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WELLESLEY COLLEGE

WELLESLEY, MASSACHUSETTS

2017

- 2018

Understanding your financial aid award from Wellesley College Wellesley’s strong and stable endowment enables the College to remain committed to making financial aid our top priority. Our financial strength guarantees that we have the ability to select students, regardless of their family’s income – resulting in an outstanding class of women every year. This year we have admitted one of our strongest and most diverse classes ever, and nearly 60 percent have been offered a financial aid award. Congratulations on your admission to Wellesley! You have done the hard work necessary to gain admission, and we are happy to award you a financial aid package that fully meets your demonstrated need.

We encourage you and your parents to use this guide to carefully review your award package. Please contact us at Student Financial Services (SFS) as soon as possible if you have any questions. Counselors on the SFS staff are here to assist you. If you are still considering other colleges, carefully compare your bottom-line costs.

What sets Wellesley apart.

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Wellesley is committed to making education affordable to students, regardless of their financial circumstances. Our financial aid policy has increased scholarships/grants, eliminated loans for some students, reduced loans for others, and kept loans at historically low levels for remaining students. Learn more about our financial aid policy at www.wellesley.edu/SFS.

circumstances throughout the academic year.

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In addition, Wellesley works closely with families to offer multiple ways to pay, including no-interest payment plans and low-interest educational loans.

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We base your financial aid award on the full cost at Wellesley. When we determine your financial need, we include not only direct costs (such as tuition, room, and meal plan), but also estimates for other student expenses like books, personal items, and travel.

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Wellesley is committed to providing aid for all four years. Our financial aid awards are consistent with a student’s level of need. Accordingly, students must reapply for aid each year. Changes in family size, siblings in college, and income are among the factors that will affect your aid award. Regardless, our financial strength allows us to fully meet your demonstrated need every year.

Wellesley responds to changes in financial circumstances. Student Financial Services works individually with families to extend help when circumstances unexpectedly change their ability to pay. We routinely respond to changes in financial

Examine the aid offers. Compare the education. Consider the outcome. If you are looking at awards from other colleges, don’t just look at the total amount of aid offered. Carefully calculate the final total cost as well as the amount of debt to expect when you graduate. The following are important questions to answer: > How much aid is in grants vs. loans vs. work? > What is not included in the cost of attendance to you and your parents? Are there hidden costs? > Is aid expected to continue consistently 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?


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How to understand your award letter

Total Cost of Attendance

Wellesley provides full disclosure in a letter enclosed in your admission packet. This letter details the cost of attendance, expected parental contribution, expected student contribution, and your financial aid award. Some schools send a letter stating the financial aid award but not the full cost of attendance, which can be confusing. Make sure you understand what the real bottom line is for your family.

Student Financial Services

2017-2018STATEMENT OF FINANCIAL AID Dear Student, Wellesley College is pleased to offer you assistance for

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the 2017-18 academic year based on a total cost of attendance of $.... Your expected Parental Contribution $... $... SPRING

TOTAL

Wellesley College Grant $... $... $... $...

Other Grants

$...

Student Loan

$... $... $...

Work-Study

$... $... $...

Total Offer

$...

$...

If you wish to decline any portion of your aid A list of missing requirements if applicable Please notify us of outside resources.

Total Costs (depending on travel)

$69,134 - $71,034

Parent Contribution

WELLESLEY COLLEGE

Your expected Student Contribution FALL

Subtotal $66,984 Indirect Costs (estimates) Books/supplies/personal $2,050 Travel assistance (depending on state) $100 - 2,000

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Sample Financial Aid Award Letter

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TOTAL Direct Costs (billed by Wellesley) Tuition $50,840 Fees 308 Room 8,040 Meal Plan 7,796

$...

$...

To calculate your parental contribution, the College considers your family’s calculated overall income, size of family, and number of children in college. It also takes into account family assets, which include investments, home equity, business value, rental property, trusts, etc. Wellesley then makes a general allowance for the cost of living based on family size and geographic variances, along with specific allowances for taxes paid. The College does not examine each family’s actual expenses, cash flow, or family budget. For families with unusual or changing circumstances, we may make various changes in our approach, based on information from families.

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Student Contribution Wellesley assumes that students will contribute to their education. All students are expected to invest a minimum of $1,950 per year.

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Grant Assistance Grants do not have to be repaid. Grants are used to meet your full need after work-study, student loans, and outside resources are applied. You may have one or more of the following types of grants as part of your aid package: > Wellesley College Grant > Wellesley Students’ Aid Society Grant > Federal Pell Grant > Federal Supplement Education Opportunity Grant > State Grant


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Student loans are borrowed by the student and must be repaid after graduation. You may be awarded one of the following loans: > Federal Direct Loan > Plitt-Kirgan Loan > Wellesley College Students’ Aid Society Loan

At Wellesley, students who are awarded outside scholarships or tuition benefits receive the fullest possible benefit of those scholarships. We use outside scholarship aid to reduce your “self-help”– that is, your student contribution, student loans, and work-study before making any reduction to your Wellesley grant aid.

Please see our website for details on student loans and our student loan policy.

Outside scholarships do not affect your parents’ ability to contribute; thus, they do not reduce the expected parent contribution.

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All outside scholarships will be evenly applied to the fall and spring semesters.

Student Loans

Work-Study Students with work-study listed as part of their aid are given priority for on-campus jobs. > A student’s work-study award is not a grant and is not credited to the term bill. > Students are paid directly for the hours they work. > Students typically work 8-10 hours per week. > First-year students are usually paid a minimum of $11 per hour. > While most work-study jobs are on campus, off-campus jobs are also available with nonsectarian and nonprofit community organizations for students with Federal Work-Study.

Outside Scholarships and Outside Resources

Next steps Monitor your email and share the information. Because Student Financial Services primarily communicates with you via email, it is important that you monitor your email and share important information with your parents.

Provide any missing required items. Carefully review your award letter for any additional information required by us. An up-to-date list of requirements is available on your applicant portal.

Loan Requirements.

> Because jobs are limited, students are encouraged to secure campus jobs early in the semester.

Information regarding loan requirements will be sent to your Wellesley College email in June.

> Students must make arrangements to apply for jobs and interview with potential employers.

If you receive outside scholarships.

> Job information is listed on the Student Employment website at www.wellesley.edu/SFS. > To meet U.S. Immigration law, students must prove their citizenship and/or work eligibility status. > Your will be required to present original documentation and identification to our staff during orientation.

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Outside scholarships must be reported via your MyWellesley portal, once it opens in May.

Student Employment Paperwork. Information regarding work authorization forms and required documents will be sent to your Wellesley College email in early August.

Contact us if you have questions. Feel free to stop by our service center or contact us by phone or email if you need additional assistance or to discuss additional financing options.

Declining your loan or work-study? If you wish to decline your student loan or work-study, please email our office.

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Missing Required Items Your financial aid award is tentative pending receipt of the required items (if any) listed on your award letter and in your applicant portal.

Student Financial Services Schneider Center 122 Website: www.wellesley.edu/sfs Email: sfs@wellesley.edu Tel: 781-283-2360 Secure fax: 781-283-3946 Facebook: www.facebook.com/wellesleysfs


Topics of special interest Communication with enrolled students and parents Student Financial Services will primarily communicate electronically with the student throughout her time at Wellesley. We work to keep parents up to date, but we encourage students to keep their parents informed and updated. Notices regarding changes to your financial aid award, missing requirements, and student account information will be sent to your Wellesley College email. Wellesley’s official method of billing is an electronic monthly statement or “e-Bill.” We highly encourage students to add any financially responsible third party (especially parents) as an authorized user on their e-Bill account. Authorized users will receive a copy of each e-Bill and instructions regarding how to make electronic payments.

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Nearly of Wellesley students received some financial assistance in 2016-17. Factors affecting aid awards Affect of family size & number of siblings in college on an aid award The number of family members and the number of children in college are significant factors in calculating family resources. If a sibling’s enrollment status changes or if it is not verified by the due date, the financial aid offer must be revised. By accepting financial aid, all students must, by federal law, inform Student Financial Services of changes in the enrollment of a sibling in college and changes in the total family size. Because graduate students have access to stipends, assistantships, and federal loans, their enrollment is not considered in determining your financial aid eligibility. Required parental financial information An admitted first-year or transfer student is expected to furnish parent information even if she later marries and/or meets the federal criteria for independence. A student who declares herself independent (of her parents) or a student whose parents will not assume financial responsibility for her education will not receive financial aid from Wellesley to replace the parent contribution. Information from parents of Davis Degree Candidates is not required unless the parents provide support.

Financial aid for off-campus room and board Financial aid is calculated for on-campus housing unless otherwise noted on your financial aid award. If you are planning to live off campus, you must speak with a counselor in SFS.

Campus and off-campus life Most campus events are free Most campus events, concerts, films, dance performances, athletics events, etc. are free with a Wellesley ID. In addition, many activities at nearby colleges and universities are either free or geared towards student budgets. Balancing a work-study job with academic commitments If your aid award includes work-study, this amount is what the College expects you to be able to earn during the academic year to cover a portion of your educational expenses without jeopardizing your academic priorities. Participating in study abroad and exchange programs when receiving financial aid Wellesley is committed to providing enrichment opportunities for all students–regardless of their financial means. Wellesley’s study abroad and exchange programs are based on “home-school tuition,” and students’ financial aid awards can be used at approved programs. The cost of attendance includes Wellesley’s tuition and the abroad program’s other costs. The loan portion of the aid is increased since students cannot work abroad. Students can receive financial aid to participate in the Twelve College Exchange and Spelman College, up to the cost of Wellesley or of the exchange institution, whichever is lower. Students on exchange at MIT, Babson, and Olin are charged as Wellesley students and aided accordingly.

Wellesley College SFS Staff Director of Student Financial Services and Assistant Dean of Admission and Financial Aid Scott Wallace-Juedes sjuedes@wellesley.edu Associate Directors Candy DiCianno cdiciann@wellesley.edu Karensa DiFonzo kdifonzo@wellesley.edu Assistant Directors Christopher Hart chart5@wellesley.edu Brendan Leahey bleahey@wellesley.edu Mary Ann Portmann mportman@wellesley.edu Laura Till ltill@wellesley.edu SFS Counselor Nykolett Wilkey nwilkey@wellesley.edu Application Specialist Genevieve HumezRousseau ghumezro@wellesley.edu

Continued financial aid eligibility

SFS Assistant

Academic requirements for continued aid eligibility All financial aid offers are made for one year only. If a family’s situation changes substantially within the year, the student may request a financial aid review for possible adjustments. You must reapply each year and must be making satisfactory academic progress toward a degree with at least a C average to be considered for aid. Students not progressing satisfactorily are reviewed for any special or extenuating circumstances.

Leisha Alcia lalcia@wellesley.edu Daniel Perriello dperriel@wellesley.edu Amanda Small asmall2@wellesley.edu

Understanding Your Aid Award (domestic)  

A guide to carefully reviewing your award package

Understanding Your Aid Award (domestic)  

A guide to carefully reviewing your award package