Wellesley Financial Aid

Colleges and Universities A-Z Wellesley College
1

<p>Ok, so I know this might belong more in the financial aid thread, but it's specifically for WC, so I'm posting it here.<br>
In general, I'm looking for any advice or insight on any of the following:
-the possibility of getting additional aid from Wellesley
-any recommended scholarship/loan programs
-generally, whether or not I can realistically go to Wellesley without ending up with really messed up finances (I guess the alternative would be taking a year off and reapplying).
-anyone else who got in ED for 2012, or even anyone who's gone to Wellesley/currently attends, etc who would be willing to say how much aid they received and/or how they made it work. I just feel so lost on this right now. </p>

<p>I've been totally in love with Wellesley, since I visited it, and somewhat since I read its profile in various guides, especially Fiske, so it was already my dream school. I figured I'd apply ED since the acceptance rate was higher and because, most of all, I'd heard that Wellesley really meant it when it (or rather admissions officials, as well as students there when I visited) said that it met all demonstrated need. I read that the average aid award was around 20k, plus that there was a very low cap on loans and work-study, and that the average indebtedness (according to collegeboard) is very low, 10.5k I believe, in comparison to the other 20+ schools that had been on my list. </p>

<p>As a result, I was very surprised to learn that I'm getting absolutely no aid from Wellesley. My letter stating expected aid didn't actually give an EFC (estimated financial contribution) as the model letter on the acceptance folder said it would.<br>
My dad is a senior researcher at a thinktank, which means he has to pull in his own grant money, but his job is still relatively secure. He recently got a 5k raise, to 120k, which I know is a good salary. My mom makes around 65k as a nurse, but her job is part of government/corporate funded pilot which will end in July. She doesn't want to do standard nursing work and her future job prospects are relatively speculative. If possible, she may want to go back to school, or at least to some sort of training, in order to go into a different profession, likely teaching ESOL (she already speaks Spanish and French quite well) or being a genetic counselor. </p>

<p>My brother will also be going to college. He's a high school freshman right now, so he'd be a college freshman when I'm a college senior, if all goes as planned. I've heard that many financial aid-related forms, like the FAFSA and the estimator on collegeboard, factor in whether another student will be going to college, so that will likely reduce my personal cost my senior year. My dad has roughly 40k (in addition to an adequate 401k) in savings, 20k of which will hopefully go toward my brother's education. My mom has 20k in savings, 10k of which will go toward my brother's education. According to the college counselor my mom spoke to, we will hopefully receive 4-5k in grants from Wellesley in the spring. My parents (married, own the house together) have 200k+ in home equity, but roughly 200k more to pay off on the mortgage (they bought the home in 2001).<br>
My grandmother also lives with us, but, technically, because of social security and medicare, she does not count as a dependent, even though I take care of her after school. </p>

<p>Also, as an added complication, I know that my job options will be somewhat limited to those providing excellent health insurance because of a recent problem with leukemia, and that I will almost certainly be paying more than the average recent college grad for health insurance after I graduate, which will altogether factor into my ability to pay off college loans.<br>
I don't want to prevent my parents from retiring or my brother from going to the college of his dreams, whichever that will be. My sense of money is limited and I'm not sure how much I, personally, can realistically take out in loans. I'm planning on double majoring in Arabic and Peace and Justice Studies with a regional focus on the Middle East, so that I'll at least have a good job market to go into, but that's all up to change in four years. I was planning on going straight to law school or some other grad school as soon as I finished college, which also seems very financially unrealistic at this point. </p>

<p>Wow, I'm sorry for the essay that turned into… Anyways, any insight or advice would be greatly appreciated.</p>

2

<p>I think you have to remember that when they are making the financial aid packages, they primarily look at a formula and take little consideration of special circumstances. 185k a year for a total family income is a lot, and there are families who apply to colleges with much less than that. So the average financial aid package you see in college books like Fiskes, is just an average, and I think they'd be more likely to give people who really can't afford college the 20k. </p>

<p>I really hate being a finaid pessimist, but the school I got accepted into ED (Barnard) gave me hardly any financial aid either, and my family's income is slow low that in high school I was getting reduced fee lunch. </p>

<p>Maybe you should try getting them to reconsider the package, because you have leukemia. But if that doesn't work, and you're still concerned about the financial aid, I'm pretty sure you can choose not to go to Wellesley. Though, that might be a tricky situation if you haven't sent out other apps or you already withdrew your other applications. </p>

<p>Anyway, I hope everything turns out well:]</p>

3

<p>Talk to one of the financial aid counselors at Wellesley and explain your situation. Keep in mind, though, that the school calculates aid based on current family finances--not future possibilities. Also remember that you can reapply for aid every single year. When your younger brother actually gets to college, you'll have a better chance of receiving aid. The same goes for when your mother actually stops working at her current job.</p>

<p>I found that Wellesley was quite generous with financial aid and careful to keep my loans small ... but my family's economic situation was quite different from yours.</p>

4

<p>Ditto to what was said above, that your family income is relatively high compared to those of students who do get 20k plus in aid. Then again, is this per year, semester, or total 4 years?</p>

<p>You should call the finaid office and tell them what you've written here. Make sure they know of any new/missing information and special circumstances. The people have always been pleasant, helpful, and informative and they will reevaluate if you ask. </p>

<p>A lot of your situation seems long term, maybe you can also try sticking it out for a year and hope that as your circumstances change your financial aid will improve.</p>