Financial aid at Wesleyan
A Guide to Financial Aid Programs
for Applicants and Recipients 2008–2009
u n i v e r s i t y
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Table of ConTenTs offiCe of finanCial aid
Introduction 1 North College
SIMON 1 FAX: (860) 685-2801
Applying for Financial Aid 1 E-mail: firstname.lastname@example.org
Home page: www.wesleyan.edu/finaid
The Financial Aid Award Letter 1 SIMON: https://cardinal.wesleyan.edu/NetPartnerStudent
Verification of Information 1
Additional Required Documents for
8:30 a.m.–5 p.m.
Disbursement of Aid 2
The Student Expense Budget 2
8:30 a.m.–4:30 p.m.
The Family Contribution 2
Financial Need and Additional Eligibility Criteria 3
Changes in Family Financial Circumstances Jennifer Garratt Lawton Director of Financial Aid
and Appeals 3 Karen Hook Associate Director
Changes in Enrollment Status 3
Shannon Sarver Assistant Director
Leaves of Absence 3
Sean Martin Assistant Director
Renewal of Financial Aid 3
Katherine Neville Assistant Director
Types of Financial Assistance 4
Margaret Neale Department Assistant
Loan Programs 4
Jamie Huebler Department Assistant
Federal Stafford Loans 4
Dawn Hinton Department Assistant
Federal Perkins Loans 4
Student Employment 5
offiCe of sTudenT aCCounTs
Grants and Scholarships 5 North College
Wesleyan Special Programs 6
FAX: (860) 685-4669
Your Student Account 6 E-mail: Student-Accounts@wesleyan.edu
Student Loan Office (Federal Perkins Loan information)
Estimating Your Wesleyan Student Account Balance 7
Financing Options 7
Worksheet for Estimating Your Wesleyan Hours: 8:30 a.m.–5 p.m.
Student Account Balance 9 Monday–Friday
The information in this guide is accurate as of the date of
publication. However, information is subject to change due René R. Rinaldi Director
to federal law, regulations, or change in Wesleyan policy or Nancy McLees Assistant Director
Kathleen Coleman Student Accounts Coordinator
Wesleyan University is fully committed to a policy of equal opportunity
and nondiscrimination. The University does not discriminate on the
basis of race, color, religion, national or ethnic origin, age, disability,
veteran status, sex, marital status, sexual orientation, gender identity,
or gender expression.
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inTroduCTion Early Decision, Option 1 (First-year Student) November 15
The purpose of this guide is to assist financial aid applicants Early Decision, Option 2 (First-year Student) January 15
and recipients in understanding the terms and conditions of Regular-Decision First-year Student February 15
financial aid programs, the procedures for receiving financial Fall Semester Transfers April 15
aid disbursements, and the policies governing the distribu-
Returning Students May 15
tion of aid at Wesleyan University. It serves as a reference for
aid recipients to find answers to their questions. Because the Students who do not complete an application on time are sub-
procedures for applying for aid differ slightly for entering stu- ject to a penalty, which includes a reduction in the amount of
dents and currently enrolled students and since every student Wesleyan Scholarship funds they receive. A penalty will not be
receives a different aid package, not all sections will apply to assessed for a late Noncustodial Parent’s Profile, but processing
every student. The Office of Financial Aid staff is interested in may be delayed. Wesleyan reserves the right not to award any
hearing opinions as to the usefulness and completeness of this institutional funds if an application is completed after August
guide so that we may continue to improve it. 1, 2008.
simon The finanCial aid award leTTer
The Office of Financial Aid’s Student Inquiry Module Online, Students who are eligible for need-based financial aid receive
or SIMON, is a Web-based service for accessing application a Financial Aid Award Letter, which enumerates the assistance
status information from start to finish. This system is available offered. Subsequent adjustments to the award may be made
24 hours a day, seven days a week at: at anytime based on additional information. A student may
https://cardinal.wesleyan.edu/NetPartnerStudent decline all or a portion of the award(s) by submitting a signed,
written statement to the Office of Financial Aid.
applying for finanCial aid The Award Letter consists of four parts:
Documents required before an application for aid is 1. The student expense budget, which itemizes the cost of at-
considered complete are: tending for the period of the award (usually a full academic
year of two semesters).
1. The Free Application for Federal Student Aid (FAFSA). For
returning students, a Renewal FAFSA or e-mail is sent to 2. A display of the family contribution, the calculated amount
your e-mail address on file with FAFSA. that the family is expected to pay.
2. The PROFILE™ Form of the College Scholarship Service. 3. A listing of the amounts and types of aid for which the
student is eligible.
3. A Wesleyan Application for Financial Aid (returning stu-
dents only). 4. Instructions for submitting follow-up documents so that
funds may be credited to the student’s account.
4. Signed copies of the student’s and parents’ 2007 federal tax
return (not required of entering students before an initial Detailed information about the Award Letter is found later in
aid award) and W2 forms.
5. If parents are divorced, separated, or never married, a Non-
custodial Parent’s Profile and a copy of the noncustodial
parent’s 2007 federal tax return (first-time applicants only). VerifiCaTion of informaTion
6. If parents own a business or farm, a Business/Farm Supple- Some applicants are selected by the U.S. Department of Edu-
ment and a copy of the most recent partnership or corpora- cation to submit additional documentation to the Office of
tion tax return. Financial Aid to verify information reported on their financial
aid application. If you are selected for verification, you will be
Students applying only for Federal Stafford Loans are not asked to complete a Verification Worksheet. If there are dis-
required to complete the PROFILE™. crepancies in information between the original application and
After reviewing application materials, the Office of Financial the Verification Worksheet, the award may be adjusted. The
Aid may determine that additional information is needed. Office of Financial Aid will require a copy of the fall bill for
Detailed instructions for applying for financial aid appear in other family members attending college if such information is
Wesleyan’s Admission Application and Wesleyan’s Renewal on your original application. Please provide the copies no later
Financial Aid Checklist. The deadline for submitting all docu- than August 1, 2008. If the copies are not received by that date
ments to complete the application are: this will result in a reduction of total aid received. Anytime a
change occurs in the number of family members enrolled in
college, the Office of Financial Aid must be notified.
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addiTional required doCumenTs for grade to an enhanced meal plan for an additional $600 (est.).
disbursemenT of aid Contact the Office of Financial Aid if loan funds are needed to
To disburse financial aid funds, the Office of Financial Aid or meet this additional expense.
outside agencies must receive certain signed forms and docu- books, personal, and loan-fee allowanCe. The
ments, listed below. The Office of Financial Aid notifies stu- amount listed is the allowance against the actual cost of
dents of missing documents several times during the summer books, supplies, small miscellaneous course fees, and personal
and the academic year. Prompt response to these notifications expenses. In addition, an allowance is made for the average
expedites the disbursement of financial aid funds. Federal Stafford Loan fees, if applicable.
1. Verification Worksheet, if selected for verification.
Adjustments are not made to the student expense budget
2. Loan Promissory Note(s): Federal Stafford and Federal except for the reasons listed below. No adjustment is made
Perkins are master promissory notes and are only required for the purchase of computers, the expense of maintaining an
of first-time borrowers at Wesleyan. All other notes require automobile, special course fees, or private music lessons. The
music department provides a limited number of scholarships
3. Loan Entrance Interviews for Federal Stafford Loan and for music lessons.
Federal Perkins Loan.
4. Copy of Sibling’s Fall Bill, if one or more siblings were 1. TraVel eXpense. Students living outside the Northeast
reported as enrolling as an undergraduate during the aca- have a standard allowance for travel based on their home
demic year. state. Adjustments to the travel allowance are not made if
actual travel expense exceeds the allowance. Travel expense for
first-year International Students is based on the one-way fare
The sTudenT eXpense budgeT purchased through Sanditz Travel in Middletown.
The full-year expense budget for 2008–09 used to determine
financial need is shown here. (Students attending one semester 2. opTional healTh insuranCe. Student health insur-
use one-half of each amount.) These amounts correspond to ance, which helps cover medical costs incurred away from the
the expense budget shown on the Award Letter. University Health Center, is available for an additional fee.
On a case-by-case basis, students without current insurance
frosh and sophomores: coverage who elect this option and are receiving Wesleyan
Tuition $ 38,364 Scholarship funds may have the expense budget adjusted and
Activity Fee $ 270 aid increased after the beginning of the semester. Further infor-
New Student Matriculation Fee $ 300 mation about the health insurance policy is mailed from the
Residential Comprehensive Fee $ 10,636 Health Center to all students during the summer.
Books, supplies, and personal (est.) $ 2,650
Total $ 49,270 The family ConTribuTion
The family contribution shown on the Award Letter is based
Juniors and seniors:
on Wesleyan’s evaluation of the financial circumstances of the
Tuition $ 38,364 family. In many cases, this evaluation differs from the Expected
Activity Fee $ 270 Family Contribution (EFC) on the Student Aid Report (SAR)
Residential Comprehensive Fee $ 12,088 as determined by the federal government. The amount of the
Books, supplies, and personal (est.) $ 2,650 family contribution does not necessarily match the amount
Total $ 50,722 that must be paid on the Student Account. This is due to indi-
vidual differences in board charges or additional charges such
TuiTion and fees. These amounts are fixed for all students. as library fines or bookstore charges.
Additionally, new students entering in fall 2008 will have a
one-time matriculation fee of $300. parenT ConTribuTion. The parent contribution is cal-
culated from information submitted during the application
residenTial ComprehensiVe fee. Wesleyan is a process. This amount represents Wesleyan’s evaluation of the
residential institution. As such, all Wesleyan undergraduates parents’ capacity to absorb a portion of the cost of education.
are required to live in University housing and participate in Many families must go beyond current income to meet the
a University meal plan. The Residential Comprehensive Fee family responsibility by drawing from assets or borrowing.
(RCF) includes the cost of room, board, and other student- Supplemental parent loans, listed in this guide, are available to
life expenses associated with residency. The RCF for first-year help parents finance their contribution.
and sophomore students is $10,636. The RCF for juniors and
seniors is $12,088 as junior and senior students typically have sTudenT inCome ConTribuTion (siC). Students are
access to smaller, more independent living options as well as expected to contribute to their educational expenses from
meal plans that permit greater flexibility. All students can up- employment earnings (excluding academic year Work-Study
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or Term-Time earnings), usually during the summer. The at www.sss.gov, or you can call 1-847-688-6888. (TTY
minimum expected for the 2008–09 year is: users can call 1-847-688-2567)
7. Maintain satisfactory academic progress once in school.
First-year Student $2,500 Junior $2,500
8. Certify that you are not in default on a federal student loan
Sophomore $2,500 Senior $2,500
and do not owe money on a federal student grant.
An increased amount may be expected if 2007 earnings (not 9. Certify that you will use federal student aid only for educa-
including Federal Work-Study or Term-Time earnings) are tional purposes.
substantially higher than the standard amounts shown above.
If your Student Income Contribution is greater than the
Changes in family finanCial CirCum-
standard amount, but you expect your 2008 earnings to be less
sTanCes and appeals
than 2007 earnings, you may request a review of the SIC. The
request must be made in writing at the end of the summer and Families should plan at the beginning of the academic year
include documentation of the gross amount earned during the so that the amount of the family contribution is available
summer of 2008. Adjustments in the SIC below the minimum for both the fall and spring semesters. However, Wesleyan
standard amounts listed above will be funded by an additional recognizes that occasionally a family may experience a sudden
loan, if funds are available. Students whose parent contribu- and precipitous change in financial circumstances. In such an
tion is less than $1,500 will have a $250 reduction in their event, Wesleyan is willing to review a student’s eligibility for
student contribution. additional assistance before the beginning of each semester. A
request for a review must be made in writing and submitted
sTudenT asseT ConTribuTion (saC). Students who have
with appropriate documentation to substantiate the change
assets such as savings or investments are expected to contribute
in circumstances. Requests for a review usually are considered
a portion annually to educational expenses.
only through the first day of classes for each semester. Requests
for review of the Student Income Contribution are usually not
finanCial need and addiTional considered before the end of the summer. If an adjustment is
eligibiliTy CriTeria made after a review, some or all of the additional funds may be
The financial need listed on your Award Letter is the differ- self-help in excess of the standard amounts.
ence between the student expense budget and the total family
contribution. Usually, the total amount of aid that is awarded
Changes in enrollmenT sTaTus
equals the financial need.
Financial aid awards usually are made for the full academic
laTe appliCaTion penalTy. If your application is received year. Receipt of financial aid funds is contingent on your being
after the published deadline of May 15, your Wesleyan enrolled as a full-time student at Wesleyan. If you are enrolled
Scholarship will be reduced by $500 (or more, depending on for only one semester, you will receive only one-half of your
the date the application was completed). This amount may be award, including loans. If you anticipate a change in your en-
added to your loan or work eligibility, funds permitting. rollment status, contact the Office of Financial Aid to receive
information on how your award will change.
In addition to financial need, there are some additional eligi-
bility criteria for federal student aid funds of which you should
be aware. These requirements are: leaVes of absenCe
Students on nonacademic leave, independent study, and
1. Demonstrate financial need (except for certain loans). Education in the Field are not eligible to receive financial aid.
2. Have a high school diploma or a General Education De- Students who take leaves for periods longer than six months
velopment (GED) certificate, pass a test approved by the will be required to begin repayment of student loans. Contact
U.S. Department of Education, meet other standards your the Student Loan Office or the Office of Financial Aid for
state establishes that the Department approves, or complete information on loan repayment during leaves.
a high school education in a home school setting that is
treated as such under state law.
3. Be working toward a degree or certificate in an eligible renewal of finanCial aid
program. Financial aid awards are made for only one academic year at a
4. Be a U.S. citizen or eligible noncitizen. time; a new application for aid is required annually. Applica-
tions for current students are usually distributed in February,
5. Have a valid Social Security Number (unless you are from
the Republic of the Marshall Islands, the Federated States with a deadline of May 15. The family contribution may
of Micronesia, or the Republic of Palau). change from one year to the next due to changes in parent
income, assets, siblings in college, number of people in the
6. Register with the Selective Service if required. You can use
household, student income, or student assets. Financial aid
the paper or electronic FAFSA to register, you can register
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awards for returning students will be mailed after May 15 on a federal family education loan program lenders. Please
first-received, first-processed basis. visit http://www.wesleyan.edu/finaid for the most up-to-date
information on lenders.
Types of finanCial assisTanCe loan fees. Some lenders may deduct servicing fees from their
Aid is awarded to meet financial need in the following order: Federal Stafford Loans. Subsidized loans have a 3 percent
loans, part-time employment, and grants/scholarships. Loans loan origination fee plus a guarantee premium, which var-
and employment, referred to as “self-help,” are awarded for a ies by lender, of up to 1 percent. Unsubsidized loans have a
set annual amount. combined origination/guarantee fee of 4 percent. The Federal
Stafford Loan amount on the Award Letter represents the total
loan the student is expected to borrow. With some lenders,
after fees are deducted, the amount of money disbursed is less
Currently, loan funds originate from the two programs
than the amount borrowed.
explained below. A third loan fund will be identified and
available later in the cycle. The standard amounts included in loan limits. The maximum annual amounts students may
a financial aid award vary by class year. Please see our Web site borrow through the Federal Stafford Loan Program are:
(URL) for class-specific packaged loan information.
First-year Student $3,500 Junior $5,500
Recipients of special scholarships and/or outside scholarships Sophomore $4,500 Senior $5,500
may have a reduced loan amount. Students with significant
need will be packaged with substantially decreased loan Students who are not eligible for the full annual amount on
amounts which may reduce a student’s four-year packaged a subsidized basis may borrow the remaining amount on an
loan indebtedness by as much as $11,000. Beginning with the unsubsidized basis. The total subsidized and unsubsidized loan
class of 2012, our neediest students will have their packaged amount cannot exceed the limits listed above. The aggregate
loans replaced with a Wesleyan grant and will graduate from limit for undergraduate education is $23,000.
Wesleyan free of packaged loan debt. repayment and interest rate. Repayment of the loan begins
All loans must be repaid. The loans listed below must be six months after leaving school and can extend for 10 years
repaid after the student is no longer enrolled in college at least (not including periods of deferment or forbearance). Addi-
half-time. The terms of each program are slightly different, and tional repayment options may be available depending on the
a promissory note must be signed before funds are disbursed. lender chosen by the borrower. For Federal Subsidized Stafford
In order to understand the complete terms of the loan, be sure Loans disbursed after July 1, 2008, the interest rate is 6.0 per-
to read the promissory note carefully. cent. For Federal Unsubsidized Stafford Loans disbursed after
July 1, 2006, the interest rate is fixed at 6.8 percent. Loans
federal sTafford loans. U.S. citizens or eligible non- disbursed between July 1, 1999 through July 1, 2006 have a
citizens are eligible for a Federal Stafford Loan, the primary variable rate (effective July 1 of each year). The variable rate is
student loan program for college expenses. If financial need is equivalent to the 91-day Treasury Bill rate plus 2.3 percent,
demonstrated, the loan is subsidized, meaning that the federal capped at 8.25 percent.
government pays the interest on the loan during periods of
at least half-time college attendance. If there is no financial deferments/forbearance. Principal payments can be
need, the loan is unsubsidized, meaning that the student is deferred during periods when the borrower is in school
responsible for the interest on the loan while in school. Please (including graduate school) and, with some restrictions, when
note that some lenders will allow the borrower to defer interest unemployed or under economic hardship. Borrowers who have
payments until principal repayment begins. subsidized loans do not pay interest during deferments; bor-
rowers of unsubsidized loans are responsible for the interest.
master promissory note (mpn). Students only need to Forbearance is a period of time when principal payments are
complete the MPN and Loan Entrance Interview the first not due, but interest does accrue against the loan.
time they borrow, as it is a serial note good for up to 10 years.
In subsequent years, students will be notified of the amount federal perkins loans. Federal Perkins Loans originate
of the loan on their financial aid award letters. Wesleyan from a limited fund administered by Wesleyan with con-
will certify the intended amount with the lender. Students tributions from the federal government. Students complete
may decline part or all of the loan they have been awarded by an online entrance interview and Master Promissory Note
notifying the office in writing. Students may also change their (MPN) only once, the first year they receive a Perkins Loan
lender at anytime, but will need to complete a new MPN and at Wesleyan. Students required to complete the Perkins pro-
notify us in writing in order to do so. cess will be sent instructions via e-mail or letter during the
summer months or whenever the Perkins Loan is awarded,
whichever comes later. This loan is managed by the Student
Loan Office, part of the Student Accounts Office.
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fees and loan limits. There are no fees deducted from students on Arrival Day. Documents verifying identity and
Federal Perkins Loans; borrowers receive the full amount they eligibility to work in the United States are required. More
borrow as a credit to their account. The maximum loan an in- detailed information about documentation will be mailed to
dividual student can receive is based on the student’s need and students’ permanent residences in July by the Payroll Office.
Wesleyan’s packaging policy. The annual maximum loan limit
is $4,000 with an aggregate limit for undergraduate education granTs and sCholarships
of $20,000. Any financial need remaining after loans and employment
repayment and interest rate. Repayment of loan principal are awarded is met with grant or scholarship funds. Eligibility
begins nine months after leaving school and can extend for for federal, state, or other outside grants and scholarships is
10 years (not including periods of deferment or forbearance). utilized first. Wesleyan Scholarship funds are awarded last. If
There is no interest on Federal Perkins Loans while in school the estimate of your federal or state grant eligibility listed on
and during deferment periods. The interest rate during repay- the initial Award Letter is incorrect, your Wesleyan Scholar-
ment is 5 percent. Students make repayment through Campus ship is increased or decreased appropriately when notification
Partners, Wesleyan’s loan servicer. of the exact award is received from the grantor. The following
is a brief explanation of some of the more common grant and
deferments/Cancellation/forbearance. Principal payments scholarship funds.
can be deferred during periods when the borrower is in school
(including graduate school) and, with some restrictions, when federal pell grants. The Pell Grant is the primary federal
unemployed or under economic hardship. Cancellation of grant program and eligibility is based on the federal Expect-
Federal Perkins Loans is available to borrowers who teach ed Family Contribution (EFC). For 2008–09, the federal
school in certain shortage areas and who meet special employ- EFC must be 4,041 or less to be eligible. The maximum
ment conditions in the field of nursing, law enforcement, grant is $4,731.
Peace Corps and VISTA, Head Start, nonprofit child or family Federal Pell Grants may be packaged once the official FAFSA
service agencies, and the armed forces. Forbearance is a period data is electronically submitted to the Office of Financial
of time when principle payments are not due, but interest does Aid by the federal processor. All financial information on the
accrue against the loan. FAFSA must be correct; incomplete or incorrect information
must be updated and resubmitted to the federal government
sTudenT employmenT for recalculation of eligibility. In most cases, this will hap-
Students who have Federal Work-Study or Term-Time earn- pen as a result of file review, and Wesleyan will submit the
ings listed on the Award Letter can work part-time during the changes on your behalf.
academic year to help meet their financial need. Wesleyan can-
academic Competitiveness grant (aCg). The Academic
not guarantee job placement or that the full amount awarded
Competitiveness Grant (ACG) is a federal program targeted
will be earned, but students with a need-based employment
to Pell Grant eligible students in their first two academic
expectation receive priority for jobs on campus. Students who
years. Recipients must meet very specific eligibility criteria
do not have Federal Work-Study or Term-Time earnings eligi-
related to citizenship, enrollment status, rigor of high school
bility based on need may still work on campus. A “Job Board”
curriculum, high school graduation date, and in the case of
listing Middletown area jobs is available in the Office of Financial
second-year students, GPA. These grants range from $750 to
$1,300 per year.
The standard amount a student is expected to earn varies by
national science and mathematics access to retain
class year as listed below. The amounts listed represent about
Talent grant (smarT). The National Science and Math-
10 hours of work per week. The minimum hourly pay rate for
ematics Access to Retain Talent Grant (SMART) is a federal
the 2008–09 academic year is $7.65.
grant program targeted to third- and fourth-year Pell Grant
First-year Student $2,500 Junior $2,500 eligible students majoring in mathematics, science, technol-
Sophomore $2,500 Senior $2,500 ogy, engineering, or critical foreign language (as defined by the
U.S. Department of Education). In addition to maintaining a
Job referrals. Students who have Federal Work-Study or 3.0 GPA, recipients must meet very specific eligibility criteria
Term-Time eligibility have access to job postings on the Web related to citizenship and enrollment status. Grants are $4,000
at www.wesleyan.edu/finaid/employment. Job postings are per year.
categorized and provide detailed information about positions
on and off-campus, desired hours, pay rates, and direct e-mail federal supplemental education opportunity grant
links to supervisors to schedule interviews. Prior to receiving (fseog). This federal grant program is administered by Wes-
a paycheck, all students must complete Federal and State W-4 leyan. FSEOG funds are limited to students with exceptional
forms as well as a Federal I-9 Employment Verification form financial need, with the highest priority going to Federal Pell
for the Payroll Office. I-9 forms are completed by first-year Grant recipients.
Finaidguide08_0303b.indd 5 3/3/08 3:50:09 PM
Connecticut independent College student grant (CiCsg). adjusted so that students maintain the same level of self-help
This grant program is funded by the state of Connecticut as their peers. Students are eligible for loan forgiveness by the
and administered by Wesleyan for the benefit of Connecticut Mellon Foundation after completion of their master’s and PhD
residents with significant financial need. programs.
state scholarships and grants. A number of states in the dana summer internship grant recipients. Recipients of
Northeast allow their residents to use their state grant at a the Dana Summer Internship Grants, administered by the
school in another state. All financial aid applicants are expected Career Resource Center, receive a $500 loan reduction for the
to apply for their state’s grant program. If we estimate that academic year following the internship.
you are eligible for your state’s grant, Wesleyan will not replace
nonresident study. Students enrolled in Wesleyan-sponsored
funds lost due to not following application procedures or not
meeting deadlines. A state grant reduces Wesleyan gift-aid programs abroad, Twelve-College Exchange, or approved
dollar for dollar. The following states permit their grants to be domestic programs are eligible for financial assistance, adjusted
used at Wesleyan: Connecticut, District of Columbia, Maine, for the exact costs of the program. Students on academic leave
Massachusetts, New Hampshire, Pennsylvania, Rhode Island, and enrolled full-time at another institution may be eligible
and Vermont. Since all of these state grant programs are need- to receive Federal Stafford Loans and Federal Pell Grants.
based (some have an added merit component), they are not The Office of Financial Aid can provide detailed information
considered outside scholarships (see below). explaining the conditions and criteria for aid eligibility when
studying away from campus.
outside scholarships and grants. Outside scholarships
and grants, including tuition remission benefits received as
a result of a parent’s employment, are required by federal your sTudenT aCCounT
regulation to be considered a part of the financial aid award. The Office of Student Accounts, located in North College, is
Since Wesleyan’s policy is to meet the full financial need of responsible for billing and collecting payment for all student
a student, when we become aware of outside scholarships, charges. Wesleyan maintains a single account for each student
the student’s aid award must be adjusted so that the total aid to which all charges for tuition, mandatory fees, and Residen-
does not exceed need. tial Comprehensive Fees are posted. Other charges such as
music lessons, course fees, bookstore charges, various fines, and
The University acknowledges the achievement of winners of damage fees also appear on the Student Account. Credits ap-
merit-based outside scholarships by reducing self-help (loans pear on the Student Account for scholarships, loans, admission
or employment) dollar for dollar. Normally loans are decreased deposits, and cash payments.
first, but at the student’s request, we will reduce the work com-
ponent first. Awards not based on merit (such as tuition remis- A statement of account is rendered 10 times per year detailing
sion benefits) will reduce self-help only by the first $1500. All charges and indicating the amount currently due and payable.
amounts over $1500 reduce Wesleyan gift-aid, if eligible. Students can access account information through their Elec-
tronic Portfolio at any time. The initial Student Account state-
wesleyan named scholarships. Some students receive spe- ment for fall semester is prepared in late June. The amount due
cial scholarships from endowed or restricted Wesleyan funds. from the family, after subtracting actual or tentative financial
Students who receive such funds will also receive a separate aid credits, must be paid by August 15 for the fall semester.
communication indicating the exact source and reason for the The Student Account statement for spring semester is prepared
award. These funds do not change the amount of your finan- in late November and is due by January 1. Students are not
cial aid package; they change the source of the funding. permitted to complete the enrollment process for either semes-
ter until the balances due on their accounts have been satisfied.
wesleyan scholarship. After eligibility for other grants is de-
termined, any remaining need is met with a Wesleyan Scholar- finanCe Charges. A finance charge of 12 percent per an-
ship. These grants are funded from restricted and unrestricted num is applied to all amounts on the Student Accounts that
institutional sources. are outstanding for more than 30 days.
refunds of CrediT. Parents or students may request
wesleyan speCial programs refunds of credit balances by writing to the Office of Student
mellon mays undergraduate fellowship program. Minor- Accounts. Student-requested refunds of amounts more than
ity students who have plans to obtain a PhD may be desig- $500 may require written parental authorization. Refunds are
nated a Fellow by the Mellon Foundation following their first not processed for anticipated credits due to pending financial
or second year at Wesleyan. The standard student contribution aid or expected loan disbursements.
for Mellon Fellows is waived, unless the federal need analysis
calculation mandates a contribution greater than zero. Partici- federal sTafford loans. Federal Stafford Loans are
pants also receive a Mellon Stipend in lieu of work-study due disbursed only after the student signs the required promissory
to the requirements of the Mellon Foundation. Loan levels are note and completes a Loan Entrance Interview. Disburse-
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ments are made by lending institutions after the start of the scholarships from organizations outside of Wesleyan that are
semester through electronic funds transfer (EFT) or by check not included on the Award Letter, you must notify the Office
in two installments. of Financial Aid immediately.
sTaTe sCholarships and granTs. Scholarships are cred- seCTion C, family paymenT. The amount your fam-
ited to your Student Account when received by the University. ily must pay is the balance remaining after subtracting net
Usually, these grants are disbursed in two installments: one financial aid. The family payment amount on the worksheet
near the middle of the fall semester and one during the spring. will not necessarily match the family contribution amount
The exact disbursement schedule varies from state to state. on the Award Letter. You may need to use a portion of your
student employment earnings to pay your remaining bal-
ouTside sCholarships and granTs. Some outside
ance. The family payment includes any deposit that has been
agencies send the money to the student, others send it to Wes- made, payments through the Wesleyan Monthly Payment Plan
leyan. If funds are sent to Wesleyan, the full amount received is (MPP), and any supplemental parent loans.
credited to your Student Account. In some cases, the full-year
disbursement is received at the beginning of the fall semester, oTher eXpenses. Students will have other expenses dur-
resulting in uneven family payments for fall and spring. ing the year such as books, supplies, and personal purchases.
Federal Work-Study earnings, which are paid directly to the
supplemenTal loans. Federal PLUS loans are disbursed
student, may be used for these expenses. Students are permit-
directly to Wesleyan. Federal PLUS loan checks are jointly ted to charge purchases made at the Broad Street Bookstore
payable and are mailed to parents for endorsement. Once and the computer store to the Student Account. If this option
endorsed and returned, the disbursements are credited to the is used, the family is also responsible for these charges (either
Student Account. Federal PLUS Loans may also be disbursed through Work-Study earnings or direct payment).
by electronic funds transfer (EFT). Loan agencies should be
consulted for their procedures. The family is responsible for paying all charges on the
Student Account in excess of financial aid credits, even if the
federal work-sTudy and Term-Time earnings. Pay-
amount exceeds the family contribution amount printed on
checks are issued directly to the student for work performed in the Award Letter.
fulfillment of employment awards. Paychecks are issued weekly
based on hours worked and pay rate. Direct deposit is available
via the Payroll Office. Earnings are not guaranteed, and Wes- finanCing opTions
leyan does not routinely substitute other funds for unearned The following payment plans and supplemental loans have
employment eligibility. Student earnings are not credited to been developed as alternatives to lump-sum payments on the
the Student Account, but a portion of earnings may be needed tuition due dates. Additional information can also be obtained
to pay the balance due. This is separate from the expected at http://www.wesleyan.edu/finaid.
Student Income Contribution.
The wesleyan monThly paymenT plan (mpp). This
plan provides for 10 equal payments beginning July 1 and
esTimaTing your wesleyan sTudenT covers the charges for the academic year beginning in Septem-
aCCounT balanCe ber. There is an application fee of $65; no interest is charged.
The worksheet on page 9 assists students in estimating the Optional insurance coverage is available.
amount owed on the Student Account each semester. On the
Supplemental Loan Programs, which provide families with
worksheet, only the standard charges for tuition, fees, and
the funds to pay college expenses now with manageable repay-
Residential Comprehensive Fee are included. Some students
ment options, are also available.
may have additional charges from the bookstore, fines, or a
carryover balance from a prior semester. This worksheet is for Eligibility for supplemental loans may be based on financial
estimates only; the Office of Student Accounts is responsible need and a financial aid application is not required to obtain
for determining the exact payment due. them. A credit report or analysis of other debts is part of the
application process for most loans.
seCTion a, direCT Charges. Tuition, required fee(s), and
the Residential Comprehensive Fee are fixed for every student. federal plus loans. These loans are available for parents.
A FAFSA is required to have a Federal PLUS processed at
seCTion b, finanCial aid. List the amount from your
Wesleyan (www.fafsa.ed.gov). Please note that a new FAFSA
most recent Award Letter for each semester. DO NOT
is required each academic year. The maximum annual amount
INCLUDE FEDERAL WORK-STUDY OR TERM-TIME
is the cost of education minus any financial aid. Repayment
EARNINGS since these earnings are NOT credited to your
begins within 60 days after funds are disbursed although al-
Student Account. (The amount disbursed for Federal Staf-
ternative repayment options may be discussed with the lender.
ford Loans may be 3 to 4 percent less than the amount on the
The interest rate for a PLUS loan is fixed for all PLUS loans
Award Letter due to mandatory loan fees.) If you have received
taken out after July 1, 2006 at a rate of 8.5 percent. Funds are
Finaidguide08_0303b.indd 7 3/3/08 3:50:09 PM
disbursed by check jointly payable to the parent and Wesleyan,
or by electronic fund transfer (EFT).
alTernaTiVe loans (also known as Private Education
Loans). These loan products are not backed by the federal
government. They typically have variable interest rates based
on Prime or some other banking measure and rely on a credit
review to calculate the initial rate of interest. Typically the
student is the borrower and often a co-borrower is required
to pass a credit check or receive a more favorable interest rate.
Interest accrues from the date of disbursement. These loans
may not be included in a federal consolidation.
For the most up-to-date financing information, please visit:
Finaidguide08_0303b.indd 8 3/3/08 3:50:09 PM
worksheeT for esTimaTing your wesleyan sTudenT aCCounT balanCe
This worksheet is designed only to give you an estimate of family payments. Actual balance due is determined by the Office of
A. Direct Charges FALL SPRING TOTAL
1. Tuition $19,182 $19,182 $38,364
2. Student Activity Fee $135 $135 $270
3. Residential Comprehensive Fee $_________ $_________ $_________
Frosh and Sophomores: $10,636
Juniors and Seniors: $12,088
4. Total Direct Charges $_________* $_________ $_________
B. Financial Aid
List the amount of aid received for each semester.
1. Wesleyan Scholarship ____________ ____________ ____________
2. Special Wesleyan Scholarships ____________ ____________ ____________
3. Federal Pell Grant ____________ ____________ ____________
4. Federal SEOG ____________ ____________ ____________
5. Academic Competitiveness Grant ____________ ____________ ____________
6. SMART Grant ____________ ____________ ____________
7. CICSG ____________ ____________ ____________
8. State Scholarship ____________ ____________ ____________
9. Other Scholarships ____________ ____________ ____________
10. Loan (Federal Perkins, Federal
Stafford, Alternative Education Loan) ____________ ____________ ____________
Total Financial Aid Credit ____________ ____________ ____________
C. Family Payment ____________ ____________ ____________
Subtract Total Financial Aid Credit from Total Direct Charges.
The family payment may include some funds that must come from Federal Work-Study or Term-Time earnings. The full family
payment must be made by the due date each semester in order to complete the enrollment process. Due to other charges that
may be included, the actual family payment may be more than the amount calculated above.
* Additionally, new students entering in fall 2008 will have a one-time matriculation fee of $300.
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