Hello guys,
I have been admitted to Wesleyan University with a very generous financial aid package. For the first year, i will pay zero. For the second three years, i will pay 1200 dollars as a reduced amount to the student contribution. They told me that i can save 1200 dollars from my work study in the first year to pay it in the second year. However, some students in the university said that this 1200 dollars are not paid directly to the wes. They said that this also can be less than 1200 dollars and this 1200 is just an estimation. What they have mentioned is that this is an estimation of the clubs fees, farms, living expenses and stuff. So, i am not really sure if i will pay it directly to the college or this amount will be under my control? May anyone help me ?
Work Study is paid to the student. It is processed by the university as the employer. It is usually for the current year’s expenses.
I have never heard of a college telling you to save some to cover fees or expenses for the next year from Work Study in the previous year. Many need based aid statements do state an estimate of money earned by the student during the summer to go towards the expected student contribution.
Figure out how much you will need in loans to meet the EFC. Are loans in the financial aid package beyond the EFC?
Wesleyan is generous with their aid for families under $100,000 per year.
Cost by household income
| Household income | Average cost after aid |
|---|---|
| Less than $30,000 | $3,967 |
| $30,001–48,000 | $7,740 |
| $48,001–75,000 | $12,629 |
| $75,001–110,000 | $19,821 |
| More than $110,001 | $46,243 |
I really don’t know. My financial aid counselor mentioned that. But, is that possible anyways? If i save 1200 from what i have earned in the last year to pay it in the next year??
It’s real money. You can do whatever you want with it. Spend it. Save it. Invest it in an index fund. Whatever.
Yes, as stated in another post you will be paid for the work you do. They post jobs and it is up to you to apply and interview for the different options. You can save the money or spend the money as you decide, but they have made it clear you will need to cover $1200.
In your financial aid package to get you to “0” it is important to understand if in that aid package there are any student or parent loans. That is great if there are not any, but sometimes they are bundled into the aid package and that gets confusing. And then when work study is subtracted out, since that is not paid at the start of the year, the loan amounts may increase. I was just making sure you are really paying zero.
Were you accepted to any other meets need based colleges where you can compare the offers?
Edited - as an international student this link is helpful, sorry I did not realize that at first:
https://www.wesleyan.edu/finance/foreignpayments/Stud_F-1%20On-Campus%20Employment.html
For others who are not international this link is helpful from their site - https://www.wesleyan.edu/finaid/forms/2223/2022-23FYSGuideataGlance.pdf