<p>Hi....I have a couple of questions concerning financial aid that I hope someone might be able to answer. </p>
<p>I will be an incoming freshman at Wellesley College this fall. WC said that my student financial contribution (separate from my parent's contribution and WC grants) will be $4,000.00 this year. I am not sure where/how this money is distributed. Does this mean that I have to give WC a check for $4,000.00? Do I put this money into my checking account to be used during the school year for books, fees and daily academic/social expenses? </p>
<p>I guess what I am asking is....what should I do with this $4,000.00 once I manage to put it together. My mom called WC and spoke to a rep in financial aid but the answer she received didn't really address the question that was asked. </p>
<p>I have a summer job and will make a decent amount of money but I doubt I will earn $4,000.00. If I fall short are my parents expected to make up the difference?</p>
<p>Thanks for any help you may be able to give me!!</p>
<p>It is part of your calculated EFC - expected family contribution. The amount should be based on data provided in your FAFSA and College Profile. If you and/or your parents reported income/earnings and/or assets, the formula takes those earnings/assets into account for how much you are expected to pay for your education.</p>
<p>I should add that your parents can pay the entire amount (or you can) or you can split it - but it’s the amount Wellesley calculates that you should be able to contribute. You can pay for it however you want (loans, rich aunt, sell stocks, etc.). If you feel there’s no reasonable way as a family to pay the total amount, then you can discuss that with Financial Aid.</p>
<p>My daughter had that on her FA statement from WC also. As it is listed separately from the FAMILY’S expected contribution, I think it is what WC determined you can pay according to YOUR assets (stocks, bonds, savings account, etc. and your monies from part-time/summer employment.)</p>
<p>I don’t know the answer to your question (about how to pay it), but I assume that it will be part of the eBill (along with the family’s expected contribution, and it will be one lump amount, distributed over the 2 semesters, that will be due to WC (Aug. 1 and Jan. 2 if memory serves me correctly.) </p>
<p>How you pay it I guess will be determined by your family’s situation. As long as WC gets the total amounts due by Aug. 1 and Jan. 2…</p>
<p>My son’s school has something along the lines of “student’s summer earnings” or it somehow implies that that is what they expect students to earn in the summer. It doesn’t matter who the check comes from and it is rolled into the families expected contributions.</p>
<p>Curious–Do other Sisters or Ivies have a Student Contribution
line item as “part” or added to the EFC?</p>
<p>Thanks</p>
<p>David</p>
<p>Thanks for everyone’s input. The info was helpful!</p>