FINANCIAL AID AT RYE COUNTRY DAY SCHOOL A Handbook for Parents

Transcription

1 FINANCIAL AID AT RYE COUNTRY DAY SCHOOL A Handbook for Parents Revised October 2015

2 FREQUENTLY ASKED QUESTIONS Q: Is financial assistance available at RCDS? A: Rye Country Day School (RCDS) or The School offers financial aid to qualifying families. Our financial aid program is need-based, which means we do not offer any academic, athletic, or merit-based scholarships of any kind. Financial aid is awarded to families of qualified admissions candidates who demonstrate financial need. Q: Will I have to pay back my financial aid award? A: No. The RCDS financial aid program is entirely comprised of grants. There are no loans in our financial aid packages. Q: Does financial aid only cover tuition? A: No. Financial aid awards consider the entire expense of attending RCDS. This can factor in "extra" costs such as lunch, books, transportation, and other expenses. Furthermore, all students who receive financial aid (regardless of the grant size) in Grades 7-12 receive a new, loaned laptop computer from the School as part of their financial aid package. RCDS is also pleased to support school-related trips for students who receive financial aid. The School will support approved trips for students at the same percentage of their financial aid grant. Q: How does one apply for financial aid at RCDS? A: The first step in applying for financial aid is to indicate on the application that you are interested in applying for need-based financial aid. Through the RCDS website, you will be directed to apply for financial aid through an independent party called School and Student Services (SSS). Q: How does RCDS assess a family's financial need? A: RCDS uses SSS to determine financial need. For more information about SSS, call (800) or visit their website at Financial aid applicants need to complete the Parents Financial Statement (PFS) online and include the RCDS code (6208). SSS will only accept online applications submitted through their website. The School also requires that applicants upload a copy of all federal IRS forms submitted in the previous year, as well as the most recent W2 forms. All of these documents give RCDS an informed sense of a family's financial need. It is important to note that although RCDS uses SSS as an important guide in this process, actual awards are always recalculated locally and distributed by the Financial Aid Committee at RCDS. Q: What if our family is separated or I am a single parent? A: Our students who receive financial aid come from a wide variety of family structures, and ultimately every family's situation is treated on a case-by-case basis. However, RCDS does have a clear policy for considering financial aid in separated/divorced situations. We do consider financial resources that are available to the applicants from all parents (noncustodial and step-parents included). Each family must submit a PFS through SSS. Q: How does the timing of the financial aid application work? A: The School distributes financial aid awards simultaneously with admissions offers. Since most of our admissions responses occur in mid-february, our financial aid application process must commence well in advance of this date. You can apply for financial aid through SSS starting in the beginning of November. The due date for a completed financial aid 2

3 application for prospective students is December 15 th. Q: Will my application for financial aid impact my admissions decision? A: If your financial aid application is completed by the aforementioned deadline, then the answer is almost always "no." Financial aid and admissions are two separate processes at RCDS; our Admissions Committees do not consider financial need when evaluating the qualifications of an admissions applicant. While the financial aid budget is generous, it is not limitless. Applications for financial aid that are submitted after the December deadline can only be considered subject to the availability of funds. Sometimes RCDS is unable to make financial aid awards to all qualified students based on budgetary constraints. Q: Will I continue to receive financial aid for the duration of my child's tenure at the School? A: Generally, yes. As long as a family's financial situation remains relatively unchanged, families should anticipate that their cost will remain relatively constant throughout their experience at RCDS. Grants can change in either direction depending on significant changes in a family's financial situation. Q: While attending RCDS, will everyone know that my child is receiving financial aid? A: No. The identity of students who receive financial aid is kept in confidence at RCDS. Only the Financial Aid Committee, the Headmaster, the Principals, and the Business Office (Student Billing) have access to financial aid status. No one has access to any financial documents submitted in the process except for the Financial Aid Committee. Q: Who are the students that are on financial aid at RCDS? A: The School looks to support qualified students who will be able to contribute to school life in many ways. We have students who receive financial aid in all divisions of the School (Lower, Middle, and Upper). Currently, our students who receive financial aid come from approximately twenty different communities in Westchester and Fairfield Counties, as well as Manhattan and the Bronx. Our families also come from a range of incomes and qualify for varying amounts of financial support. Q: Whom should I contact for more information about the financial aid program? A: Contact Courtney R. Doucette, Financial Aid Officer, either by telephone at (914) or by at [email protected]. 3

4 MISSION AND PHILOSOPHY OF THE FINANCIAL AID PROGRAM AT RCDS The mission of the financial aid program is to provide assistance to students who will further the RCDS mission statement. The financial aid program provides opportunities to qualified students who would otherwise be unable to attend the School. Our goal is to fund the demonstrated need of our admitted students. RCDS believes that parents have the primary responsibility in funding a secondary school education. Only after available parental resources have been examined and exhausted will the School offer financial support. The goal of the financial aid application process is to garner the fullest understanding of all financial resources that may be available to a given applicant. At the same time, the School considers its program to be generous and supportive. We acknowledge that cost of living factors are significant in our region, and we also consider supplemental costs when considering and calculating our awards. The Financial Aid Committee believes it is crucial to recognize the additional costs that families absorb beyond tuition when they decide to attend RCDS. 4

5 CORE VALUES OF RCDS FINANCIAL AID PROGRAM Confidentiality All documents and records that are forwarded to RCDS are kept confidential within the Financial Aid Committee. Records are not accessible by other family members, RCDS faculty/staff, or organizations. Confidential documents are securely stored and shredded on a regular basis as necessary. Furthermore, the identities of our students who receive financial aid are held in the strictest confidence on campus. Beyond the Financial Aid Committee and Director of Admissions, only the Headmaster, division Principals, and select members of the Business Office (Student Billing) are made aware of student financial aid status. In some situations, other faculty members will be made aware of financial aid status as necessary to administer trips and activities. Equity The Financial Aid Committee wants to maintain an equitable distribution of funds to its applicants. Therefore, we will often consider awards of current families in similar economic situations while making new awards. Furthermore, the School has no predisposition in terms of what types or groups of students to which it will make awards. We support all qualifying students who we believe will further the School's mission statement. Simplicity Another core value of our financial aid program is simplicity. We see real value in keeping the financial aid application and renewal processes as simple and efficient as possible. We only require steps that are truly needed for the process and we try to keep our literature as concise and accessible as possible. We acknowledge that applying for financial aid can be intimidating and time-consuming, and we work to make it as easy as possible. Need-Based Financial Aid RCDS has a strictly need-based financial aid program. We do not engage in merit, athletic, or academic scholarships of any kind. Awards are made only to address a demonstrated financial need. 5

6 GENERAL POLICIES Types of Awards RCDS financial aid packages are exclusively grants; we do not expect our students to pay back any portion of our financial aid awards. Our school makes awards at varying percentages. Our Financial Aid Committee carefully considers the extra expenses associated with attending the School (books, lunch, transportation, etc.), and we make awards that address these needs accordingly. Other Forms of Support Computers In 1999, the School adopted a wireless network and a mandatory laptop program for students in grades seven and above. The School will loan all students that receive financial aid a new laptop computer. This computer will be the same model and quality generally used by the entire student population. The School further acknowledges that the normal useful life of a laptop computer is three years, and our students can expect new loaner computers as older models expire. This program plays a key role in maintaining the anonymity and confidentiality of our students who receive financial aid. All parents/guardians will be asked to pay for insurance ($60.00 per year), which covers the cost of repairs if needed. Trips RCDS is also committed to supporting its students who receive financial aid by taking part in school trips and activities. We fund curricular trips and other excursions at the same percentage that we support the student's financial aid grant. Trips that relate directly to the academic curriculum of the School take priority in these awards, but we support extracurricular trips (sports, choir, etc.), as well. Summer School The School offers both enrichment and remedial courses during its summer school. Students who receive financial aid are welcome to attend the summer school at the same percentage that we support the student s financial aid grant. SAT Preparation The financial aid budget will also help to support all of our students who receive financial aid with an SAT preparation course during their junior year. RCDS funds the preparation course at the same percentage that we support the student's financial aid grant. Academic Tutoring The financial aid budget will also help to support any tutoring needs that arise with our students who receive financial aid. This need is identified and recommended by the division Principal, and arrangements are made for an RCDS faculty tutor. The financial aid budget will cover the cost of tutoring at the same percentage that we support the student s financial aid grant at the hourly rate at which the School has set for paying its teachers. If a family decides to use a non-rcds faculty tutor whose fee is higher than the RCDS rate, the parent/guardian will be responsible for paying the cost in full. Evaluations When the School determines that a psychological/educational evaluation is necessary for a student who receives financial aid, the School will support the family by recommending an evaluator and funding the evaluation at the same rate as the family s financial aid package. 6

7 The decision to fund such an evaluation occurs through a thoughtful analysis by the Director of Support Services, the division Learning Specialist, and the division Principal. Outside Support If the School determines that a student needs additional counseling or support from an outside therapist or organization, the financial aid budget will help cover the cost of this expense at the same rate as the family s financial aid package. The School will provide the family with a list of recommended therapists and counseling services. Book Fair Students who receive financial aid get a $35 credit towards our fall and spring book fairs (for books and summer reading, not special vendor items or food). Train and Metro Cards RCDS students can receive Metro-North train cards at a discounted rate. These cards are available through the MTA website. In addition, many of our students qualify for a free Metro card that can assist with their subway or bus transportation (in the five boroughs of New York City). Voice and Music Lessons RCDS is also committed to supporting its students who receive financial aid to participate in private voice and music lessons. We fund these lessons at the same percentage that we support the student's financial aid package. Duration of Commitment When we accept a student at our school, we anticipate supporting that student at the same level throughout the duration of his/her time at RCDS. The only exception to this is if the financial situation of the family changes dramatically over this time period. We make every effort to help fund students who are returning to RCDS. Prioritizing Awards Although financial aid at RCDS is fundamentally a need-based system, we acknowledge that occasionally demand can outstrip available funds for financial aid. In these rare situations, RCDS will use the School's mission statement as its rudder for funding decisions. We make it clear in our literature that we will review academic and extracurricular records as necessary to make awards. If forced to prioritize, the School will support the need of students who we believe will do the most to further the School s mission. 7

8 APPLYING FOR FINANCIAL AID AT RCDS FOR THE FIRST TIME Inquiring for Financial Aid We believe it is fundamentally the responsibility of prospective families to inquire for financial aid. All of our applicant families have access to the School's literature about the existence of our program (on our website) and are encouraged to apply if necessary. Required Components of the Application New applicants for financial aid must complete the following steps: 1. Complete the PFS form online by December 15, Because of the early timing, families need to estimate both years of income (2015 & 2016) that are requested on this form. 2. Families must also upload copies of the most recent federal tax forms (2014) and W- 2s (2014) to the SSS website by December 15, Applicants are required to submit all forms and schedules that they file in a given year, including returns for individual children. 3. Awards are made by RCDS with the stipulation that all numbers will be verified with tax material from the current year as the information becomes available. Families are also required to upload their 2015 W2 s (no later than 2/5/16) and 2015 Form 1040 s (no later than 4/15/16) to the SSS website. 4. Families may be requested by the Financial Aid Committee to supply additional documentation and/or have personal meetings as needed. The Financial Aid Officer will print necessary copies of documents for the applicant s file. 8

9 GUIDING PRINCIPLES IN MAKING AWARDS Expectation of Two Working Parents RCDS expects all parents applying for financial aid to be working if they are physically able to do so. One possible exception to this would be a stay-at-home parent who is providing childcare for a young child who does not yet attend school. Exceptions will be assessed on a case-by-case basis. Separated/Divorced Families RCDS considers the financial means and personal relationship of all parents (custodial and non-custodial) who are involved in the life of the applicant in any way. Non-custodial parents are required to complete their own PFS form (one per household). If a situation occurs where the non-custodial parent shows no contact or involvement with the child, then we require some form of written documentation to substantiate this circumstance. Generally, we ask that this letter come from a third party (school administrator, religious official, program coordinator, etc.) At the very least, we expect a letter from the custodial parent explaining the circumstances. Occasionally, we receive further legal documentation about custody scenarios. We work hard to consider all parents involved and make awards accordingly. Business/Farm Owners Business and farm owners must submit all schedules and forms that they are required to submit to the IRS. Loss of Job RCDS is sympathetic to the reality that parents may find themselves unemployed. These situations are considered carefully and may require further discussions with the family before making or adjusting an appropriate award. Such situations do require formal documentation and on-going conversations. Parents Returning to School Although we recognize a parental decision to return to school for professional reasons, we also believe that it is a choice that a family makes. Based on our budgetary constraints, RCDS cannot subsidize this decision for new or current families. We still expect both parents to be working whenever physically possible. Child Support RCDS considers all child support dollars from all sources when calculating its financial aid awards. Home Equity RCDS will consider home equity when calculating financial aid awards. In general, we subscribe to the SSS formula for considering these assets. In reality, home equity often impacts a family's contribution less than people expect. If we have doubts about the market value of a given property, we will generally subscribe to the SSS housing multiplier factor to guide our thinking. Investment Income We always want to understand fully the asset situation of a family before making an award. This includes understanding the assets of children, as well as parents in the family. Our approach with assets varies based on their size and relation to overall family income. 9

10 Student Assets Generally, RCDS believes that students are not in a position to contribute significantly to tuition if they are going to participate fully in our school's life and culture. In the 11th and 12th grades, we do think a student can make a small contribution to tuition through summer employment. We are wary of depleting student savings for college. Although we will consider student assets in making our award, we will not automatically assume that any assets in the student's name should be equally distributed between his/her years at RCDS and his/her years in college. Understanding Other Sources of Income Although RCDS does not expect other sources to contribute to a child's tuition (grandparents, relatives, foundations), if we do know of such funding, then we feel comfortable accounting for it in our award calculations. We also expect that other siblings will be applying for and receiving financial aid from other educational institutions. In addition, we like to know what types of financial aid an applicant has received in the past and what types of financial aid siblings expect to receive for the upcoming year. This information helps us fully understand the family's ability to contribute to education and protects RCDS from subsidizing the education expenses of other members of the same family. Unusual Expenses All unusual expenses by a family in a given year are scrutinized carefully when making awards. Often these may require substantiation through follow-up contact or paperwork. We try to be reasonable and always want to understand the context of a family's situation, but use professional judgment in addressing what the School will and will not consider as valid forms of expense, debt, or expenditure. 10

11 ACCEPTING FINANCIAL AID Enrollment Agreement Students who receive financial aid receive a modified enrollment agreement, as well as a depiction of expected supplemental costs for a given year. Parents must sign this contract to officially accept both enrollment and financial aid from the School. Payment Structure Tuition and lunch fees are billed into ten installments per year (with no installment fee), beginning in June. Other school charges are billed as they are incurred, and payment is expected within 30 days of the time of billing, subject to normal finance charges. Appeal Process Families who wish to appeal their financial aid award must do so in writing. In most cases, re-evaluation of award decisions and amounts will only be considered in the context of new information. Thus, the financial aid office will be more likely to review and/or alter an award if the family can articulate specifically with data why the change in award is required. Families are always welcome to call and discuss their applications, but should know that the School has a specific approach to financial aid and does not engage in excessive negotiation and/or lobbying efforts. 11

12 RENEWING FINANCIAL AID Philosophy RCDS sees supporting its current students who receive financial aid as having a priority in the award process. As long as a family's financial situation remains relatively unchanged, families should anticipate that their cost will remain relatively constant throughout their experience at RCDS. Grants can change in either direction depending on significant changes in a family's financial situation. Process The renewal process must be completed annually by each family and is similar to the initial application process and includes the following steps: 1. Completing the PFS and filing with SSS 2. Uploading and submitting all IRS tax forms (including schedules) as well as W- 2 s for the current year 3. Submitting any additional supporting documents that are requested by the Financial Aid Committee The deadlines for returning families are considerably later than new students: returning families are required to submit all necessary paperwork by March 1 st and can expect an award letter by mid-april. Holding Awards Financial aid awards may be withheld from returning students for the following reasons: 1. Academic probation/serious concerns 2. Disciplinary issues 3. Significant outstanding account balances 4. Possibility of a student being counseled out of the School for any reason 5. Missing paperwork for our process 6. Outdated tax forms These situations are always resolved on an individual basis. Awards are still made to these students in the original round of grants; we anticipate all of these students to return. Once a student's enrollment issues have been resolved, the Financial Aid Officer will mail award letters individually. 12