Wesleyan Financial Aid Office Staff and Processes

Money Matters Bob Coughlin, Director of Financial Aid Alyssa Corvi, Assistant Director of Financial Aid August 25, 2021

Todays Topics Financial Aid Staff Overview Communicating with Financial Aid Types of Financial Aid Important Financial Aid Terms Financial Aid Process Understanding your Student Account Wesleyan Book Grant Student Employment/Work-Study Creating a Budget

Financial Aid Office Staff Class Financial Aid Directors: Alyssa Corvi Robyn Ewig Jennifer Duncan Claudia Morrow General Inquiries - Dawn Hinton Application and Document Monitoring Ali McFadzen Director of Financial Aid Office Bob Coughlin

Communicating with Financial Aid Pay attention to your Wesleyan Email! Important deadlines and documents will be communicated via email Also contact us in person or via phone Financial Aid Office in North College (2ndfloor) 860-685-2800 SIMON Financial Aid Portal located in WesPortal

Accessing SIMON

Types of Financial Aid Grants/Scholarships Institutional: Wesleyan Scholarship Federal: Pell, SEOG State Grant Outside Scholarships

Types of Financial Aid Loans Federal Institutional State Private Employment Federal Work-Study Institutional Work-Study (Term Time Employment)

Important Financial Aid Terms Subsidized Loan The government pays the interest on the loan while the student remains enrolled at least half time and during certain periods when the government allows deferment of repayment. Unsubsidized Loan Interest accrual begins immediately, and the student can choose to pay the interest while enrolled or upon entering repayment. Self-help This term encompasses term-time work study and federal/institutional student loans which combined with the student contribution reflect the areas of the financial aid offer that students are expected to financially participate in. Outside Scholarships Scholarship funds awarded to a student from an organization outside of Wesleyan.

Important Financial Aid Terms Work-Study A program that provides an opportunity for a student to work part-time and attend college. Work-study is designed to help students fund their education expenses. Students apply for jobs on campus and receive weekly paychecks for hours worked. Work-study funds will not be directly credited to the billing statement. Federal Verification Every year the Department of Education randomly selects a portion of financial aid applications to go through the Verification process. This involves providing additional information and documentation to the Financial Aid Office so that we can confirm with the Department of Education that your FAFSA data is accurate. Required documentation will be communicated with the student via email. Satisfactory Academic Progress To remain eligible for federal financial aid money grants, work-study funds and student loans students must meet certain standards in the classroom: maintain a certain grade point average, complete a certain percentage of attempted credits, and make progress toward completing their degree within a certain time frame.

Financial Aid Process Check SIMON for incomplete or missing documents! Common missing documents: Loan Master Promissory Note (MPN), Loan Entrance Interview, verification documents, W-2s Aid cannot be disbursed until all documents are received Report Expected Outside Scholarships https://www.wesleyan.edu/finaid/financingoptions/outside_scholarship.html

Financial Aid Process Reapply for aid each year: Opens Oct. 1st Renewal Application deadline: Jan 15th 2020 Tax Documentation for 2022-23 academic year Monitor you email! If you have questions or concerns, contact us!

Financial Aid Process Financial Aid Disbursements Occur mid-September (fall) and early/mid February (spring) Credit Balance on Account (if applicable) Complete Request for Credit Balance Form Available on Student Account website: www.wesleyan.edu/studentaccounts

Understanding your Student Account Billable vs. Nonbillable Charges Billable (direct expenses): Tuition, Fees, Residential Comprehensive Fee, etc. Nonbillable Charges (indirect expenses): Personal Expenses, Travel, Books & Supplies, etc. Your contribution for the year can go towards either or both billable and nonbillable charges

Wesleyan Book Grant Separate fund on Financial Aid Award In prior years, this amount was under Wesleyan Grant and not a separate fund Looking to implement changes to create more streamlined and accessible process in future years

HEERF III Funding Federal grants to students for cost of attendance items and/or emergency costs due to COVID Part of the American Rescue Plan Act of 2021 Students on need-based institutional aid eligible DACA/Undoc and International students eligible Certification Form required Should have already received an email about it earlier this month

Transitional Grant New this year! Parent contribution of $4,000 or less $500 in funding to support expenses related to starting college Bedding, winter gear, etc. International students will have a separate process through OISA (Office of International Student Affairs)

Outside Scholarship Policy Our policy is to use outside scholarships to reduce or replace a loan and/or work study expectation (i.e. the self-help ) portion of a student s financial aid package. Outside scholarships greater than these amounts will be used to reduce or replace a student s summer earnings expectation*. If an outside scholarship is in excess of the above, a student may request that the scholarship be applied toward the cost of the university-sponsored health insurance plan** (if applicable), or the outside scholarship can be used towards a one-time computer or laptop purchase of up to $1,500. Documentation of the purchase is required. ** Some students may qualify for Wesleyan grant assistance towards the cost of the university sponsored health insurance plan. Students who may be eligible for this program should have received information directly about how to proceed.

Outside Scholarships cont. If outside scholarships exceed the amounts of the work-study, student loans, summer earnings expectation, and additional expenses such as health insurance and/or a computer purchase, Wesleyan scholarship will be adjusted dollar-for- dollar to ensure that a students total aid does not exceed the Cost of Attendance. An outside scholarship will not reduce or replace the Parent Contribution. If you have been awarded scholarships that are not renewable from year to year it is sometimes possible to defer a scholarship to a future year to prevent a situation where your Wesleyan grant would otherwise be reduced. Arrangements for this would need to be made through the donor of the scholarship to send the funds in another academic year.

Student Employment & Work-Study Student Employment administered by Gordon Career Center Work-Study administered by Financial Aid Office Difference between Student Employment and Work-Study Seeking jobs be proactive! Handshake Platform (implemented last year) Find out what is needed to apply (interview, resume, etc.) Reach out to departments/areas of interest

Student Employment How funding works Weekly paycheck based upon hours worked Only paid for what you earn! If you don t use your work-study, you don t owe it back but you may need to find other funding options to cover expenses Does not apply directly to Student Account! Direct Deposit via Student Bank Account

Join Us! Student Affairs and Financial Aid Open House Wednesday, September 8th 3:30pm to 5:00pm 2ndfloor, North College Great opportunity to meet class deans and financial aid staff!

Why Budget? Operating without a budget is like driving a car without a steering wheel A plan to meet your goals Minimize anxiety of how to pay bills

Budgeting A realistic budget will help control finances Put it in writing Review periodically to identify leaks Make necessary adjustments Live like a student while you are a student

The Planning Process Set Savings Goals / Turn your NEEDS into GOALS Long- term goals / Short- term goals A realistic goal is $MART (in more ways than one) $pecific Measurable Adjustable Relevant Time-related Flexible!

Make a Spending Plan Where does my money go? Create a spending plan Set priorities Practice good spending habits: Look for sales Use coupons Buy store brands Price compare Don t use credit cards for things you can t afford Consumer spending decisions are about 95% related to emotional needs.

Building A Budget Money IN Determine your income Identify other sources of money Money OUT Estimate Expenses by Category Savings Housing Food Books/Supplies Clothing Phone Entertainment Transportation Healthcare Miscellaneous

Spending Plan Breakdown Savings? 20%? Must-Have? Needs? ? 50%? Wants? ? 30%?

Personal Budget Worksheet There are a variety of online budgeting calculators, and apps available to you!

Magic of the 4th degree Needs vs. Wants / Ask yourself the following. 1) Do I really need it? 2) Do I have to have it today? 3)What will happen if I don t buy it now? (for better or worse) 4) Why have I gotten along without it until now?

Barriers to meeting goals What challenges you the most in making progress toward your financial goals? Impulse buying Unplanned spending and use of credit cards Poor spending habits Loss of job Financial emergencies

Budget Saving Tips Start finding savings with food! Meal plan, groceries, dining out Example Keep away from convenience stores Shop with and stick to list Eat before you go grocery shopping Avoid buying items from the middle shelves Use your Meal Plan points wisely!

Questions? Contact our office! Phone: (860) 685-2800 Email: finaid@wesleyan.edu In Person: 2nd Floor, North College