<p>From the Wellesley site:
A student is eligible to have her loan eliminated if her familys calculated annual income is under $60,000 and parental contributions are less than $7,000. (In calculating the parental contribution, Wellesley considers both income and assets, thereby reflecting a full picture of family finances.) Students in this category will receive increased Wellesley grant aidthat is, monies that do not have to be repaid.</p>
<p>We fall into this category. Two questions here.</p>
<ol>
<li><p>“Wellesley considers both income and assets” is this the Institutional Methodogy? Our IM EFC on Collegeboard profile is 475.</p></li>
<li><p>“increased Wellesley grant aid” Does this meant they completely meet need?</p></li>
</ol>
<p>Wellesley meets full need. For students with family incomes under $60,000, and typical assets, there are no loans.</p>
<p>The Institutional Methodology on the online calculators will give you an ESTIMATE only of your family contribution. Every school that meets full need computes your family contribution using their own formula for doing so. Wellesley has a formula that is likely different from Yale, or Harvard or other schools that meet full need. The IM computation on the online calculators is an ESTIMATE. When you apply for financial aid from Wellesley, they will use the information from the Profile (both custodial and non-custodial parents are required by Wellesley, I believe), some portion of home equity, and whatever else Wellesley chooses to use to determine your eligibility for their institutional aid.</p>