New Report Again Counts Wellesley Among Top Schools for Grads With Lowest Student Loan Debt
Wellesley is widely recognized as one of the top colleges in the country for schools that graduate students with the least amount of debt. A report released last week by The Institute for College Access and Success again counted Wellesley among the leading schools in this category.
Scott Wallace-Juedes, director of Student Financial Services, spoke with the personal finance website NerdWallet for a story on the report, entitled "Keep College Debt in Check With Tips From Schools Whose Grads Owe Less." The story, which offered students five tips for managing student debt and was later republished by the Christian Science Monitor, included the advice "to look beyond the sticker price."
Students should have "…have a deep understanding of a college's commitment to affordability and financial aid," said Wallace-Juedes. "By understanding a college's financial aid policies and financial strength, students are much more likely to be able to minimize the amount of borrowing and student loan debt."
Wellesley is leading the way when it comes to making it easier for students to understand their actual cost to attend college. Wellesley launched My inTuition in 2013 to give students a simple, accurate, and personalized estimate. The tool has provided more than 42,000 estimates since its initial release—more than eight times the number provided by the Net Price Calculator in the same time period. As the New York Times reported in September, use of the tool is spreading: Williams College and the University of Virginia both implemented My inTuition this fall.
The recent Institute for College Access and Success report looked at the average debt of graduates from the 2013-2014 school year. During that school year, Wellesley awarded more than $58.9 million in financial aid. 2014 graduates had less than half of the national average loan debt.