FINANCIAL AID FOOTNOTES Juniors / Fall 2015

WELCOME BACK TO WILLIAMS! MEET THE STAFF Read on to learn more about how your financial aid works, and visit us when you Paul Boyer have questions or want to know more. Director

Inside this edition: Betsy Hobson - Financial Aid 101 Associate Director - Winter study - Credit balance refunds - Computer purchases - Compare your term bill Ann Lundhild - Financial Literacy - Understanding the travel allowance Assistant Director - Get to know us - Studying away - Contact info Courtney Hatch Blauvelt Assistant Director Financial Aid 101: Check your email!

The best source of financial aid information is your Williams Michelle Waryjasz email account. Always read emails you receive from our office, Technical Coordinator forward to your parents, and reply to us with any questions.

Carol Allard How do you calculate aid? Financial Aid Assistant Financial aid is a complex process and every student’s situation is different. Nani Mañan However, there are a few basic principles. When we say we “meet full financial Financial Aid Counselor need,” this is what we mean:

The Financial Aid Equation ** Sample **

Cost of Attendance: $65,040 cost of attendance • billed charges (tuition, fees, room, + board) • $63,290 billed charges

• estimated out-of-pocket costs (travel, personal expenses) • $1,500 personal • $250 travel

minus Family Contribution $11,500 family contribution • parent income, assets, family size, # in college, etc. • $10,000 parent • standard summer earnings contribution + assets • $1,500 student ------equals Financial aid (to meet financial need): $53,540 financial aid • Williams grant (you don’t repay) • $48,540 grant • Loans (you DO repay) • $2,500 loan • Campus work eligibility (supervisors are still hiring!) • $2,500 work

What variables determine your family contribution? WHAT IS A REFUND?

If you have more money going into your student account than you owe directly to Williams, your credit balance (the extra amount) can be refunded to you. If you have paid in full and think …and much more. Every family situation is different. this applies to you, then stop by the (Let us know if parent income or number in college Bursar’s office in Hopkins Hall to ask change during the academic year.) to fill out a refund request form.

FINANCIAL AID AND THE TERM BILL: A COMPARISON

Your financial aid award and your term bill have some similarities, but they are not the same thing. See the comparison below and speak to a financial aid officer or the Bursar’s Office in Hopkins Hall to learn more about your individual situation.

Your financial aid award… Your term bill (and student account)…

Comes from the Office of Financial Aid. Comes from the Bursar’s Office: (http://bursar.williams.edu/)

Shows only the basic billed charges for educational costs that Shows basic billed charges plus any additional can be covered by financial aid. charges not covered by financial aid: late fines, bus tickets, optional textbooks, etc.

Does include estimated out-of-pocket costs in determining Does not include out-of-pocket costs, only includes your financial aid eligibility. These are costs for things that billed, direct charges. For most students, the aren’t provided by Williams. For example, Williams does not direct charges are tuition, fees, room, and board. buy plane tickets for you, but we know you still need to get to and from campus, so we include estimates of your travel.

Includes the portion of your educational costs that we expect Only shows actual payments made to Williams. you & your family to cover.

Only shows current-year costs & resources. May include your previous balance if you still owed money at the end of last semester.

Is emailed to you directly from our office, and found in Is found in your Student Account Center Peoplesoft. (williams.afford.com) and a log-in reminder is emailed directly from the Bursar’s Office.

THE TRAVEL ALLOWANCE

When we determine financial aid eligibility for U.S. students, we estimate the cost for two round trips from your home to campus in your total cost of attendance. This means that your financial need (and aid awarded) include consideration for the cost of travel. We do not provide any funds to you directly – you must arrange booking and paying for your own travel. These costs are usually covered by your summer earnings contribution or savings from your campus job earnings.

What if your two round trips cost more than we budget for you? Just let us know! With documentation (e.g. receipts), we can provide more grant money equal to the additional cost. For example, if your financial aid is based on an $800 travel allowance and your two flights cost $900, we would add another $100 to your grant.

Come visit us! STUDYING AWAY THIS SPRING If you’re interested in studying away this spring, now is the time to start researching programs. By following a series of steps beginning with gaining approval through the Dean’s Office, financial aid eligibility can be applied to your program. When we determine your financial aid, we are looking for the answers to a few big questions:

• How much does the program cost, both directly and indirectly? • Have you officially been accepted to your program? • How much do we expect you & your family to contribute? • How will any remaining cost be covered?

Because study away programs vary so much, we don’t know how much your Our office is on the first floor of program costs or what it includes. To help us out, you complete a Study Away Hopkins Hall. We have office hours Budget Proposal (#1) listing all the costs associated with your program: every weekday from 8:30 to 4:30. tuition, housing, food, travel, passport/visa expenses, and more. You’ll also submit documentation of the program’s direct costs (#2) and your If your parents contact us, make sure acceptance letter (#3). they know your Williams ID number. To protect your privacy, we will not After we know your total costs, we will calculate the expected family discuss your financial aid without it. contribution the same way we would if you were staying on campus, then package financial aid to cover any amount beyond the family contribution, WE’RE MOVING! This winter you’ll up to the cost of a semester at Williams. find us in our brand new space in Weston Hall on the third floor! If your aid is greater than the direct costs of the program, the extra aid can be refunded to you to help with out-of-pocket expenses. If your aid is less than the amount charged directly by the program, you’ll need to pay the program’s remaining cost directly and cover your own out-of-pocket expenses. If your program costs more than a semester at Williams, you’re also responsible for the difference.

After you submit your program bill to the Bursar’s Office (#4), your aid will be sent to pay the program directly. You are responsible for paying any amount not covered by aid directly to your program. For more information and printable forms, visit our website: http://finaid.williams.edu/study-abroad/

SUBMIT TO THE FINANCIAL AID OFFICE Student’s Budget Proposal Program’s Direct Costs Acceptance Letter Break down all the costs of your A list of costs can usually be This can be either a  program, including out-of-pocket  found in the program’s  letter or an email from expenses. Be as thorough as possible. catalogue, bill, or website. your program.

SUBMIT TO THE BURSAR Program’s Bill Please contact Associate When you receive the bill, send a copy Director Betsy Hobson with to the Bursar. They will send a check any questions about (your scholarships and loan) to your  program. If there’s any remaining financial aid & study away financial aid after the bill is paid, the ([email protected]). Bursar will refund it upon request to help with your out-of-pocket costs. WINTER STUDY POLICIES HAVE CHANGED!

As a financial aid student, you are eligible to receive aid to help cover the cost of your Winter Study course. Please contact Winter Study financial aid coordinator Courtney Blauvelt ([email protected]) with any questions.

- Regular Course: We give you a grant for between 10% - 100% of your costs (up to $300). You don’t need to apply for this aid—it is automatic. - Travel Course: The total cost of the course is charged to your account, and we give you a grant for between 10% - 100% of your costs. You are responsible for any extra expenses not included in the basic course charge. You don’t need to apply for this aid—it is automatic. - 99 Projects: We give you a grant for between 10% - 100% of your costs (up to $500). You must APPLY for 99 funding. Visit the website for the application and more information.

REGULAR COURSE TRAVEL COURSE 99 PROJECTS Your professor calculates & Your professor calculates You complete a Winter Study  reports total costs.  & reports total costs.  Financial Aid Form online. Based on your request, we We calculate your grant (10% - We calculate your grant calculate your grant eligibility for 100% of reported costs, up to eligibility: at least 10% of between 10% - 100% of your  $300).  costs, up to 100%.  budget (up to $500). In December, the In January, we ask the Bursar’s Office adds the In December, you receive the Bursar’s Office to add your full charge and your grant funds by direct deposit or check.  grant to your student account.   to your account.

COMPUTER PURCHASES

You may be eligible for a one-time loan or scholarship exception of

up to $2,500 to use toward the purchase of a new computer. You

can read the informational handout from our office, call us, or come to Hopkins to set up an appointment with a financial aid officer. https://www.facebook.com/Williams-College-Financial-Aid-450588681780981/timeline/

FINANCIAL LITERACY NEWS

Financial literacy is the knowledge and CashCourse.org is a free, online skills to manage personal financial re- educational resource to help college sources effectively for a lifetime of financial students learn about banking, well-being. Williams has a financial literacy savings, budgeting, and more. committee, website, facebook page, and Register with your Williams email to has hired two Student Ambassadors to explore financial advice and tools help students understand their own developed by professionals. finances beyond just financial aid. We’re planning our programming and events now so contact us if you have ideas!

GET TO KNOW US

Assistant Director Ann Lundhild Financial Aid Counselor Nani Mañan d I started at Williams on one of the Hello! My name is Nani and I recently snowiest days of the year, February started working at the financial aid 2nd, 2015. I arrived from Atlanta, GA, office at Williams as a Financial Aid but am no stranger to snow, having Counselor back in August. I am very grown up in New Hampshire and excited to be here and be a part of this earning my B.S. at Miami University amazing team and roam this beautiful of Ohio. I've worked in financial aid at several schools, campus. I am a recent Wheaton College (Norton, MA) including Emory, and while there, I earned an M.S. in graduate and majored in Women and Gender Studies. I Finance from Georgia State. I'm happy to be working have been working in financial aid for the past four with Williams families now and plan to stay for a while! years at Wheaton. I am very much looking forward to I love spending time with my family - my 3 year old my time here as well as eager to get to know as many daughter Zoe provides constant entertainment. We are Ephs as possible! Tambien hablo español so please feel slowly getting to know the area, although I spend most free to stop by my office, send your Spanish-speaking of my Saturdays at Target or Zoe's favorite place, the (and English-speaking, of course) parents my way, or Bennington Fish Hatchery, where you can feed the fish email me any time.  for just a nickel!

Student Ambassador Dorothy Gaby Student Ambassador Nicholas Fils--Aimé

Hello! I’m a sophomore from Spring- Ephs, My name is Nicholas Fils-Aimé field, MA and am a huge Patriots fan. I and I’m a sophomore. Born and raised am on the sailing team, as well as the in New York City, naturally I grew up Williams Outing Club board, and a as a Knicks, and Jets fan. I chose this c/o2018 representative on the Honorary position because becoming financially Degree Advisory Committee. Nature is literate and responsible now as my favorite thing, whether it’s hiking or opposed to later in life, can make a taking in a view of the purple valley— I love it. I may or huge difference. Many students are interested in may not have several movies - including the first 3 finance, but in order to understand finance on a larger Harry Potters and Oklahoma! The Musical - committed scale, you have to understand finance on a personal to memory. I feel that financial literacy is a necessary level as well. In my spare time, I find myself analyzing thing to know, but in which many people, especially the works of Urban Philosophers such as Aubrey college students, are not well versed. In working with Graham and Jermaine Cole. At Williams, I am a the Financial Aid Office, I hope to help students at member of the lacrosse team, President of the Griffins Williams get a better grasp of their financial standing Society, and Political Education Coordinator of the while in college and afterwards. BSU.

WE’RE HERE TO HELP!

Williams College Financial Aid Office

110 Hopkins Hall Open Monday – Friday P.O Box 37 8:30am – 4:30pm Williamstown, MA 01267

[email protected] Tel: 413-597-4181 http://finaid.williams.edu/ Fax: 413-597-2999 In front of our new home at Weston!