FINANCIAL ASSISTANCE GUIDELINES Purpose Portledge School recognizes the value of a diverse student population. Through financial assistance, the school strives to make its program available to a wide range of students. Portledge School is an independent non-profit school which meets the charitable and educational definitions of Section 501 (c) (3) of the Internal Revenue Code. As such we receive no outside funding from federal sources and is not supported by any outside religious organizations. Portledge is reliant upon the following funding sources to support its educational program: tuition, fees, private and planned gifts, fundraising proceeds, planned and corporate and foundational support. The school possesses finite financial resources. To this end the school uses its Financial Assistance to help families attend even if their resources are not sufficient to pay full tuition. While we do not grant educational loans, the primary criteria used to determine assistance to recipients is based upon the inability of academically qualified students to pay the necessary tuition to attend the school. School and Student Services (SSS), an assessment management company will analyze the family s need by using the information submitted on the Parents Financial Statement (P.F.S.) This assessment required the applicant to pay a $55.00 fee directly to SSS. Additional supporting documents may also be required by the Finance Assistance Committee and SSS. The Financial Assistance Program will be publicized among all current students, those who attend the school s summer program and others who contact the school or request a tour. Furthermore, information will be posted on the school s website, and included in future program brochures. Financial Assistance Committee The Financial Assistance Committee members are appointed annually by the Head of School, and will consist of at least one Division Director, the Director of Admissions, Finance Office Manager, and one member without a direct current connection to the school. Other members may be selected from the faculty. The Chair should be selected annually by the group. 1
Objectives 1. Enable families with wide range of socio-economic backgrounds to attend. 2. Promote diversity and gender equity. 3. Fulfill the mission of the School. 4. Operate in a fair and equitable manner. 5. Optimize use of staff and facilities. 6. Provides reasonable financial benefit to the school. Process Awards are made without regard to a student s race, color, religion, gender, national origin, disability, or age and in compliance with existing state and federal law or regulations. Students receiving financial assistance are expected to maintain a good academic record (established during the admissions process), and to demonstrate commendable behavior, effort, and citizenship. Other issues to be considered: Attendance Long-term commitment of family to the school Participation of parents as volunteers Family payment history Students who are placed on disciplinary or academic probation or who violate the confidentiality agreement may immediately risk their Financial Assistance grant. The school recognizes that the primary responsibility for financing a student s education rests with his or her family. A school family is defined as consisting of both natural parents and/or guardians of the applicant, any stepparent, plus any children from the original marriage. The school will not be bound by the assertion of one parent that he or she is not responsible legally or otherwise for education expenses, including a divorce decree. Thus, both parents and/or guardians must provide the information that is required on the Parents Financial Statement (PFS) and filed with SSS (Form1040, all schedules, two years of W2 forms, IRS Form 4506) and a current credit report. If the information from both parents is not available at the time the application is evaluated, it may cause a discretionary assessment of financial need to be made by the Financial Assistance Committee and/or a delay of any award. If the student files a tax return, a copy of that form should be included. For students who have trust assets, a copy of the trust agreement must be submitted. 2
The Financial Assistance Committee reserves the right to review extenuating circumstances on a case-by-case basis. The Financial Assistance contract will be sent to both parents and/or guardians, who must then decide how to divide the family contribution. The committee, based upon the input from SSS (and NAIS data) determines the threshold maximum family income to receive financial assistance. That threshold is modified based upon how many children a family has at independent schools. The same formula for calculation will be used for all families. Awards will not be automatically renewed for subsequent years. Every year, families must complete the required forms and provide the needed documentation to be considered for tuition assistance. November 1 st SSS portal opens online for families to begin preparation of PFS data. December 1 st. SSS paperwork mailed to returning and inquiring families. January 15 th.. Financial Assistance Committee will notify admissions early decision candidates of the status of their financial assistance request if their application if complete. Awards will be conditional until current tax year paperwork is filed. February 1 st.. Deadline for submission for PFS. March 1 st.. Deadline for submission of current tax year forms, 4506 and credit reports to Portledge. March 15 th. Financial Assistance Committee will notify all returning families who have a clear balance and have completed the necessary paperwork of their tuition assistance award for the coming year. A percentage of new admissions candidates who have applied for assistance will also be notified on this date. After April 1st.The Financial Assistance Committee will notify both returning and new recipients who have subsequently completed their assistance applications of their awards on a rolling basis. After May 1 st..the Financial Assistance Committee will establish a Financial Assistance Wait Pool for those new students who have been accepted to the school but yet to receive assistance. How to Apply for Financial Assistance Financial Assistance awards are contingent upon acceptance to Portledge. Therefore, in some cases due to the school s admission process, applicants may seek assistance prior to notification of acceptance. In this case, the parents applying for Financial Assistance must complete the Parents Financial Statement (PFS) each year by submitting an original PFS Form to the School and to SSS Grant and Aid Assessment. Parents must then send a copy of the PFS form along 3
with the copies of W2 forms and all schedules of the most recent IRS tax returns to Portledge School. Parents who own a business are expected to include a copy of their business tax return. After analyzing the data provided on the PFS, SSS will compute the expected family contribution for the school year. Prior to applying for Financial Assistance, the school cannot offer a verbal estimation of the amount of aid a family can expect to receive. Award Determination The Financial Assistance Committee will review the SSS analysis of the families expected financial contribution and other submitted documents and then determine the award amount. The Financial Aid Committee will use the SSS report as an assessment tool; however, Financial Assistance decisions reside within the committee. Current salary, net worth, and family circumstances will be considered when determining the award amount. Competition for assistance is significant. Limited funds may prevent the committee from offering assistance to all who qualify. Families who are notified of a financial assistance award must typically accept or decline the award within two weeks of notification. If the family fails to comply with this and other reasonable requirements, or breaches the confidentiality of this legally binding letter of award with any party unnamed in the award, the school reserves the right to withdraw financial assistance at any time during the school year. The School may prorate the award based upon: optimal use of staff and facilities allowing current children to remain at school allowing siblings of accepted families to enroll the amount of financial benefit for the school the timing of the financial assistance application attempts to meet the needs of all family members % of award provided Discussions and financial statements held by the Financial Assistance Committee are strictly confidential. The Finance Committee of the Board of Trustees will determine and approve the total amount of awards to be funded annually. The overall goal is based upon the ability to fund the award without sacrificing programs or creating an operating deficit. Such funding decisions will be based upon the total amount of funds available along with anticipated enrollment figures. Consumable books, school fees, testing, field trips, party fees, bus fees, and lunch/snack expenses, and other incurred costs must be paid by the family and cannot be covered by the Financial Assistance award. Financial Assistance Wait Pool A Financial Assistance Wait Pool is created for students whom we have accepted and are well qualified to attend Portledge but for whom sufficient financial aid is currently not available. The Financial Assistance Committee will regularly update families on their status during the spring and summer months, with final notification on September 1 st. 4
Hardship Contingency A family may experience an extenuating circumstance resulting in an unexpected need for financial assistance. These issues may arise after the application deadline has passed. Examples may include a death in the immediate family, unexpected loss of employment, or serious or sudden illness. The hardship contingency may consist of either tuition assistance or deferred tuition payments. Those who wish to apply for a hardship contingency would be required to follow the same guidelines as those applying for financial assistance and provide the appropriate documentation. For families with one or more non-working parent, who do not have children under the age of five, $5,000 will be added to the family s effective income. Notification Families will be notified of their awards for the next academic year only if their current tuition balance is paid and enrollment deposit is received, assistance cannot be applied toward any tuition or fee balances from prior years. Financial assistance applicants must still pay the enrollment deposit. Financial assistance grants are credited to the students account at the beginning of the billing cycle for an academic year. Appeal Families may appeal a financial assistance decision or award amount by appealing in writing to the Financial Assistance Appeals Committee. Appeals must be received within two weeks of the award decision date. This committee is comprised of the Head of School, one member of the Financial Assistance Committee at large, and one member of the Board of Trustees. Supplemental information may be requested during the appeal process. Meeting Schedule - Financial Assistance Committee The Committee will meet one month after the re-enrollment contract due date, (to be determined) through the beginning of school, but may call a meeting(s) as needed. The first meeting will discuss returning students. Applications will be divided by class. Applications will be presented by the Admissions Office with input from the Division Head of appropriate class regarding academics and overall student performance and a report from the Finance Department with payment history. The Committee will meet on the first of each month following, if applications for returning and new students are available to discuss. The Committee can call a meeting at any time with the consent of all the committee members. Please contact Michael Coope at 516-750-3202 if you have any questions about financial assistance. 5