financial aid information session discover wellesley fall 2012 wellesley college student financial...
TRANSCRIPT
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Financial Aid Information SessionDiscover Wellesley
Fall 2012
Wellesley College
Student Financial Services
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Agenda
• Wellesley is Affordable• Common Myths and Misconceptions
• Access and Affordability
• Financial Aid at Wellesley College• Principles of Need-based Financial Aid
• Let’s talk about the basics
• Resources for students and families
• Application Process and Timeline
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Common Myths and Misconceptions
• “…college is just too expensive for my family.”
• “…there is not a lot of money available for college.”
• “…my parents make too much money, so I won’t qualify for aid.”
• “…the forms are too hard to fill out.”
• “…private colleges are out of reach for my family.”
• “…only students with good grades get financial aid.”
• “…even with financial aid, my 1st choice won’t be affordable.”
• “…if I apply Early Decision, it will change my financial aid award.”
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Creating Access and Affordability
• Largest endowment per student of any liberal arts and sciences college
• Financial Aid budget of more than $53.5 million reserved to support undergraduate access and affordability
• Average financial aid award of more than $38,000 with an average grant of more than $36,000
• 100 percent of resources for research, stipends, internships, and conference participation are awarded to women
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What Makes Wellesley Affordable
• Need-blind admissions– A family’s financial situation has no impact on your admission
decision
• 100 percent of demonstrated need is met for all admitted students
• Historic commitment to low loans– Packaged loan amounts are based on each family’s individual situation
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Financial Aid
• Any funds used to help students pay for post-secondary educational expenses – Institutional, Federal, and State Grants; Loans; Work Study
• Need analysis formula evaluates a family’s ability to pay for educational expenses– Institutional (CSS PROFILE)
– Federal (FAFSA)
• Distributed by Wellesley in a fair and equitable manner
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Principles of Need Analysis
• To the extent they are able, parents have the primary responsibility to pay for education
• Students also have a responsibility to contribute
• A family’s ability to pay for educational cost must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay
• Evaluate a family’s ability to contribute, not its willingness
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How Financial Aid is Determined
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Family Contribution
• Parental contribution is calculated by considering a number of factors:– Overall income
– Size of your family
– Number of children in college
– Assets
• Student contribution
• A family contribution will typically remain similar, assuming that your family financial situation remains about the same– Some typical reasons for significant changes: sibling entering or
leaving a undergraduate program, change in parental employment, or high/changed unreimbursed medical expenses
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Meeting 100% of Demonstrated Need
• Financial Aid 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 continued our commitment to historically low levels for all students
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What resources are available to helpnavigate ‘The System’
• Guidance and College Counselors– Guidance Counselors are a great resource for information about college,
the financial aid process, and outside scholarships
• Financial Aid Administrators– Source of information about financial aid programs and applications
(institutional, federal, and state)– Do not hesitate to call with questions – We’re here to help and our help is
always free!
• Financial Aid Consultants– Consultants typically charge a fee based on the services provided and the
student’s particular needs– Before considering a consultant, call the financial aid office at any of the
schools you’re considering - we may be able to perform many of the same services for free
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Application Process and Timeline
• Complete your financial aid application in conjunction with your Admission application
• Where to Begin:– CSS PROFILE (available after October 1)
– FAFSA (available after January 1)
– Income Documentation (as requested)
• Visit www.wellesley.edu/sfs for more detailed instructions
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Financial Aid Information SessionDiscover Wellesley
Fall 2012
Student Financial Services
www.wellesley.edu/sfs
781-283-2360