Presentation on theme: "Affording Catlin Gabel"— Presentation transcript:
1Affording Catlin Gabel An Introduction to Financial AidSara Nordhoff, Director of Admission & Financial AidMary Yacob, Admission & Financial Aid CoordinatorCatlin Gabel School, Gerlinger AuditoriumThursday, January 15, 2015
2Our commitmentCatlin 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. What the presentation will cover
4The “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?What the presentation will cover
5Who 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.Mention that payment plans as an option not of financial aid but a financing option.
6What 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 availableMerit-based scholarships for those who qualify.Monthly payment plans are available to all families.Assistance for books, laptops, trips, and other programsMention that payment plans as an option not of financial aid but a financing option.
7When 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 answeredINFORMATION UP TO THIS POINT HAS BEEN THINGS YOU CANNOT CONTROL, IN THE NEXT FEW SLIDES WE’LL TALK ABOUT THE THINGS YOU CAN CONTROL.Applying after deadlines severely limits chances of receiving aid.“Other expenses” may include uniforms, activity fees, insurances, laptops, travel, lunches, social events, “electives” – some schools may need to build this in to the cost of attendance, some schools do not.If you can adapt, do your taxes early. If you can’t do taxes early, make sure you talk to your school. The school may make an award based on older tax forms, but they may also make changes based on the new tax forms. School has the right to change your award if you decide to give the previous years docs.
8When should I submit my information? SSS Parent Financial Statement is due Friday, February 6, 2015.2013 & 2014 taxes due to SSS Friday, February 27, 2015Missing 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.School deadlines typically fall between December and April for the following academic yearIf you’re applying online, you may be asked to send documents, so plan accordingly.
9How do I apply for financial aid? Step 1 (required): Complete the School & Student Services (SSS)Parent Financial Statement (PFS). Deadline: February 6, 2015Step 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, 2015Step 3 (required): Submit completed 2013 & 2014 tax documents via SSS document upload. Deadline: February 27, 2015Though many schools have a need-blind a need blind admission policy, not all schools have large enough aid budgets to cover all need.Don’t be afraid to approach schools. It’s not easy to ask, but you need to be informed.Applications begin on November 1, 2012, for the enrollment year.You will need Catlin Gabel's school code: 2230.Complete only one PFS per household even if you have several children applying for financial aid.You will be given a password that will allow you to return to your PFS at a later date prior to submitting it.If you are a returning family or have applied previously, some of your information will automatically populate.Be sure to explain all circled items in the PFS.The cost of the PFS is $39.Your information is secure and confidential.Please note: For two-household families, both parents are required to complete a PFS even if only one parent contributes to tuition.
10How is my financial aid award calculated? 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.Reminders:Retirement accounts are not considered, but contributions to retirement fund are (a small percentage).FAQs: Am I expected to take a home equity to pay for education? How is home value calculated? How are savings accounts affected?“The important thing to note is that home equity & accounts are calculated into net worth. Net worth is then used to factor into a families financial strength.”
11Financial Aid Offer from school Financial aid offer from school How is my financial aid award calculated?Total Tuition- Expected Family ContributionTotal Financial NeedSchool makes award decisions based on its policy and budget.Financial aid offer from school
12If school meets 90% of need: 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)$15,850 Financial NeedSome reasons why schools aren’t always able to meet need: budgets, deadlines, preferential policies (awards based on grade level, etc.) HS may have 100%, MS 75%, and LS 50% of need met.Explain:$21,550 Tuition - $5,000 Financial aid grant$16,550 Unmet need - $5,000 Family Contribution$1,655 Additional contribution needed from family and other resourcesIf school meets 90% of need:$14,265 Financial Aid Grant$11,585 Parent Contribution
13FAQs 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 1st 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.Reminders:Retirement accounts are not considered, but contributions to retirement fund are (a small percentage).FAQs: Am I expected to take a home equity to pay for education? How is home value calculated? How are savings accounts affected?“The important thing to note is that home equity & accounts are calculated into net worth. Net worth is then used to factor into a families financial strength.”
14Where should I go for more help? PFS Online Support at sssbynais.org/parentsPFS online workbookView helpful webinars to learn how to navigate and complete the online application correctly.Phone and support are available if you get stuck along the way at or use the contact form.Catlin Gabel Financial Aid Office at ext 468 orOur website:Reminders:Retirement accounts are not considered, but contributions to retirement fund are (a small percentage).FAQs: Am I expected to take a home equity to pay for education? How is home value calculated? How are savings accounts affected?“The important thing to note is that home equity & accounts are calculated into net worth. Net worth is then used to factor into a families financial strength.”
15Thank you Sara Nordhoff, Director of Admission & Financial Aid Mary Yacob, Admission & Financial Aid CoordinatorCatlin Gabel School, Gerlinger AuditoriumThursday, January 15, 2015