Can I afford to attend Williams College?
Yes. Williams recognizes that many students and their parents need help in meeting the financial burden of attending college. While the cost may seem out of reach, the opportunity to attend Williams may be more affordable than you think.
For the 2007-2008 academic year, 47% of the student body - those determined by Williams to have financial need - will receive awards ranging from $4,175 to over $49,500 of assistance, depending on their financial situation. The actual "price tag" (tuition, fees, room and board) is $45,140 for an education that actually costs the College over $80,000 per student. Fortunately, income from the College's substantial endowment and from annual giving makes up the difference for all students.
Williams is firmly committed to admitting talented students from all backgrounds, regardless of their families' financial capabilities. You can apply knowing that your financial aid request will not affect your chances for admission, and that Williams has the resources to fully meet your demonstrated financial need for every year in which you qualify.
How do I apply for financial aid?
Complete the required forms listed on the How to Apply section of our website.
What happens if my parents are divorced or separated?
Williams College believes that the financing of undergraduate education is a parental responsibility and that the College's resources should be used to assist students whose family means are clearly lacking. Consequently, it is expected that both natural parents, regardless of their marital or legal status will contribute to the educational costs of Williams according to their ability. It is our policy to require financial information from each parent in order to determine a reasonable contribution toward educational costs.
What if my parents own a business or farm?
If either parent is self-employed or holds and interest in any business or farm, the CSS Business/Farm Supplement must be completed. If the business interests are corporations or partnerships, the most recent IRS forms (1065, 1120, 1120S, and all K-1’s) are also required.
Are there any merit scholarships at Williams not based on need?
No. All financial aid awards at Williams are based on need as determined by the Office of Financial Aid. The College strongly believes that its scholarship funds should be used to fully meet the demonstrated need of each of its financial aid students for four years.
How is financial need determined?
The expected parental contribution is based on parent’s income and assets (including home equity), family size, number of siblings enrolled in college, as well as other factors such as extended unemployment or unusual medical expenses.
The student contribution is derived from expected summer earnings, savings and other assets. The parental contribution and the student contribution equal the family contribution. If you would like an estimate of your family contribution, please visit the Williams College Calculator.
When parents are divorced or separated, the financial ability of the noncustodial parent to contribute is taken into consideration.
If your family contribution is less than the total cost, you are considered to have financial need. This is met by some combination of campus job, Williams Scholarship, and other state, federal and private grants.
How is financial aid packaged?
A financial aid award normally includes gift aid (scholarships and grants which do not have to be repaid), and a campus job offer. A student is not required to accept the job offer to receive the grant portion.
What does a campus job entail?
Financial aid students at Williams are guaranteed campus employment in one of 1,400 positions in more than 50 different offices and academic departments. Students usually work 6-8 hours weekly 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 to earn up to the job amount awarded.
What types of loans are available to students with financial need?
Several low-interest loans, guaranteed by the federal government, are available for students who are U.S. citizens or permanent residents:
The Federal Direct Stafford Loan provides federally subsidized 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 College. Students who do not demonstrate need are eligible to borrow through the unsubsidized Federal Direct Stafford Loan Program. Loan limits and repayment are the same as the subsidized program. However, the in-school interest is paid by the student borrower and not by the federal government.
On May 7, 2008, President Bush signed into law the Ensuring Continued Access to Student Loans Act of 2008. This bill makes changes to the federal student aid programs for 2008-09 by expanding eligibility for the Additional Unsubsidized Federal Direct Stafford Loan to dependent students. The maximum amount that can be borrowed is $2,000 and interest must be paid quarterly or it will be added to the principal of the loan. Combined with the base Federal Direct Stafford Loan amounts noted above, first-year students may be eligible for a total loan of $5,500, sophomores $6,500, and juniors and seniors $7,500.
Federal Perkins Loans are 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 $5,000.
Beginning with the 2008-2009 academic year, Williams does package student loans to meet financial need (except for students who study away and may borrow to replace the campus job opportunity). However, most students who are U.S. citizens or permanent residents can borrow their federal loan eligiblity to replace all or a portion of the family contribution (up to the maximum program eligibility) and/or to purchase a computer (maximum $2,000).
Will I be able to pay back the money I borrow for college?
Yes. Education at a leading liberal arts college like Williams is an enormous financial undertaking. Next to buying a house, it may be the largest investment you and your family will make. While a Williams education represents significant career purchasing power, it is far more important for its intrinsic and enduring quality of academic excellence. Nevertheless, there is still the practical matter of repaying four years' worth of loans. Here are some facts that put $14,000 of student undergraduate load indebtedness (typical of a recent graduate of Williams) into perspective:
- Repayment of loans begins six months after leaving college.
- Monthly payment on a $14,000 loan at an 8.25% interest rate on a ten-year repayment schedule is $172.00.
- Average starting salary for a recent Williams graduate is $35,000 (range = $25,000 - $55,000)
- Monthly loan repayment (based on $14,000 loan) as a percent of average gross monthly earnings ($35,000 annual) is 6% - well within established guidelines for realistic undergraduate indebtedness and repayment abilities.
- A student who borrows the federal Stafford Loan maximum of $17,125 would pay a maximum of $210 per month, 7% of gross monthly earnings in the above example.
Should I also apply for other outside grants and scholarships?
Yes. 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 urges students to seek out and apply for any and all scholarships for which they may qualify.
Williams will subtract the amount of any federal and state grants from the Williams scholarship. Most other outside scholarships reduce the job portion of the award.
Must I maintain a certain academic average to assure my financial aid?
No. As long as you meet the academic standards required of all Williams students.
What happens after my first year as costs go up or if my family's financial situation changes?
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. Summer and on-campus earning expectations of an award will normally increase each year. However, Williams will continue to fully meet your demonstrated need.
As a student on financial aid would I feel out of place at Williams?
No. Since over half of the students at Williams receive some financial assistance, it is nearly impossible to distinguish those who receive aid from those who do not. Many students hold campus jobs, not just financial aid students.
Williams students do not have to rely upon a costly urban environment for social, cultural and dining pursuits. A full array of on-campus events - concerts, films, plays, lectures, dance performances, athletic events, etc. rarely cost students more than a dollar or two at the door; most events are free with a Williams I.D. Consequently, financial aid students can participate fully in the social and cultural life offered at Williams without feeling "out-of-place," or unable to afford certain opportunities.
What about extra expenses to use the gym or other facilities?
There are no hidden costs at Williams such as charges for the use of athletic, computer or lab facilities. Likewise, while students must have health insurance, basic health care is provided free of charge at the campus health center. General tuition and fees cover all extracurricular and academic opportunities on campus.
Will I be able to afford to buy my books?
Yes. Your student aid budget includes a reasonable amount for books and supplies. Financial aid recipients also have access to the 1914 Memorial Library from which they can borrow major texts and other books for the academic year. The average student borrows 14 books per year, frequently realizing savings of $150 - $250.
What if I study off-campus?
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. For more detailed information, view our study abroad page .
Whether of not I qualify for aid, are there other payment or loan options available to help my family meet college costs?
Yes. All families may take advantage of a 10-month payment plan, or apply for long term loans from the government or independent companies.
As a student, how can I help finance my education if my family does not qualify for need-based aid?
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. The Federal Direct Stafford Loan is available to all students, whether of not they qualify for need-based financial aid. Campus jobs at Williams are offered first to financial aid recipients, but non-financial aid students fill nearly half of the available positions.
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