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Types of Financial Assistance |
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For Students: Financial Aid |
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SCHOLARSHIPS
NEED-BASED
STUDENT LOANS
WORK-STUDY |
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For Parents & Students: Resources for All Families |
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PARENT EDUCATIONAL LOANS
STUDENT ALTERNATIVE LOANS
MONTHLY PAYMENT PLAN |
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| ________________________________________________________________________________________________ |
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For Students: Financial Aid |
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With Wellesley’s enhanced financial aid policy, packaged student loans for some students will be eliminated or reduced and replaced with a scholarship award. However, you may still use the federal Stafford Loan to fill any earning shortfalls. For example, you may wish to borrow instead of contributing from summer earnings or from a campus job. Or you
may help with your parents’ share of your Wellesley bill. The federal Stafford Loan is interest-free during your enrollment and the interest is reasonable once you begin paying once you are out of school, so it remains a sound financial resource. |
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SCHOLARSHIPS |
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| WELLESLEY SCHOLARSHIPS/GRANTS |
| The terms scholarships and grants are sometimes used interchangeably, even by us. Scholarships and grants are not repaid. They are given to students, no strings attached. The Wellesley scholarship budget for 2009-2010 well exceeds $40 million. Most of this money is from graduates of Wellesley who have given money in order to insure that future generations can have the advantage of an excellent education. Wellesley does have specific donor funds tied to specific requirements (e.g., residency in a particular state). But students at Wellesley need not be concerned that they meet a special requirement, as the size of the general scholarship fund, with no requirement other than financial need, is so great. The Students’ Aid Society, which donates loan money to the College, is also a generous donor of scholarship money. |
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| OUTSIDE SCHOLARSHIPS |
| Many students bring outside scholarships with them from local or, in some cases, national organizations. We have to take these resources into account in the financial aid system, both to maintain compliance with federal aid rules and to make sure that we are being fair to all students. We have, however, devised a very generous way of treating outside scholarships. We first remove all of the student’s work and loan expectation, including the summer work expectation. Only when the scholarships are very large do they reduce the Wellesley scholarship/grant. Our first priority is to see that the student herself receives as much of the benefit as possible from the scholarships that she has won. |
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NEED-BASED STUDENT LOANS |
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Eligibility for loans is based on each student's demonstrated need; loans are packaged in financial aid awards.
The Federal Stafford Student Loan Program is the most important source of education loans. Some students qualify for a subsidized loan, for which the federal government pays interest on the loan while the student is in school. Students who do not qualify for a subsidized loan may still borrow under the unsubsidized loan program, which allows students to defer interest payments until after graduation. |
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| KEY LOAN FACTS |
| LOAN |
INTEREST
RATE |
INTEREST ACCRUES
WHILE IN SCHOOL
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GRACE PERIOD
AFTER GRADUATION |
CANCELLATION/
FORGIVENESS |
| Subsidized Federal Stafford |
5.6% |
no |
6 months |
yes Forgiveness for Teachers |
| Unsubsidized Federal Stafford |
5.6% |
yes |
6 months |
yes |
| Federal Perkins Loan |
5.0% |
no |
6 months |
yes Cancellation Criteria |
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For more information: See Student Loan Options on the Student Financial Services website. In addition, Entrance Loan Counseling is a Federal requirement that explains your rights and responsibilities as a borrower, and Exit Loan Counseling further explains the repayment terms of your loan and provides you with important information on how to manage and repay your loans. |
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WORK-STUDY |
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There are two categories of student employment at Wellesley. "Federal Work Study" means that part of your earnings are being subsidized by the Federal government and you are eligible to use this work award for either an on campus job or an Off-Campus job that requires Federal Work-Study. "Wellesley Student Work" means that your work award is non-federal and you will be given priority for on-campus jobs but you cannot take an off-campus job requiring Federal Work-Study.
If this is your first job, there are many entry-level jobs available and many on-campus employers are eager to employ first-year students. Before talking with a potential employer, think about your areas of interest, any specific skills you have, and any volunteer/school activities you were involved with.
If you need assistance finding a suitable position, you can contact the Student Employment Office to schedule an appointment to review your situation. You may email stuemp@wellesley.edu or call 781-283-2350.
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| JOB POSTINGS |
Students with work-study awards (Federal Work Study and Wellesley Work) have priority for on-campus jobs during the first few weeks of the semester, although there is no guarantee of a job. Some off-campus jobs work-study jobs are restricted to students with Federal Work-Study awards.
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| On-campus jobs are posted at www.wellesley.edu/SFS/StudentEmployment.html. Current students can view current available jobs and apply online. The “JobMail” feature provides up-to-date notification of available jobs. |
A variety of non-work-study, off-campus jobs are posted at www.CollegeHelpers.com, which offers free access to Wellesley College students to job postings within walking distance in "the Ville," as well as in the Greater Boston area. |
| TIME COMMITMENT |
Students are usually expected to work 8 - 10 hours per week while school is in session. While school is not in session, students can work up to full-time or 35 hours per week. On-campus employers are especially flexible about scheduling work hours around academic schedules but may request a minimum number of hours at a time. |
PAY RANGE |
Pay rates are $8.00 - $10.50 per hour. |
| REQUIRED DOCUMENTS |
In order to work, all students must complete certain forms. The forms vary, depending upon whether you are a U.S. citizen, permanent resident, or international student.For new students, Student Financial Services holds a special time during Orientation Week to answer questions and assist students in completing their work documents. Students can also complete their work documents with staff in the Student Financial Services/Student Employment Office in 436 Green Hall during normal business hours. More information on required documents.
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For more information: Visit Student Employment on the Student Financial Services website. |
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| ________________________________________________________________________________________________ |
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For Parents and Students |
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PARENT EDUCATIONAL LOANS |
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| FEDERAL PLUS LOANS (The Federal Parent Loan for Undergraduate Students) |
| ELIGIBILITY |
All parents and legal guardians are eligible to apply for the PLUS Loan, regardless of income. Qualifying for a PLUS Loan is based solely on good credit and there are no debt-to-income ratio guidelines or employment verification requirements. |
| INTERESTS RATE |
Effective July 1, 2006 Federal PLUS Loan: fixed interest rate of 8.5% |
| LOAN AMOUNTS |
Parents may borrow up to the total cost of attendance for the year, minus any other financial aid that the student receives. The total cost of attendance includes tuition and fees, room and board, books and supplies, transportation, and personal expenses. |
| FEES |
An origination fee of 3% will be deducted from the loan amount prior to disbursement. 1% default fee. |
| REPAYMENT |
PLUS Loan repayment normally begins within sixty days after the loan has been fully disbursed. In certain circumstances, parents may elect to repay the loan on a graduated repayment schedule, making interest-only payments (the minimum is based on term of the loan or at least $50 per month) for a portion of the repayment term. |
| LENDERS |
Recommended Federal PLUS Loan Lenders for 2008-09 include: Citizens Bank, EdAmerica, RISLA (Rhode Island Student Loan Authority), and Wachovia |
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For more information: You may use the Borrowsmart tool to determine your best option. Visit www.afford.com/borrowsmart for more information. To apply, visit American Student Assistance (ASA) at: www.amsa.com. Also, see Information for Parents in the Educational Financing section of the Student Financial Services website. |
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ALTERNATIVE STUDENT LOANS |
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Alternative student loans are private loans available to students who need funding beyond the limits of the Federal loan programs. Information on other Alternative Loan options are available from the Student Financial Services office, and we encourage you to make an advising appointment before borrowing additional funds. Please also see considerations below. |
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| RECOMMENDED LENDERS FOR ALTERNATIVE STUDENT LOANS, 2008-09 |
| Chase Select Private Student Loans |
SallieMae Signature Student Loan: |
| Discover: |
Wells Fargo Collegiate® Loan |
| EdAmerica: |
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| You may use the Borrowsmart tool to determine your best option. Visit www.afford.com/borrowsmart for more information. |
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| CONSIDERATIONS |
| Information regarding a specific loan program can be obtained from the lender. Please consider the following points when researching alternative loans: |
| Amount of financial aid loans to be repaid in addition to the alternative loan |
| Frequency of interest rate changes |
| Length of repayment period: the larger your loan, the longer the period you might want to repay |
| Length of grace period after leaving school |
| Incentives linked to on-time payments |
Lender's definition of "on-time" |
| Terms for releasing the co-borrower |
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| For more information: See Information for Students in the Educational Financing section of the Student Financial Services website. |
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MONTHLY PAYMENT PLAN |
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PARENT MONTHLY PAYMENT PLAN |
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If you plan to use your savings and/or current income to cover all or part of your educational expenses, the Interest-Free Monthly Payment Option offered through Tuition Management Systems helps by providing more manageable cash flow and greater budget flexibility. Instead of lump-sum payments, the TMS Plan allows you to pay all or part of your education expenses in manageable monthly installments.
You may use the TMS plan to pay the balance after financial aid or in combination with other loans. By enrolling in the TMS Monthly Payment Plan, the student account will receive a credit each semester representing ½ of the full amount of your contract. We will credit the student account in advance of your making all of your payments to TMS. Although Student Financial Services can provide assistance, you are responsible for determining the contract amount. TMS is not responsible for this decision and will make changes only upon your request.
The toll free number is 800-722-4867 (if calling from outside of the United States, please use 401-849-1550) or you may visit their website at www.afford.com.
For more information: See Monthly Payment Plan in the Educational Financing section of the Student Financial Services website. |
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Office
of Admission
Last Modified on
March 24, 2009
Expires on September 1, 2009 |
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