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Understanding Your Financial Aid PackageSpring Open Campus 2012
Wellesley CollegeStudent Financial Services
Scott Juedes, Director
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
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 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