<p>How consistent is the financial aid package from year to year if nothing in your household income/savings change? I'm just worried that Wellesley offers really amazing FA pacakges for first years and then decrease the amount of aid given after that. I had a friend at another LAS that gives 100% need and after her first year, the aid decrease significantly,,,, can anyone share info about this and FA? thanks!</p>
<p>I have found financial aid magnificent. This year my aid increased significantly, despite the fact that my father got a job, although my brother is also going to college next year.</p>
<p>However, I know several people who found that their loans mysteriously disappeared this year. </p>
<p>Not everyone loves it, but some people, like me, find it absolutely outstanding.</p>
<p>I've haven't heard too much positive feedback about the financial aid at Wellesley, but I really never heard any problems with decreasing financial aid.</p>
<p>^^Many people at Wellesley have generous financial aid. Of course, those who feel like they are being shafted tend to be very vocal, but that doesn't mean that Wellesley doesn't have good financial aid as a rule. I understand that that doesn't matter unless it's YOU who gets the good financial aid, but the reality is that Wellesley's financial aid is among the best around--according to princetonreview.com, Wellesley has scores a 98 (out of 99) for financial aid. </p>
<p>To answer the OP's question, Wellesley does not make a habit of decreasing aid. Realize though that you certainly <em>could</em> find someone at Wellesley and probably at any school who would lodge the complaint that their aid was arbitrarily decreased as the years went on. Realize also that this could be a real complaint--or it could be a lack of realization that the small inheritance or end-of-year bonus that a given student's family received and immediately spent on a fancy new television (or whatever) showed up in their financial aid forms and their aid was changed accordingly. I'm not casting aspersions on your friend or anyone in particular, but there are many possible ways in which a family's financial situation may change and cause a change in their financial aid without the family feeling as though they suddenly have the extra money the school thinks they have. </p>
<p>Another general comment on financial aid is that lending is in a very bad place right now, and I know that that is a concern for some people at Wellesley (and elsewhere, of course) who would like to cover some of their family contribution by taking out an independent loan. This doesn't have much to do with Wellesley in particular, but it may be a consideration going into the future, since it is hard to predict what the lending market (and the market itself) may do in the upcoming months/years.</p>
<p>Wellesley's financial aid will stay with you for all four years. There's not a "low teaser rate" like with credit cards -- or a "high teaser scholarship" that disappears after your first year.</p>
<p>You have to reapply each year because your family's finances can change -- someone's job and salary changes, someone gets really sick, a grandparent moves in, or someone wins the lottery!</p>
<p>More than half of all students at Wellesley get financial aid and almost of all of it is scholarships.</p>
<p>We were told by a Wellesley admissions officer that W. re=evaluates FA every year based on your FAFSA and their additional financial form. They never give more than the difference between your EFC and the total bill ane they do not deliberately lower the FA package. The previous 2 posts are quite accurate.</p>
<p>I will weigh in on our experience this year. D is rising sophomore. We are a 2-income family w/income in the low 6 figures and our son is a senior at another private university. Both kids in top 5% of their HS class and from public schools. They had excellent college choices and a range of FA offers.</p>
<p>D ended up selecting W which offered a total FA pkg of $25K+ of which $20K was need-based grants and small scholarship. Just a bit higher than offer from Smith. BU also offered equal amount, but as guaranteed yearly scholarship vs. need-based grant. The differences in the two schools led to choice of W even though we knew were taking a chance with the need-based FA. The bigger bottom-line in the choice was the small vs. large school thing and the strength of the science dept in helping D go on to vet school.</p>
<p>This year we had the mixed blessing of inheriting a 1/3 ownership in a family house as the result of in-law's death. Note that we cannot sell the house for a couple of reasons, and we do not have extra cash because of it. As a result of this new asset, however, the FA office recalculated our FA and eliminated all but a $2K grant and the 2nd yr Stafford loan. All of a sudden we have to come up with $20K more than last year. Not a pleasant scene, but, in our case we do have savings to meet the need. </p>
<p>I'm trying to remain "grownup" about this and appreciate the fact that wife & I are blessed with good professions. That said, I also look around and see that we lead a very simple lifestyle. Nice, though used cars, older house, basic cable TV, no large screens and no excesses. Not expanding retirement savings while colleges expenses are in play.</p>
<p>My point in all of this is that it is all too easy to feel privileged and expect that a college will bestow its grandest financing plan on your children - just because they're yours and we've all (ie., baby boomer type) grown accustomed to getting what we want. The reality is that when a school says it is need blind, that message should not be miscontrued to mean we'll give you great FA - just because you're you and your D is one of life's miracles. Wellesley may very well give you/your D a great FA pkg as an incoming student, but, be aware that if your family's finances - or calculation of its financial status - changes, you may not have the same level of FA from year to year. Obviously this works both directions.</p>
<p>Consequently we are reviewing with D her desire to continue going to W. First year was an okay experience, but not necessarily stellar. Since we now have to pay virtually all of the cost, we are revisiting the premise and basis for choosing W. D was accepted at other prestige schools and we're leaving it open that she can transfer this year if she has a good case for doing so and is willing to take on the task herself. For now D will attend 2nd yr @ W.</p>
<p>Gotta go to work! See ya ;)</p>