Q: Can I afford to attend Williams College? 
A: Yes. While the cost of a private education might seem out of reach, the opportunity to attend Williams may be a lot more affordable than you realize.
Recognizing that many students and their parents need help in meeting the financial burden of attending college, Williams is firmly committed to admitting talented students from all backgrounds, regardless of their families’ financial capabilities. Domestic students can apply knowing that their financial aid request will not affect their chances for admission and that Williams has the resources to fully meet their demonstrated financial need for every year they spend at Williams. As resources permit, financial aid is provided to international students on the same basis as it is to domestic students.
Q: How many students receive aid, and how much do they receive?
A: For the 2009-2010 academic year, 53% of the student body—those determined by Williams to have financial need—received awards ranging from $1,900 to $53,000, depending on the extent of their family’s demonstrated need.
Q: Is it true that a Williams education actually costs far more than what it charges its students?
A: Yes. You might be interested to know that although the listed “price tag” (tuition, fees, room, and board) of a Williams education $47,530, it actually costs the College more than $80,000 a year to educate and support each student. Fortunately, income from the College’s substantial endowment and from annual alumni giving makes up the difference.
Q: How do I apply for financial aid?
A: Detailed instructions on how to apply for Financial Aid at Williams are available on the Financial Aid Office website.
Q: Are there any merit scholarships at Williams that are
not based on need?
A: No. The College strongly believes that its scholarship funds should be used to fully meet the demonstrated need of each of its financial aid students. Therefore, all financial aid awards at Williams are based on need as determined by the Office of Financial Aid. The College does not sponsor and/or match National Merit Scholarships.
Q: How is financial aid determined?
A: The expected parental contribution is based on a variety of factors—parents’ income and assets (including home equity), family size, number of siblings enrolled in college, and contingencies such as extended unemployment or unusual medical expenses. The student contribution is derived from expected summer earnings, savings, and other assets. Together, the parental contribution and the student contribution make up the family contribution.
If your family contribution is less than the total cost, you are considered to have financial need—which is met by some combination of student loan, campus job, Williams scholarship, and other state, federal and private grants.
When parents are divorced or separated, the financial ability of the non-custodial parent to contribute is taken into consideration.
Q: How is financial aid packaged?
A: Financial need is met by some combination of a Williams scholarship; campus job; loan; and other state, federal, and private grants. To limit the debt obligations of its graduates, Williams maintains one of the lowest loan expectations of any college or university in the country. Often the aid packages of students whose families demonstrate high financial need are made up entirely of grants and a campus jobs—and do not include any loans. Note that a student is not required to accept a job or loan offer to receive a Williams grant.
Q: What does a campus job entail?
A: Williams students receiving financial aid are guaranteed campus employment in one of approximately 1,400 positions in more than 50 different offices and academic departments. Students with campus jobs usually work 6-8 hours per week in the library, dining halls, or in academic and administrative departments.
Paychecks are issued every two weeks directly to students for the number of hours worked. Students generally pay for personal expenses and books with their campus job earnings. While financial aid awards estimate the maximum number of hours one might need to work, students can generally work as many or as few hours as they choose.
Q: What types of loans are available to students with financial need?
A: Several low-interest loans, guaranteed by the federal government, are available for students with demonstrated financial need:
The Federal Direct Stafford Loan provides federally subsidized and guaranteed loans for up to $3,500 per year for first-years, $4,500 for sophomores, and $5,500 for juniors and seniors. The government pays the interest while the student is in college, and no repayment is required until six months after graduation. Students apply for this loan directly through Williams.
Students who do not demonstrate need are eligible to borrow through the unsubsidized Federal Direct Stafford Loan Program. Loan limits and repayment terms are the same as for the subsidized program. However, the in-school interest is paid by the student borrower and not by the federal government.
Federal Perkins Loans are another type of federal loans available through Williams. According to federal regulations, priority for these loans must be given to students with “exceptional need.” The maximum that can be borrowed each year is $4,000.
Q: Should I also apply for other outside grants and scholarships?
A: Absolutely. The Federal Pell Grant Program provides federal funds of up to $4,000 per year to students with family incomes generally below $25,000 (or higher if multiple children are in college).
State Grants are transportable for eligible students from MA, CT, DC, NH, PA, RI, and VT. Williams expects financial aid candidates from these states to apply for these grants.
Outside scholarships are available from a wide variety of local, regional, and national sources—including civic and religious organizations, parents’ employers and the National Merit Scholarship Corporation.
Williams will subtract the amount of any federal and state grants from the Williams scholarship. Most other outside scholarships reduce the loan portion of the award. If scholarship funds remain after loans have been eliminated, the job portion of the award will then be reduced.
Q: Does Williams offer need-based scholarships that are distinctive?
A: Yes. Tyng Scholarships, the most prestigious Williams awards, are designed to meet a student’s demonstrated need for each year at Williams. Further assistance is available for three years of graduate or professional school or the equivalent of summer study or research. Since all applicants who qualify for aid are considered as candidates for the Tyng, no additional application is required. This Scholarship is awarded annually to 7-8 especially talented applicants.
Q: Must I maintain a certain academic average to retain
my financial aid?
A: No. As long as you meet the academic standards required of all Williams students, your financial aid will be continued.
Q: What happens after my first year as costs go up or if my family’s financial situation changes?
A: You must apply for financial aid each year. Your award will reflect increases in college costs as well as changes in family circumstances, such as siblings entering or leaving college. However, Williams will continue to fully meet your demonstrated need.
International students who may need financial assistance during their study at Williams must apply for financial aid when they apply for admission. International students who do not apply for financial aid at the time of admission my not receive it during their remaing years at Williams.
Q: As a student on financial aid, would I feel
out of place at Williams?
A: Not at all. Approximately half of the students at Williams receive some financial assistance, and the student body represents a wide cross-section of financial backgrounds, from those with full financial need to those with none. Since almost everything that happens at Williams is free or highly subsidized, opportunities aren’t determined by how much—or little—money a student has.
A full array of campus events—concerts, films, plays, lectures, dance performances, athletic events, etc. rarely cost students more than a dollar or two at the door, and many events are free with a Williams I.D. Many students hold campus jobs, not just those receiving financial aid. And there are no fraternities, sororities, or eating clubs at Williams that would require extra fees.
Consequently, financial aid students can participate fully in the social and cultural life offered at Williams without feeling “out-of-place” or being unable to afford certain opportunities.
Q: What about extra expenses?
A: There are no “hidden” costs at Williams, such as charges for the use of athletic, computer, recreational, or lab facilities. Likewise, basic health care is provided free of charge at the campus health center. While all students must carry health insurance, Williams subsidizes insurance for nearly 20 percent of students receiving financial aid. Further, financial aid awards transfer to any approved study abroad program and can even cover Winter Study trips.
Q: Will I be able to afford to buy my books?
A: Yes. Williams uses a book-purchasing system—the only one of its kind among U.S. colleges—that allows financial aid students to swipe their College ID cards at the local book-store, enabling the Financial Aid Office to pay for their books.
Q: What if I study off-campus?
A: As long as you are in a program for which Williams gives academic credit—such as Williams-Oxford, Institute of European Studies, Howard University Exchange, Mystic Seaport and many others—you will be eligible for financial assistance based on actual costs and need.
Q: Whether or not I qualify for aid, are there other payment or loan options available to help my family meet college costs?
A: Yes. All families may take advantage of a 10-month payment plan, or apply for long term loans from the federal government or independent lenders.
The Williams 10-Month Payment Plan allows families to pay the bill in ten equal monthly payments from June to March, rather than twice a year before each term begins. All families are eligible. There is an administrative fee of $50 but no interest charges. The monthly payment will be the annual cost, less all grants and loans credited to the student account, divided by ten.
None of the parent loan programs have income restrictions on eligibility; however, a credit check is performed. Parents generally may borrow an amount up to the annual cost of attendance, less any financial aid received.
All federal loans for Williams families (PLUS for parents, Stafford for students), are direct loans, meaning the loans are applied for and received directly through Williams, rather than through a bank or other lender.
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a federally insured loan program that enables parents to borrow directly through Williams. The interest rate is fixed (7.9% in 2008-09). There is an origination fee of 4%, and a rebate of 1.5% is returned for assumed on-time repayment. Repayment begins within 60 days of disbursement and can span up to 10 years.
Q: What about a home equity loan?
A: Today, with interest rates relatively low, the most frequently used college financing plan is a home equity loan, through which a homeowner borrows for college costs using the equity in his home. The principal advantage is that the interest paid on a home equity loan can be deducted from taxable federal income, which is not always possible with other types of education loans.
Q: As a student, how can I help finance my education if my family does not qualify for need-based aid?
A: Students not on financial aid can help meet college costs by borrowing from the government through the Stafford Loan program and by holding a campus job. Federal Stafford Loans are available to all students, whether or not they qualify for need-based financial aid. Priority for campus jobs at Williams is given to financial aid recipients, but nearly half of the approximately 1,400 campus jobs are filled by students who are not receiving aid.
Q: How can I get additional information?
A: More detailed information about all of the above programs will be sent to the parents of all admitted first-year students in April. If you have any questions about the financing options available to you and your family, the Office of Admission is happy to provide information, counseling, and advice. Please contact us at 413/597-2211.
For the time being, some other resources include:
MEFA (Massachusetts Educational Financing Authority), 125 Summer Street, Boston, MA 02110 800-449-6332
Key Education Resources , 745 Atlantic Avenue, Suite 300, Boston, MA 02111-2735 800-539-5363, ext. 345
Office of Financial Aid, P.O. Box 37, Williams College, Williamstown, MA 01267 413-597-4181
A wide range of additional information can be found on an independent financial aid site on the Web at www.finaid.org This page contains helpful resources such as:
* the Financial Aid Estimation Calculator, which you can use to estimate your federal expected family contribution.
* the Student Loan Advisor, which helps estimate the amount of educational debt your family can reasonably afford.
* the Loan Payment Calculator, which enables you to estimate monthly loan payments.
* fastWEB, a scholarship search database that contains more than 400,000 private-sector scholarships, fellowship, grants, and loans from more than 10,000 sources.
* tuition payment plans, including loans, savings plan options, and insurance plans.
Also, the College Board’s Web site provides information about financial aid services as well as references to other helpful publications. The site can be accessed at www.collegeboard.com. You can also access a college and scholarship search tool through this site.
If you are unable to access the Internet, please contact your high school guidance counselor for help in obtaining access to these resources.
