1. Understanding your Award Spring Open Campus April 8-9, 2019
Wellesley College Spring Open Campus
Understanding your Award Spring Open Campus April 8-9, 2019
Wellesley College Student Financial Services
Kari DiFonzo ‘07, Director
April 9-10, 2018

2. Student Financial Services - What We Do
Wellesley College Spring Open Campus
Student Financial Services - What We Do
Financial Aid
Educational Financing
Student Accounts
Student Employment
Grants, Loans and Student Employment
Monthly Payment Plans
Student and Parent Loans
Billing
Payment
Wellesley
April 9-10, 2018

3. What sets Wellesley apart
Wellesley College Spring Open Campus
What sets Wellesley apart
Affordability – We are committed to making education affordable to students, regardless of their financial circumstances
No hidden fees – your financial aid award is based on the full cost of attendance at Wellesley
Consistency – We provide consistent need-based financial aid for all four years (assuming family circumstances remain consistent).
April 9-10, 2018

4. How Financial Aid is Determined
Wellesley College Spring Open Campus
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
April 9-10, 2018

5. Cost of Attendance Tuition and Fees Housing and Meals
Wellesley College Spring Open Campus
Cost of Attendance
Tuition and Fees
Includes tuition and a student activity fee. The same for all students.
Housing and Meals
Also called “Room and Board.” Includes an unlimited meal plan. The same for all students.
Books and Supplies
The same for all students.
Transportation
Varies based on where you’re from ($100 to $2,000).
Other Educational Costs
Also called “personal expenses.”
May include $2,517 for health insurance if you qualify for a grant to cover.
Estimated Cost of Attendance
Sum of all costs above.
April 9-10, 2018

6. Packaged Student Loans
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

7. Grants Free money, does not need to be repaid. Sources and Types
Institutional
Federal
State

8. Net Cost Cost of Attendance Grants Net Cost ‘Sticker Price’ Free Money
Wellesley College Spring Open Campus
Net Cost
Cost of Attendance
‘Sticker Price’
Grants
Free Money
Net Cost
Includes family contribution, loans, and student work.
April 9-10, 2018

9. Wellesley College Spring Open Campus
Net Cost
April 9-10, 2018

10. Family Contribution
Wellesley College Spring Open Campus
To calculate your parental contribution, the College considers
Overall income
Size of your family and number in college
Family assets
Student contribution
The family contribution remains consistent if a family’s financial situation remains about the same.
Common reasons for significant changes are
Sibling entering or leaving an undergraduate program of study
Change in parental employment
Pay cut or large raise/bonus
Significant loss of assets or an inheritance
High, unreimbursed medical expense
April 9-10, 2018

11. Details
Wellesley College Spring Open Campus
It’s important to read your letter thoroughly (page 2 may include important information and actions).
April 9-10, 2018

12. Award offers may differ
Wellesley College Spring Open Campus
Award offers may differ
Colleges and Universities offer different types of financial aid and award it in many different ways
Additional questions to explore:
Did the institution meet 100% of calculated need or is there a ‘gap’
Special or changing family financial circumstances
Merit scholarship / Need-based award
Loan packaging philosophy
Outside Scholarship Policy
Study Abroad
As a talking point, mention that Financial Aid is a broad term that is used to mean many types of assistance
April 9-10, 2018

13. Comparing Award Offers
Wellesley College Spring Open Campus
Comparing Award Offers
Award benchmarks:
How much aid is in grants vs. loans vs. work?
What is not included in the cost of attendance? Are there hidden costs?
Is aid expected to continue for four years?
Institutional benchmarks:
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?
April 9-10, 2018

14. Comparing Award Offers
Wellesley
College B C
EFC
$20,000
Grants/Scholarships
$50,100
$28,000
$34,000
Student Loans
$1,800
$5,500
Parent Loans $0
$19,000
$7,500
Work-Study
$2,100
$1,500
$2,000
Total Aid
$54,000
$49,000
Unmet Need
$5,000
*Based on a Cost of Attendance of $74,000 at all three institutions.

15. Appealing your Award
It is possible to request a reconsideration of your eligibility
Do your research & collect your documentation
Examples of appealable Wellesley
Loss of income
One time sources of income (inheritance)
Unreimbursed medical expenses

16. Student Employment
On-campus employers offer flexible working hours and schedules
General award expectation is 5-7 hours per week while classes are in session
First year students typically earn $12.00 to $12.50 per hour
No job placement or guarantee of a job, but students with 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

17. Monthly Payment Plan Payment Partner ~ Nelnet Promotes Pay-as-you-go
8-10 smaller monthly payments instead of two larger payments
Low cost - No approval required
No interest on payment plan amount; $40 enrollment fee each term
Online enrollment and payment available
Enrollment information will be sent late spring/early summer
Payment by ACH or credit card

18. Other Payment Options Tuition Stabilization Plan Wire Transfer
Wellesley College Spring Open Campus
Other Payment Options
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 ($222, for students entering in the Fall of 2019)
Wire Transfer
Partnered with FlyWire
Wellesley to receive information need to complete wire transfer
Online Payment
Checking/Saving Accounts, Credit Card
April 9-10, 2018

19. Wellesley College Spring Open Campus
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
Student is the borrower & must complete all paperwork
Parent & Family Loans
PLUS Loan
Alternative Loans
April 9-10, 2018

20. Wellesley College Spring Open Campus
Student Financial Services Contact Information
(W)
(E)
(P)
(F)
Service Center: Schneider Center #122
April 9-10, 2018