Types of Aid
Wells College Scholarships
Wells College offers a variety of merit-based scholarships to entering students who are registered full-time. These awards recognize students of outstanding abilities without regard to financial need.
Henry Wells Scholarships are awarded to students who demonstrate outstanding academic achievement throughout their high school experience. Recipients are selected by the Admissions Committee and generally have a 94% cumulative grade point average in academic subject areas. A Henry Wells Scholarship includes a guaranteed first-year internship during Wells’ January intersession, a $3,000 stipend on an internship in your sophomore, junior, or senior year and a $15,000 to $25,000 scholarship each year for four years of study at the College.
Presidential Scholarships are awarded to students who demonstrate academic excellence in high school with a cumulative grade point average of 90% or higher and a strong record of service to their schools and communities. The Admissions Committee selects recipients at the time of admissions based on information supplied in the student’s academic file. Recipients are awarded between $10,000 and $20,000 per year for four years of study at the College.
Dean’s Awards go to students with strong academic records and active participation in clubs and organizations within their schools. Awards range from $10,000 to $15,000 per year and recipients are selected by the Admissions Committee.
21st Century Leadership Awards are presented to high school juniors nominated by their guidance counselors for their spirit, integrity, intellectual and leadership qualities. Qualified candidates must have a cumulative grade point average of 90% and demonstrated leadership ability and/or potential through school and community activities (as an NCAA Division III college, athletic participation is not considered when selecting candidates for this award). The award carries with it a $40,000 Scholarship for Leaders ($10,000 per year) for four years of study at Wells College.
Janet Taylor Reiche ’52 Legacy Scholarships are awarded to the children and grandchildren of Wells College alumnae/i. These scholarships are valued at $2,500 per year for four years of study and are named in honor of Wells College alumna Janet Taylor Reiche ’52 who served as the first woman chair of the Wells College Board of Trustees.
Phi Theta Kappa Scholarships are awarded to transfer students who are members of this two-year college honor society. The scholarship, valued at $15,000 per year, is awarded at the time of admissions and requires proof of PTK membership.
Wells College Transfer Scholarships are awarded to students who have demonstrated academic excellence in their college coursework. Students must have a cumulative grade point average of 3.0 or better to qualify. Recipients are selected by the Admissions Committee and awards range from $10,000 to $15,000 per year.
Wells Grants are supported by the Wells College endowment and by gifts and grants it receives from friends of the college. All Wells Grant funds are awarded by the financial aid office based on the information provided on the student’s federal student aid application (FAFSA). These funds are for undergraduate, full-time students only. If your family situation does not change from year to year, your Well Grant will not change in subsequent years.
Tuition Exchange Programs: Wells College participates in the tuition exchange program that allows the children of faculty and staff at Tuition Exchange (TE) member institutions to apply for tuition benefits at Wells College. Eligible students must submit a tuition exchange application to the College by March 1, 2015 in addition to a completed admissions application. Students will be selected for TE awards based on a review of their application for admissions, and selected candidates for TE will receive a set tuition award of $33,000 for the 2015/16 academic year. Students must be enrolled full-time to receive these benefits. Students who are eligible for New York State Tuition Assistance Program Awards and/or PELL grants may see adjustments to the exchange amount awarded.
Tuition exchange funds may not be applied to study abroad programs; TE recipients are responsible for all expenses associated with study abroad. In addition, TE candidates may receive the benefit for up to eight semesters while at Wells.
The Federal Pell Grants program is the largest of the federal student aid programs. It is an entitlement program, which means if you qualify for it, you will receive the funds awarded to you. The amount of a student's Pell Grant is contingent on the federal government's educational budget. The Department of Education determines a student's eligibility for Federal Pell Grant funds based on the information provided on your federal aid application (FAFSA). Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree.
Federal Supplemental Educational Opportunity Grants (SEOG) are awarded by the Wells College financial aid office. Each year, the Department of Education allocates SEOG grants funds to Wells College. Filing the Free Application for Federal Student Aid is the student's application for these funds. According to federal guidelines, Federal SEOG funds must first be awarded to students of exceptional financial need, therefore Federal Pell Grant recipients have first priority in receiving these funds.
Federal Teach Grants
The Federal Teach Grant Program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. In exchange for receiving a TEACH Grant, students must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. TEACH Grant recipients must teach for at least four academic years within eight calendar years of completing the program of study for which they received a TEACH Grant. Eligibility requirements include completion of the FAFSA; U.S. citizenship (or eligible non-citizen); enrollment as an undergraduate, post-baccalaureate, or graduate student in a postsecondary educational institution that has chosen to participate in the TEACH Grant Program; enrollment in coursework that is necessary to begin a career in teaching or plans to complete such coursework; meeting certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test in their freshman year and then must maintain a cumulative GPA of at least 3.25); and signing a TEACH Grant Agreement to Serve and complete entrance counseling.
State Scholarships and Grants
New York State TAP Grant is available to residents of New York State. TAP provides awards to students based on their family's New York State net taxable income, the Wells College tuition charge and the year the student first received a TAP award. Applicants for TAP must apply annually by completing the Free Application for Federal Student Aid (FAFSA). If a student completes their FAFSA electronically and has an FSA ID, they will be able at the end of the federal application to complete an electronic TAP application. If the student files electronically without an FSA ID or files a paper FAFSA, they will receive an ETA (Electronic TAP Application) from the state processing center that will need to be completed and returned to the state. Students who filed a FAFSA can access their TAP application or apply online at the state web site www.tapweb.org. The Wells College New York State TAP code is 1050. The state will process all TAP applications and issue separate award certificates when the state budget has been passed.
New York State Scholarships are available to residents of New York State. There are many scholarships awarded by the state depending on a student’s major field of study, veteran status, academic excellence, etc. Students interested in reviewing these scholarships criteria can do so at the state’s financial aid web site www.hesc.org.
Other State Scholarships/Grant Programs are available to some students from Rhode Island, Vermont, and Michigan. They all have unique eligibility criteria and award stipends. Students are encouraged to apply to their state scholarships/grants programs.
Student Employment Programs
There are two student employment programs: Federal Work Study and the Wells College Student Employment Program. Student employment allows you the ability to earn money needed for educational expenses. To be paid under the Federal Work Study Program, a student must demonstrate financial need. Any student, regardless of financial aid eligibility, can be employed under the Wells College Student Employment Program. Students will have an opportunity to apply for on-campus and off-campus jobs, but ultimately the job assignment of every student worker lies with the Office of Career Services and Experiential Learning. Wells College will pay at least minimum wage but there are many positions on and off-campus that pay at a higher rate. Wells College standard job award is $1,850 (7 hours/week). Students receive a paycheck in their name for hours worked during the scheduled pay period.
Federal Student Loan Programs
Federal Perkins Loan Program is a low-interest loan to help financially needy students pay for their educational costs. The funds were initially from the federal government and are disbursed and administered by Wells College. The Perkins Loan program is based on a revolving fund policy, where loan repayments are utilized to make new loans. Therefore, limited funds are available to students from this program. Repayment of principle and interest begins nine months after the time of graduation or when enrollment ceases. The current interest rate is 5%. Deferments and cancellations are available under certain conditions. Students will be asked to undergo an entrance counseling and exit counseling session before entering or leaving the institution. The College will determine who receives these loan funds. Students have up to 10 years to repay their loan, depending on the amount owed. The average Wells College Perkins Loan is $1,000 to $3,000.
Federal Direct Subsidized and Unsubsidized Stafford Loan Programs are low-interest student loans made to students by the federal government to help pay for educational costs. These loans are the most popular because they are available in the subsidized program (principal and interest is deferred) or the unsubsidized program (interest is payable or capitalized onto the principal while the principal is being deferred). Even if you are deemed ineligible for need-based financial aid, you can receive an unsubsidized Federal Direct Stafford loan. The financial aid office will determine eligibility for these programs. The interest rate for these loans is calculated every July for the upcoming school year. Students are required to undergo an entrance and exit counseling session before entering and leaving the institution. Students have between 10 to 25 years to repay, depending on amount owed and type of repayment plan selected. Subsidized Direct Stafford Loan limits for undergraduate students are: 1st year-$3,500; 2nd year-$4,500 and 4th and 5th year -$5,500. Unsubsidized Direct Stafford Loan Limits are: dependent students - $2,000 annually and 1st and 2nd year independent students - $6,000, and 3rd and 4th year independent students - $7,000. Dependent students who parents do not qualify for a Federal PLUS Loan (Parent Loan for Undergraduate Students) are eligible to borrow additional Direct Unsubsidized Stafford loan funds. These limits are $4,000 for 1st and 2nd year and $5,000 for third and fourth year. Students will be packaged with their maximum subsidized and unsubsidized loan eligibility.
Wells College values the contributions and services made for our country. The Department of Veteran Affairs administers a variety of educational benefits including
- The Post – 9/11 GI Bill
- Montgomery GI Bill – Active Duty (MGIB-AD)
- Montgomery GI Bill – Selected Reserve (MGIB-SR)
- Reserve Educational Assistance Program (REAP)
- Veterans Educational Assistance Program (VEAP)
- Educational Assistance Test Program (Section 901)
- Survivors’ and Dependents’ Educational Assistance Program (DEA)
- National Call to Service Program
- Veterans Retraining Assistance Program
Students can review detailed information on all of the above programs and examine a comparison chart at www.gibill.va.gov/benefits/index.html. Wells College encourages all veterans to contact their VA Office representative for assistance in determining what program best meets their needs. The Wells College Registrar Office serves as the College’s VA certifying officer.