Understanding Your Financial Aid Package Spring Open Campus 2012 Wellesley College Student Financial Services Scott Juedes, Director

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

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

How Financial Aid is Determined Cost of Attendance ‘Sticker Price’ Expected Family Contribution Parent and Student Demonstrated Need Wellesley meets 100%

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 Grants/Scholarships Packaged Student Loans Student Employment

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 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 Services Contact Information (W) (F) Service Center: Green Hall Room 436