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Financial Aid Information Session Discover Wellesley Fall 2012

Financial Aid Information Session Discover Wellesley Fall 2012. Wellesley College Student Financial Services. Agenda. Wellesley is Affordable Common Myths and Misconceptions Access and Affordability Financial Aid at Wellesley College Principles of Need-based Financial Aid

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Financial Aid Information Session Discover Wellesley Fall 2012

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  1. Financial Aid Information SessionDiscover WellesleyFall 2012 Wellesley College Student Financial Services

  2. 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

  3. 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.”

  4. 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

  5. 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

  6. 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

  7. 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

  8. How Financial Aid is Determined

  9. 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

  10. 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

  11. 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

  12. 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

  13. Financial Aid Information SessionDiscover WellesleyFall 2012 Student Financial Services sfs@wellesley.edu www.wellesley.edu/sfs 781-283-2360

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