Financial aid at Wesleyan A Guide to Financial Aid Programs

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					                             Financial aid at Wesleyan


                             A Guide to Financial Aid Programs
                             for Applicants and Recipients 2008–2009




                                                i
                                                                  wesleyan
                                                                  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
                                                                                                  (860) 685-2800
                    SIMON                                                              1          FAX: (860) 685-2801
                    Applying for Financial Aid                                         1          E-mail: finaid@wesleyan.edu
                                                                                                  Home page: www.wesleyan.edu/finaid
                    The Financial Aid Award Letter                                     1          SIMON: https://cardinal.wesleyan.edu/NetPartnerStudent
                    Verification of Information                                        1
                                                                                                  Hours:    Monday–Friday
                    Additional Required Documents for
                                                                                                            8:30 a.m.–5 p.m.
                    Disbursement of Aid                                                2
                                                                                                            September–May
                    The Student Expense Budget                                         2
                                                                                                            8:30 a.m.–4:30 p.m.
                    The Family Contribution                                            2
                                                                                                            June–August
                    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
                                                                                                  (860) 685-2890
                             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
                                                                                                  (860) 685-2823
                    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
                    procedure.
                                                                                                  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.
                                                                                      this guide.
                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
                         signatures annually.
                                                                                            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,
                    loan programs
                                                                                            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
              Aid.
                                                                                         $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.


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                    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-


                                                                                     6




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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

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                    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:
                    http://www.wesleyan.edu/finaid/finance.html




                                                                                        8




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              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
              Student Accounts.

              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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