FINANCIAL AID FOOTNOTES
First-years / Fall 2015
WELCOME TO FINANCIAL AID AT WILLIAMS! MEET THE STAFF Read on to learn more about how your financial aid works, and visit our office Paul Boyer when you have questions or want to know more. Director Inside this edition: Betsy Hobson - Financial Aid 101 Associate Director - Financial literacy - Credit balance refunds - Computer purchases - Compare your term bill Ann Lundhild - New winter study policies - Understanding the travel allowance Assistant Director - Get to know us - Campus employment - 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 • student summer earnings contribution + assets $1,500 student ------equals Financial aid (to meet financial need): $53,540 financial aid • Williams grant (you don’t repay) $48,940 grant • Loans (you DO repay) $2,500 loan • Campus work eligibility (supervisors are still hiring!) $2,100 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 & THE TERM BILL: A COMPARISON
Your financial aid award and your term bill have some similarities, but they are not the same thing. Read the comparison below and speak to a financial aid officer or the Bursar’s Office if you want 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.
Shows only the basic billed charges for educational costs Shows basic billed charges plus any additional that 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, board, and buy plane tickets for you, but we know you still need to get to books. and from campus, so we include estimates of your travel.
Includes the portion of your educational costs that we Only shows actual payments made to Williams. expect 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. (www.afford.williams.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! LOOKING FOR A JOB? There are still student jobs available! Check the “Route 2” Career Center site at https://williams-csm.symplicity.com/students/ for current job listings, and see if anything is posted on WSO. You can contact the HR office’s Student Employment Manager, Janine Burt, with any questions.
If you decide not to work (or to work low hours), you may not have enough money to pay your term bill and cover your personal/travel expenses—your shortfall can be covered using money from your savings or additional loans.
FINANCIAL LITERACY ON CAMPUS
Our office is on the first floor of Financial literacy is the knowledge and skills to manage Hopkins Hall – Room 110. We have personal financial resources effectively for a lifetime of office hours every weekday from 8:30 financial well-being. Williams has a financial literacy to 4:30. committee, website, facebook page, and has hired two Student Ambassadors to help students understand their If your parents contact us, make sure own finances beyond just financial aid. We’re planning our they know your Williams ID number. programming and events now so contact us if you have To protect your privacy, we will not ideas! discuss your financial aid without it.
WE’RE MOVING! This winter you’ll Figuring out finances: CashCourse.org find us in our brand new space in Weston Hall on the third floor! CashCourse is a free, online educational resource to help college students learn about banking, savings, budgeting, WINTER STUDY IS COMING and more. Register with your Williams email to explore financial advice and tools developed by professionals. As a financial aid student, you are
eligible to receive aid to help cover the Watch out for extra charges! cost of an on-campus Winter Study course. We give you a grant for The amount due on your student account can include charges beyond the basic between 10% - 100% of your costs (up budget assumed in your cost of attendance. These charges are from other parts to $300). Here’s how it works: of campus. They can add up quickly, and we can’t cover them with extra grant
money. Some examples: Your professor calculates costs & reports them to us. Bus tickets Late fees We calculate your grant Optional textbooks EPH Points amount. Library Fines Fire safety violations In January, we ask the Bursar’s Office to add your grant to your student account. COMPUTER PURCHASES You don’t need to apply for this aid—it is automatic. In future years, You may be eligible for a one-time loan or
you can participate in a travel course scholarship exception of up to $2,500 to use or propose a 99 (self-designed) toward the purchase of a new computer. You can project, for which financial aid is read the informational handout from our office, available . Contact Courtney Blauvelt call us, or come to Hopkins to set up an ([email protected]) with questions. appointment with a financial aid officer.
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/o 2018 representative on the position because becoming financially Honorary Degree Advisory Committee. literate and responsible now as Nature my favorite thing, whether it’s opposed to later in life, can make a hiking or taking in a view of the purple valley— I love it. huge difference. Many students are interested in I may or may not have several movies - including the finance, but in order to understand finance on a larger first 3 Harry Potters and Oklahoma! The Musical - scale, you have to understand finance on a personal committed to memory. I feel that financial literacy is a level as well. In my spare time, I find myself analyzing necessary thing to know, but in which many people, the works of Urban Philosophers such as Aubrey especially college students, are not well versed. In Graham and Jermaine Cole. At Williams, I am a working with the Financial Aid Office, I hope to help member of the lacrosse team, President of the Griffins students at Williams get a better grasp of their financial Society, and Political Education Coordinator of the standing 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 In front of our new home at Weston! www.finaid.williams.edu Fax: 413-597-2999