Presentation on theme: "Affording Catlin Gabel An Introduction to Financial Aid Sara Nordhoff, Director of Admission & Financial Aid Mary Yacob, Admission & Financial Aid Coordinator."— Presentation transcript:
Affording Catlin Gabel An Introduction to Financial Aid Sara Nordhoff, Director of Admission & Financial Aid Mary Yacob, Admission & Financial Aid Coordinator Catlin Gabel School, Gerlinger Auditorium Thursday, January 15, 2015
Our commitment Catlin Gabel believes socioeconomic diversity enriches the educational experience for all of its students. We are committed to offering a robust need- based financial assistance program to ensure the school is accessible to as many families as possible.
Tuition and Financial Aid
The “Five Ws” of Financial Aid Who is responsible for the cost of private school? What is “financial aid”? Why should I apply for financial aid? When should I start planning? Where should I go for more help?
Who is responsible for the cost of private school? The child’s family is primarily responsible. This includes both parents even if divorced or separated. All available resources should be explored before applying for aid (grandparents, savings, trusts, discretionary income, outside scholarships, etc). Once all resources have been explored and you feel the cost of tuition is still out of reach, financial aid MAY be available.
What is Financial Aid? Grants Financial assistance at Catlin Gabel is in the form of need-based grants which are not loans and do not need to be repaid. Financial assistance comes from the school’s budget as well as generous donors. We are also a Malone Family Foundation school. Money does not come from SSS. Other types of financial aid that may be available Merit-based scholarships for those who qualify. Monthly payment plans are available to all families. Assistance for books, laptops, trips, and other programs
When should I start planning for 2015-16? Now! Begin collecting 2014 financial documents. Make a budget to determine what you can realistically contribute to the cost of tuition: Add all sources of income (wages, tips, child support, etc.) Subtract all expenses (try to reduce as much as possible) Research full cost of attendance: tuition, books, trips, etc. Do your tax returns early. Required for verification. Allow time to get all your questions answered
When should I submit my information? SSS Parent Financial Statement is due Friday, February 6, 2015. 2013 & 2014 taxes due to SSS Friday, February 27, 2015 Missing deadlines could result in reduced aid or NO aid. DO NOT wait until you have received an admission decision to begin the financial aid process.
Step 1 (required): Complete the School & Student Services (SSS) Parent Financial Statement (PFS)Parent Financial Statement (PFS). Deadline: February 6, 2015 Step 2 (optional): Submit a Personal Statement in the comments section of the PFS explaining any special circumstances or information not otherwise reflected in the PFS about why your family is applying for financial aid. Because of space limitations, you may also choose to submit your personal statement in a letter directly to Sara Nordhoff or Mary Yacob. Deadline: February 6, 2015Sara Nordhoff Mary Yacob Step 3 (required): Submit completed 2013 & 2014 tax documents via SSS document upload. Deadline: February 27, 2015 How How do I apply for financial aid?
SSS determines your Discretionary Income. Income (money coming in) minus Expenses/Allowances (money going out) Assets (what you own) minus Liabilities (what you owe) SSS will calculate an Expected Family Contribution (EFC) from your discretionary income to pay for tuition. The school will: 1) verify the information you presented, 2) calculate how much each child qualifies for, 3) determine our ability to meet your need based on our policies and available budget. Goal: Meet 85 to 95% of demonstrated need. How How is my financial aid award calculated?
Total Tuition - Expected Family Contribution Total Financial Need Financial Aid Offer from school Financial aid offer from school
Financial Need Calculation Example: Catlin Gabel strives to meet between 85 to 95% of need $25,850 Tuition - 10,000 Family Contribution (as calculated by SSS) If school meets 90% of need: $14,265 Financial Aid Grant $11,585 Parent Contribution $15,850 Financial Need
Do I have to reapply every year? YES Can I expect the same amount each year my child is in school? YES, as long as you demonstrate the same level of need. What if parents are divorced or separated? Both parents are required to complete a PFS. Extraordinary circumstances are considered case-by-case. Do both parents have to earn income? YES, when all children in the household are in 1 st grade and above. When will I find out about my financial aid? Admitted applicants are notified of their financial aid decision with their offer of admission. FAQs
PFS Online Support at sssbynais.org/parents sssbynais.org/parents PFS online workbook View helpful webinars to learn how to navigate and complete the online application correctly. Phone and email support are available if you get stuck along the way at 800-344-8328 or use the contact form. Catlin Gabel Financial Aid Office at 503-297-1894 ext 468 or email@example.com@catlin.edu Our website: www.catlin.edu/admissionwww.catlin.edu/admission Where Where should I go for more help?
Thank you Sara Nordhoff, Director of Admission & Financial Aid Mary Yacob, Admission & Financial Aid Coordinator Catlin Gabel School, Gerlinger Auditorium Thursday, January 15, 2015