Demystifying Financial Aid. “How can I afford to send my child to an independent school?”
-
date post
20-Dec-2015 -
Category
Documents
-
view
212 -
download
0
Transcript of Demystifying Financial Aid. “How can I afford to send my child to an independent school?”
![Page 1: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/1.jpg)
Demystifying Demystifying Financial AidFinancial Aid
![Page 2: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/2.jpg)
““How can I afford to send my child How can I afford to send my child to an independent school?”to an independent school?”
![Page 3: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/3.jpg)
Financial Aid in Independent Financial Aid in Independent Schools: the BasicsSchools: the Basics
Primarily Primarily need-basedneed-based funds funds
Funds come from the individual Funds come from the individual schoolsschools
Provides Provides accessaccess to independent schools to independent schools for qualified students from diverse for qualified students from diverse economic backgrounds & economic backgrounds & allowsallows schools schools to build the best student body they canto build the best student body they can
![Page 4: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/4.jpg)
How to ApplyHow to Apply
Ask the school! All Ask the school! All are slightly different.are slightly different.
Tell the school Tell the school early early that you want to apply that you want to apply for financial aid.for financial aid.
Deadlines are crucial.Deadlines are crucial.
![Page 5: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/5.jpg)
Your Financial ProfileYour Financial Profile
Income (this year and next year)Income (this year and next year) Expenses (this year and next year)Expenses (this year and next year) AssetsAssets DebtsDebts
![Page 6: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/6.jpg)
School and Student Service for School and Student Service for Financial Aid (SSS)Financial Aid (SSS)
Owned and directed Owned and directed by the National by the National Association for Association for Independent SchoolsIndependent Schools
““Princeton” formsPrinceton” forms
Helps schools Helps schools determine need of determine need of families.families.
![Page 7: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/7.jpg)
PFS (or other application form)
tax return
4506 form
![Page 8: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/8.jpg)
Student InformationStudent Information
![Page 9: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/9.jpg)
Parent/Guardian Information & Parent/Guardian Information & School SelectionSchool Selection
![Page 10: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/10.jpg)
Income and ExpensesIncome and Expenses
![Page 11: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/11.jpg)
Family Assets and DebtsFamily Assets and Debts Assesses the “financial strength” of the familyAssesses the “financial strength” of the family
![Page 12: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/12.jpg)
Family Educational ExpensesFamily Educational Expenses
![Page 13: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/13.jpg)
Other Expenses and Additional Other Expenses and Additional InformationInformation
![Page 14: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/14.jpg)
DO NOT LEAVE BLANK!DO NOT LEAVE BLANK!
![Page 15: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/15.jpg)
What’s next?What’s next?
![Page 16: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/16.jpg)
Your “EFC”Your “EFC”
EEstimated stimated
FFamily amily
CContributionontribution
![Page 17: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/17.jpg)
How does SSS determine your How does SSS determine your Estimated Family Contribution?Estimated Family Contribution?
Discretionary Income Discretionary Income
Your Estimated Family Your Estimated Family Contribution is usually 22-44% Contribution is usually 22-44% of your Discretionary Income. of your Discretionary Income.
![Page 18: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/18.jpg)
Example: Family of 4, Total Gross Income Example: Family of 4, Total Gross Income $100,000 (and Net Worth of $100,000)$100,000 (and Net Worth of $100,000)
IncomeIncome $100,000$100,000
+ Small % of Net Worth $ 1,500+ Small % of Net Worth $ 1,500
- Tax, Misc. Allowance- Tax, Misc. Allowance $ 35,000$ 35,000
- Moderate Standard - Moderate Standard
of Livingof Living $ 28,000$ 28,000
Discretionary IncomeDiscretionary Income $ 38,500$ 38,500
x x 35% 35%
Estimated Family Estimated Family
ContributionContribution $ 13,500$ 13,500
![Page 19: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/19.jpg)
Not the “Final Say”Not the “Final Say”
Once Admissions knows who they want to Once Admissions knows who they want to accept, Financial Aid looks at the EFC but accept, Financial Aid looks at the EFC but often makes often makes adjustmentsadjustments..
Schools make adjustments based on their Schools make adjustments based on their own policies and budgets:own policies and budgets: Some make adjustments for geographic Some make adjustments for geographic
differences in cost of livingdifferences in cost of living Some may not count your home as an Some may not count your home as an
assetasset Some schools cannot afford to meet full Some schools cannot afford to meet full
need for all familiesneed for all families
![Page 20: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/20.jpg)
Schools notify familiesSchools notify families
Usually schools will inform families of Usually schools will inform families of any financial aid offered with an offer of any financial aid offered with an offer of admissionadmission
Grants offered will not necessarily be the Grants offered will not necessarily be the same from every school (due to differing same from every school (due to differing policies and budgets)policies and budgets)
![Page 21: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/21.jpg)
What if it’s not enough?What if it’s not enough?
Things to think about…Things to think about…
LoansLoans Monthly payment plansMonthly payment plans Look creatively at your earning potential, Look creatively at your earning potential,
spending priorities, or asset managementspending priorities, or asset management Call the Financial Aid Office at the school and Call the Financial Aid Office at the school and
explain the problem and ask for helpexplain the problem and ask for help
![Page 22: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/22.jpg)
Common Questions & Common Questions & ConcernsConcerns
![Page 23: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/23.jpg)
““Will I qualify?”Will I qualify?”
Depends on many factors: income, assets, Depends on many factors: income, assets, debts, number of children, parents’ age…debts, number of children, parents’ age…
Tuition is costly; families from a wide Tuition is costly; families from a wide range of income levels can qualify.range of income levels can qualify.
![Page 24: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/24.jpg)
““So, should we apply?”So, should we apply?”
If you think you need it, you should apply. If you think you need it, you should apply.
Plan ahead! Plan ahead!
You may not be able to apply later.You may not be able to apply later.
![Page 25: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/25.jpg)
““Will applying for financial aid affect Will applying for financial aid affect my child’s chances for admission?” my child’s chances for admission?”
Most schools separate their admissions Most schools separate their admissions and financial aid processes so that and financial aid processes so that financial need does not prejudice your financial need does not prejudice your application. But, budgets are limited.application. But, budgets are limited.
![Page 26: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/26.jpg)
““What about ‘extras’?”What about ‘extras’?”
Questions to ask schools:Questions to ask schools: What is included in the tuition What is included in the tuition
rate?rate? Are there other fees such as Are there other fees such as
lunch, books, PTA dues, or lunch, books, PTA dues, or uniform fees?uniform fees?
Is there supplemental financial Is there supplemental financial assistance available for trips, assistance available for trips, or other incidental expenses?or other incidental expenses?
![Page 27: Demystifying Financial Aid. “How can I afford to send my child to an independent school?”](https://reader030.fdocuments.us/reader030/viewer/2022032800/56649d485503460f94a23378/html5/thumbnails/27.jpg)
Top 5 to RememberTop 5 to Remember
1.1. If you think you need itIf you think you need it, apply., apply.
2.2. Don’t miss Don’t miss deadlinesdeadlines!!
3.3. Ask questionsAsk questions if something is not clear. if something is not clear.
4.4. Be Be honesthonest, and as , and as accurateaccurate as possible. as possible.
5.5. Provide Provide detailsdetails. (Do not leave item #32 . (Do not leave item #32 on the PFS blank!)on the PFS blank!)