An Introduction to Financial Aid

Report
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 needbased financial assistance program to
ensure the school is accessible to as
many families as possible.
Tuition and Financial Aid
Catlin Gabel School 2014-15
Tuition (Preschool)
$20,100
Tuition (Kindergarten)
$21,800
Tuition (Lower School)
$23,580
Tuition (Middle School)
$26,090
Tuition (Upper School)
$26,990
Median Financial Aid Grant
$17,244
Household income range for
most awards
13,550 to $183,000
Total funds distributed
$3.5 million
Students Receiving
Financial Aid
27%
The “Five Ws” of Financial Aid
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•
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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.
How do I apply for financial aid?
Step 1 (required): Complete the School & Student Services (SSS)
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, 2015
Step 3 (required): Submit completed 2013 & 2014 tax documents via
SSS document upload. Deadline: February 27, 2015
How 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.
How is my financial aid award calculated?
Total Tuition
- Expected Family Contribution
Total Financial Need
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)
$15,850 Financial Need
If school meets 90% of need:
$14,265 Financial Aid Grant
$11,585 Parent Contribution
FAQs
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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.
Where should I go for more help?
•
PFS Online Support at 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 protected]
• Our website: www.catlin.edu/admission
•
Thank you
Sara Nordhoff, Director of Admission & Financial Aid
Mary Yacob, Admission & Financial Aid Coordinator
Catlin Gabel School, Gerlinger Auditorium
Thursday, January 15, 2015

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