required Only cost for the monthly payment plan is a $65 enrollment fee Life insurance covering your payment balance is included – Online enrollment and payment available Visit or call 888-216-4258 Payment by check or credit card Payment online, by mail, or phone

13 Monthly Payment Plan -

14 Options for Financing your Wellesley Education Tuition Stabilization Plan – Written contract guaranteeing the cost of tuition will remain the same for each of four consecutive years – By June 30 preceding the Fall semester of the entering year, the student pays an amount equal to four times the first year’s tuition cost Wire Transfer – Partnered with peerTransfer – Email Wellesley to receive information need to complete wire transfer Direct Payment – Check, Money Order or Cash

15 Options for Financing your Wellesley Education Loans – Federal, Institutional, Private Student & Parent Loan options available – Investigate Federal Loans first – All loans (except private alternative student loans) begin by contacting Wellesley Student Loans – Loan types – Fees (interest rates & origination fees) – Student is the borrower & must complete all paperwork – Awarded amount is the amount recommend by Wellesley Not required to borrow May request to borrow additional funds, if eligible Parent Loans – Federal PLUS Loan

16 Student Financial Services Contact Information (W) 781-283-2360(F) 781-283-3946Service Center: Green Hall Room 436

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