The Financially Possible Wellesley
Practical advice, real numbers, tangible hope
Financial aid facts
100%
We will meet 100% of demonstrated need for all admitted students. You’ll pay what you can afford—nothing more.
60%
Currently, nearly 60% of our students receive aid. One reason why: Our admission process for U.S. citizens and permanent residents is need-blind. We admit students based on their skills, abilities, and promise— not on their financial situation.
$44,000
Students with demonstrated need receive an average annual scholarship aid award— money that does not need to be repaid— of more than $44,000.
$65 million
We maintain a financial aid budget of over $65 million. That money is dedicated exclusively to supporting students who have demonstrated financial need. 2017-2018 Costs Tuition: $50,840 Room: $8,040; Meal plan: $7,796 Student Activity Fee: $308 Total: $66,984
Nearly all of our financial aid packages include one or more of these three types of aid: Scholarships (also known as grants) Our aid packages rely heavily on scholarships. They come from a range of sources: the College, the state, the federal government. They do not need to be repaid. Work-Study opportunities Students with work-study generally work 6-8 hours a week at a campus-based job: in the library, an administrative office, an academic department. Ideally the job will be meaningful and relevant, and sometimes a job will lead to another, more intensive job. But the point is to let the student contribute to the College community and to her own education. Loans Some packages include the offer of a small loan, either from the College or a federal student loan. In either case, interest rates are low, repayment is deferred until after graduation, and the repayment period typically lasts 10 years. Wellesley is widely recognized as one of the top 10 colleges in the country for students graduating with the least amount of debt.
What makes Wellesley possible? We’re strong. Our endowment is strong, our aid budget is over $65 million, and we meet 100% of demonstrated financial need for all admitted students. We’re able to provide an astonishing amount of resources—financial, academic, social, cultural—to our students. We’re responsive. We expect the unexpected. We adjust to economic trends. We also find ways to help if a family’s needs change during the school year. We care about the future. We don’t want our graduates to be saddled with debt, so we keep our loan levels low. We’ve eliminated loans to students from families with limited assets and incomes under $60,000, and we’ve dramatically reduced loans to students from families with typical assets and incomes under $100,000. We have a history. Our alumnae—more than 34,000 extraordinarily accomplished women around the world—are fiercely loyal to Wellesley. They’re vivid, living proof of the value of a Wellesley education. These answers are part of what makes Wellesley one of the world’s truly exceptional colleges.
3 sample financial aid awards Based on awards given to recent Wellesley families. In each family, both parents are employed and have two children, one of whom attends Wellesley.
Family A
Family B
Their family income is $40,000. They have no assets and live in a rented apartment. The student will be traveling from the West Coast.
Their family income is $75,000. They have $500 in assets and live in a rented house. The student will be traveling from the Midwest.
Costs Tuition, room & meal plan, fee: $66,984 Books & personal expenses: $2,050 Travel*: $1,200 Total costs: $70,234 Resources Parental contribution: Student’s contribution: Total resources: Total financial need (Total costs minus total resources) Our financial aid package Wellesley scholarship: Work-Study job: Student loan: Total aid award:
$0 $1,950 $1,950
$68,284
$66,184 $2,100 $0 $68,284
* Transportation allowances vary by state.
Costs Tuition, room & meal plan, fee: $66,984 Books & personal expenses: $2,050 Travel*: $500 Total Costs: $69,534 Resources Parental contribution: Student’s contribution: Total resources:
$6,200 $1,950 $8,150
Total financial need (Total costs minus total resources)
$61,384
Our financial aid package Wellesley scholarship: Work-Study job: Student loan:
$57,484 $2,100 $1,800
Total aid award:
$61,384
Low student debt
Family C Their family income is $100,000. They have $10,000 in assets and $100,000 of home equity. The student will be traveling from the East Coast. Costs Tuition, room & meal plan, fee: $66,984 Books &personal expenses: $2,050 Travel*: $100 Total costs: $69,134 Resources Parental contribution: Student’s contribution: Total resources: Total financial need (Total costs minus total resources)
The College is committed to making a Wellesley education affordable for all students, enabling us to enroll the best and brightest students, regardless of their ability to pay. Most campus events—concerts, films, etc.—are free with a Wellesley ID. Also, financial aid can be used at approved study-abroad programs. Our commitment to keeping debt levels low provides students with more choices upon graduation, including immediately attending graduate school or working in the public or nonprofit sector. The average student debt for all four years* $35,000
$31,100
$30,000
$15,000 $1,950 $16,950
$25,000 $20,000 $15,000
$52,184
$10,000 $5,000
Our financial aid package Wellesley scholarship: Work-Study job: Student loan:
$47,084 $2,100 $3,000
Total aid award:
$52,184
$12,500
$0
Wellesley
Nationally
The average student debt for all four years at Wellesley is $12,500; less than half of the national average of $31,100. Percent of students who borrowed money* Wellesley
49% Nationally
70%
*TICAS (The Institute for College Access & Success). Other sources report a higher national average of student debt. In any case, Wellesley compares very favorably. Statistics pertain to students who graduated in 2015.
See what it might cost for you to attend Wellesley It’s easy (really!) to get an early estimate. You may find that a Wellesley education may be more affordable than you think. In fact, it may cost you less than your state school. To see what your family’s cost at Wellesley could be, simply go to MyinTuition, Wellesley’s Quick College Cost Estimator at: www.wellesley.edu/costestimator. Many prospective students, especially from mid- and lowincome families, believe they cannot afford many colleges and universities. MyinTuition provides personalized estimates that help address this problem. This revolutionary online tool, designed by a Wellesley College economist, ensures that students and their families have quick and easy access to the information they need to make decisions about college affordability. It takes just three minutes to answer six basic financial questions; the answers often show that Wellesley is surprisingly affordable. To learn more about MyinTuition and to explore the cost of additional colleges and universities that have recently adopted MyinTuition, go to: https://myintuition.org.
Feedback on MyinTuition: “I had no idea we could afford this.” “IAmherst used the MyinTuition tool at multiple Columbia points in the college search and application Bowdoin Dartmouth process. I was relieved to find the numbers Carleton Mount Holyoke manageable from the start. The most Colorado College Pomona important time I used it, however, was the night after I got my acceptance letter and before I received my financial aid letter. It reduced my stress greatly to see the numbers, and when I got my award letter the next morning, my actual numbers were very similar...and affordable.”
“I’ve walked families through MyinTuition Rice Wellesley
—Ciara Cheli-Colando, Wellesley College Class of 2020
—Joy St. John, Wellesley College Dean of Admission and Financial Aid
on my phone, iPad, and laptop at Wesleyan college fairs, evening programs, and in Vassar Williams our office. It’s just so simple and easy. Washington and Lee I once heard a father tell his daughter, after using MyinTuition in our office, ‘You are applying here. I had no idea we could afford this.’ University of Virginia
“It was just great to witness a parent realize a new opportunity for his child.”
How to apply for financial aid Our aid process is designed to be simple and clear. Start with these steps: 1. Complete the government’s financial aid application. The Free Application for Federal Student Aid—FAFSA—is the starting point for the financial aid process; it establishes a family’s financial need according to federal guidelines. Apply online at www.fafsa.ed.gov. Our FAFSA code is 002224. If you are applying for entry in fall 2018, you may begin to complete your FAFSA form in October 2017, and you will provide financial data for 2016, which most people will have from having filed taxes the previous spring. 2. Complete the CSS/Financial Aid PROFILE. The College Scholarship Services—CSS—is an additional and very useful way for families to establish need. You can complete the CSS PROFILE at http:// student.collegeboard.org/css-financial-aid-profile. Our CSS code is 3957. Your FAFSA and CSS PROFILE results will be sent to us electronically. 3. Submit your 2016 taxes to IDOC. They’ll help us verify FAFSA and CSS PROFILE data and eligibility. For deadlines and more information, go to: www.wellesley.edu/SFS. If you have questions, talk to us. We’re easy to reach and eager to help: Student Financial Services 781-283-2360 www.wellesley.edu/sfs sfs@wellesley.edu Office of Admission 781-283-2270 www.wellesley.edu/admission admission@wellesley.edu
Wellesley College Office of Admission 106 Central Street Wellesley, MA 02481-8203 Phone 781-283-2270 www.wellesley.edu