The mission of our financial aid program is to assist families who do not have sufficient resources with which to pay the entire cost of a Wellesley College education. Aid is awarded on the basis of demonstrated financial need. The Financial Aid Office uses standard federal and institutional formulae to determine a family's ability to contribute to the total cost. General financial aid policies and procedures are reviewed and established each year by a committee of faculty, administrators and students. We hope that this information will help you understand how your award was calculated, the types of aid offered, and how to evaluate your award in making important decisions about your future college.

STATEMENT OF FINANCIAL AID

The Statement of Financial Aid lists the aid for which you are eligible and indicates requirements that must be met in order to finalize your aid package. The first page must be signed and returned only if you decline all or part of an aid component.

DEMONSTRATED FINANCIAL NEED AND AWARD CALCULATION

Higher education is a valuable investment. Parents and students have the primary responsibility for financing the student's education. Financial aid meets costs that families cannot.

A family's ability to pay for college is measured through standardized methods of need analysis. Both income and assets contribute to a family's financial strength; both are considered when measuring ability to pay. While a need analysis can determine a family's ability to contribute, it cannot determine how a family finances its contribution. Generally, families use a combination of current income, savings and investments, payment plans, and parent loans to meet their contribututions.

Wellesley uses both Federal Methodology and Institutional Methodology in the need assessment. Federal Methodology calculations are made from the information submitted on the Free Application for Federal Student Aid (FAFSA) and determine a family's eligibility for federal financial aid. Institutional Methodology takes into consideration the additional information submitted on the Profile and other documentation provided.

• Cost of Attendance takes into account the student's educational expenses for the academic year. These costs for 2008-09 are listed below.
• Student's Contribution: All first-year students are expected to contribute at least $1250 (sophomores, $1900, juniors and seniors, $1950) from summer employment. Occasionally, a student chooses to take a summer internship or study abroad in the summer program sponsored by Wellesley. Even if the internship is unpaid, we cannot replace the unearned expected student income contribution with Grant funds. In addition, a portion of student assets is included in the total student's contribution.
• Parental Contribution: Parents contribute from their income and assets. Generally, Wellesley requires a contribution from both parents even if they are no longer together.
  
• Wellesley meets 100% of demonstrated financial need, as defined in our policies, through subsidized student loans, work-study, and grants.

Cost of Attendance (Full-time resident student):

SOURCES OF AID

• Wellesley College Grant
• Students' Aid Society Grant
• Federal Pell Grant
• Federal Supplemental Education Opportunity Grant(SEOG)
• State Grant

Student Loans are borrowed in the student's name and must be repaid after graduation. A student is likely to have one or more of these loans as part of her aid package. Wellesley is committed to keeping student loan levels low so that financial concerns don't limit a student's choices upon graduation. In Wellesley's new financial aid policy concerning student loans, as of 2008-2009, we will eliminate loans for some students, reduce loans for others, and keep loans at their historically low level for remaining students. Wellesley grant aid will be increased beyond its already generous yearly increases. Information about the new policy in the form of Frequently Asked Questions is available on this website. Students may borrow in order to reduce summer or academic year work expectations. Students who study abroad cannot do work-study; therefore, their work-study expectation is replaced by additional loan. Students who file financial aid applications late may have higher loan levels. Students typically have 10 years to pay off loans in manageable monthly payments.

• Federal Subsidized Stafford Loan
• Federal Perkins Loan
• Wellesley College Students' Aid Society Loan
• Wellesley College Student Loan
• Plitt-Kirgan Student Loan
  

Federal Work-Study/Wellesley Student Work:

• Work awards are not credited to the student bill; students are paid for the hours worked and submitted via web-time-entry (on-line timesheet).
• Students with work-study awards have priority for on-campus jobs during the first few weeks of the semester and jobs may be open for casual wage students after that time.
• Some off-campus jobs are restricted to students with Federal Work-Study awards.
• Students usually work about 8-10 hours per week.
• Entry level jobs pay approximately $8.00-$8.75 per hour.
• Students are responsible for contacting potential employers to schedule interviews.
• Jobs are posted to www.wellesley.edu/SFS/StudentEmployment.html.

DISBURSEMENT OF FINANCIAL AID

All financial aid, except for Student Work, is credited directly to the student account in two equal installments, generally at the beginning of each semester. Student Work funds are earned for actual work performed and paid every two weeks by check or automatic deposit to a student's local checking account. Outside awards are credited to the account upon receipt, generally on a per semester basis.

Outside Scholarships/Other Sources of Aid

Student Financial Services
Created: July 30, 2007
Modified: June 23, 2008