Financial Aid at Wesleyan

<p>To those admitted so far this year, as well as current/past students...how is Wesleyan with financial aid? I was a bit disheartened to be granted a less-than-adequate package from Barnard College, another LAC. The EFC they calculated for my family was quite aways from that projected by FAFSA...I would not be able to dorm and would need to commute just to possibly afford it. Anyhow, that doesn't really matter because my no.1 choice is Wesleyan. How is Wes with aid? Is there response based more on institutional methodology or FAFSA, or something different? Do they give sufficient grants to middle-class families? </p>

<p>My situation has just become more complex...my family was securely in the upper-middle-class bracket as of last year (and last tax return)...but shortly after filing finaid paperwork my father was informed that his company will be closing this summer. </p>

<p>I've devoted the past 4 years to preparing for college admissions, and developing a background that would make me a competitive applicant to schools like Wesleyan. Of course, I know I have yet to be admitted, and I don't want to get my hopes up...but I would like to consider these things before hand. I don't know how this conflict would factor intp my package if I informed the finaid offices...but I would hate for a sudden change to deter the goals I've set for myself and the opportunities I've looked forward to. (I know that this may sound selfish, and so I am in no way blatantly letting my parents know how strongly I still want to attend a private college...) </p>

<p>Any insight would be much appreciated....</p>

<p>Privates that meet 100% of need all use institutional formulas that are different from the straight FAFSA calculator. Home equity is factored in, for example, and retirement funds and assets. FAFSA is more based on income. I would be surprised if Wes's package is very different.</p>

<p>You make have a better package next year when the situation actually changes. Or if the company is going to close within the first school year, can you get a letter verifying this? You can fax it to the FA offices of your schools along with a cover letter explaining that financial circumstances are different than when you applied. Adjustments may be made, and they will be made next year.</p>

<p>Good luck. I'm sorry about what your facing. My D had something similar to deal with. I hope things work out for you.</p>

<p>If Wes doesn't come through you may choose to attend Barnard and commute for a year and then dorm when the FA improves as your situation declines.</p>

<p>Or perhaps your dad will land another job.</p>

<p>Keep us posted.</p>

<p>Thanks, mythmom, for your reply. It's comforting to know that there are people out there who care =) </p>

<p>Unfortunately, I just reviewed the finaid package sent by Barnard...and it actually states that the grant amount currently awarded will be decreased by $10,000 if one decides to commute...so, my parents EFC would not change, even if I lived off campus. </p>

<p>I guess I just have to wait and see what happens...waiting is grueling, but there simply isn't another option at the moment! </p>

<p>Best of luck with your D!</p>

<p>As a Wes student on financial aid, I recommend you compare the endowments of your school choices. Endowment is a factor that many people do not consider, but it plays a tremendous role in the financial aid that will be available.</p>

<p>Wesleyan has a lower endowment than its peer schools like Amherst, Bowdoin, and Williams - so while both those schools have done away with student loans entirely, Wesleyan has done away with them ONLY for students under a certain income, excluding most middle class students. Furthermore, Wesleyan has a mandatory and quite expensive meal plan, which most schools do not, and does not cover the cost of books, which can be considerable. Where many expensive private institutions offer free perks, Wesleyan's perks are considerably curtailed and tend to cost extra - it is expensive and inconvenient to travel off campus without a car, there are lab costs for science, film, and art classes, etc.</p>

<p>Yes, I as thinking about endownment after AOL news featured an article on Harvard 20+ billion dollar bank account...it seems it would be possible to run the entire institution off interest alone, and so I can't see such a school charging needy students anything at all! (There new policy does reflect this, so I guess things are a bit better) I do know that Wesleyan's endownment is not quite as high, and I am sure this will reflect in their grants and other finaid sources. Is there a specific reason why Wes doesn't have comparable endownments with other top LACs? I mean, its wonderful that the school is able to maintain a similar status to schools with more resources, but what caused the financial disparity?</p>

<p>Does Wesleyans lack of financial perks + high costs play out in the student body...is their a vast proportion of upper class students?</p>

<p>wesleyan, back in the day (1960's maybe?) had the highest endowment per student in the country- even better than the ivy league schools. the school went on a building spree and didn't supplement the endowment with enough new gifts. while schools like amherst and williams raised cash like crazy, wesleyan sat on its laurels and enjoyed its wealth (too much). wes is much better with money today, but they're behind, and not likely to catch up...</p>

<p>Along with what smartalic34 said, I believe there was also some bad investment at one point, too. As smartalic34 says, we're doing a lot better now, and his ability to raise money is one of the main things that will allow our new president to stay for a long time (or not, if he is unsuccessful). </p>

<p>
[quote]
Does Wesleyans lack of financial perks + high costs play out in the student body...is their a vast proportion of upper class students?

[/quote]
</p>

<p>In my experience, the answer to this is no. I mean, there’s no way to tell the financial background of a lot of the people I meet in classes and such (I haven’t met a lot of people who, like, flaunt their wealth, if they have it), but most of my friends are lower to upper middleclass, and many of them are on finaid of various sorts. For some, that does mean taking out a lot of loans to cover extra tuition and books and such, others got very, VERY generous packages.</p>

<p>Anyway, there ARE, of course, upper class students here, including incredibly rich ones, but they definitely don’t seem to be the majority (though I suppose that might also depend on what circles you spend time in). I think that school is mainly middle class students of various sorts (probably a lot of upper middle class), though there are of course a number of students from poor backgrounds as well. </p>

<p>I don't have the stats on this, so I could be totally wrong, but, basically, from personal experiance, the campus at least does not feel like it's full of really rich kids.</p>

<p>Bowdoin and Wesleyan's meal plans are equally expensive; the only difference is that Bowdoin overcharges you up front (for meals you won't necessarily eat), whereas at Wesleyan people may wind up having to purchase additional points toward the end of the semester. But, from what I hear, the food is excellent at both colleges.</p>

<p>I'm probably not a usual example but I didn;t visit Wes or know anything about it before I applied. After i got accepted I visited once for a tour and came for Wesfest and was blown away. The conversations I had with my host and his friends were amazing and I knew I wouldn't have them at some of the other schools I was in at. Long story short, that clinched it for Wes because their package was pretty outstanding. I got a named scholarship and am paying state school prices. I gave up two free rides to come to this awesome school, and hey it beat the 10k Rochester gave me. In my opinion the FA is outstanding but since its need based, I bet a lot of people differ with me on that point.</p>

<p>isn't wesleyan notorious for not "negotiating" financial aid packages?</p>

<p>i heard that, but i have no clue if it's true.</p>

<p>I have no definite idea but I would think that's probably true. As much as I hate it when I read posts about it, Wesleyan is at a financial disadvantage with its peer institutions. I'm sure the financial aid office gives out all of the money budgeted but i wouldn't be surprised if there was little to no wiggle room for more. The actual cost to educate a student at Wes is 66k. The Alumni and friends pay 19, 000 to bring the cost down to a more reasonable level, so I'm sure money is tight. I really don't think its a negative in the application process but its def a reason to throw it out when it comes time to commit. I'd worry about getting in first and then the FA. Besides I find it hard to believe you are going to intimidate any upper tier institution into giving into demands. There is a lot of talk on here about stoner school and Ivy safety but there are still more than enough people clamoring to get in.</p>

<p>@ ivanadoeslimbo: I've certainly heard that the financial aid office here can be... well, a pain. I'm not sure if that's just general student complaining or actually unique to this office, though. And I do know people who have tried to renegotiate and did get a more generous package.</p>

<p>Still, in a situation like this, where a student's family's financial situation is likely to change SIGNIFICANTLY, there's a good chance some updating the financial aid office of this information might be helpful... and might get results.</p>

<p>So i got accepted to carleton with great aid, even though my income bracket is > 150,000. is it likely that if i fax the award notification over that wesleyan will match it or at least offer some aid?</p>

<p>thanks so much for your responses...everyone's insight was very helpful (and comforting!) Kman, you mentioned a named scholarship..would that be the Freeman Award, or does Wes offer other financial-need-based scholarships? I know that Freeman is there only (publicized) academic-based grant...I've heard that admissions packets were mailed yesterday, so I guess I'll see Wes' take on my situation pretty soon (if they accept me!) and then call and discuss my current issues with the office, if need be. It's hard to imagine that an education can cost 66k per year--but I guess it's possible, with top professors and facility upkeep and such...
thanks once again. CC has helped so much over my high school years--can't wait to eventually "give back" by assisting future prospectives!</p>

<p>It wasn't the Freeman scholarship, I think that's the only one you have to interview for. I can't seem to find the name of mine right now but its in the donor's mother's name. He lives in Middletown now. The FA office had me write a thank you note, kind of underwhelming. In the first floor of North or South college there is a wall with all of the donor awards a student can receive . I've never seen it but one of my friends who received a brand new grant had to go to a ceremony there.</p>

<p>I wish Wesleyan would have given me more money. It wouldn't be IMPOSSIBLE for me to go, but I don't know if it's worth the financial hassle. I will try to visit and see what I think.</p>

<p>Wes couldn't have given me less. Unfortunately, since I've heard it DOES tend on the more expensive side compared to similar schools, that probably disqualifies it...</p>

<p>Wes gave me a wonderful Fin Aid package, but they expect my parents to contribute with 5,100 dollars. And there is noo way that they can pay that.
(Just in case.. I'm a int'l student and the exchange rate with the USD doesn't really work out for me).</p>

<p>Do you think I could have a change of replacing that contribution for a loan?</p>

<p>huh, Wesleyan gave me massive financial aid, enough for me to consider it very very seriously over my first choice. (if I get in, haven't heard back yet) my family only has to cover $7000 a year, which is actually possible, as opposed to Wellesley, where my family would have to cover $19,000 a year. yeah man, Wesleyan it very well might be.</p>

<p>I didn't get my financial aid package with my acceptance? Anyone else?</p>

<p>I'm not too surprised, I've only gotten a fin. aid. package from one school so far (it was a really generous one!), but it's hard to even start making a decision about where to go when I don't know what type of aid I'm getting.</p>