Education: Colleges Adopt New Financial Aid Calculator

One thing is for sure, financial aid is nobody’s favorite topic. Applying for financial aid is often a mysterious, confusing process, but some schools are working to make it much easier! Two years ago, Wellesley College rolled out a new financial aid calculator which, as of Monday, has now spread to both the University of Virginia and Williams College. Designed by Wellesley economist Phillip Levine, the new calculator does not ask students or parents to log in; anyone can use it.  Unlike the old calculator which asked numerous questions and took at least 15 minutes to use, the new calculator asks people to respond to only eight questions which ask for information about the family structure, annual income, home value and other financial basics. “We want it to be as easy as possible for prospective students and families to know how much it would cost to attend Williams,” said William Dudley, the provost at the college, in northwestern Massachusetts. “People know our sticker price — $60,000. They don’t realize that the average family receiving financial aid is paying $13,000.”

Contributor: Phoebe Roe


Comment (1)

  1. Helloitsnia     September 25, 2015 at 5:14pm

    Wow that seems amazing! I’ve definitely used a college calculator before and it took twenty minutes! I do think it is more accuarte then the eight questions probably are though.

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