Independent School Affordability SeminarJanuary 17, 2013

Affordability

COST

Payment Plans Loans

Financial Aid/Scholarships

Tuition vs. Cost of Attendance

Tuition

Activity fee

Tuition refund policy

Books

Athletic fees

Transportation costs

Class field trips/school trips/various programs

Affordability

COST

Payment Options Loans

Financial Aid / Scholarships

Common Abbreviations Used

SSS – School and Student Service for Financial AidPFS – Parents Financial StatementRFC – Report of Family ContributionFC - Family ContributionFN - Financial Need

Online

Paper

The Financial Aid Process

Understand the financial aid philosophy

Understand the methodologies employed

Know the key financial aid season dates – they are school specific

Know the complete list of documents to be submitted to the school and their financial aid partner (if applicable)

The Financial Aid Process

After Nov. 1, 2012 you can begin the process of completing the PFS online

Submit the PFS electronically to SSS

Upload the 4506-T using the “Manage Documents” tab

Upload the 2011 tax return and supporting documents*

Complete the 2012 tax return and supporting documents*, then upload using the “Manage Documents” tab

* - Supporting documents include W-2’s & 1099’s

Key Financial Aid Dates

2/1/13 Admission application deadline (first wave)

2/1/13 Financial aid application deadline

3/10/13 Admission/financial aid common notification

4/10/13 Candidates’ reply deadline

2/2/13 Begin rolling admissions

The PFS – The start of it all…

Financial Aid

Paper

Electronic

Time

Time

1 Week 2 WeeksNov. 1

What Information Do I Need? Where Do I Send It?

You will need the following:

SSS

Parent Financial Statement (PFS) Online

Document Cover Sheet for paper only, else

follow upload instructions

2012 & 2011 tax return Upload - "Manage Documents Tab"

2012 & 2011 W-2's Upload - "Manage Documents Tab"

2012 & 2011 1099's Upload - "Manage Documents Tab"

4506-T (complete top portion) Upload - "Manage Documents Tab"

Business/Farm Statement Upload - "Manage Documents Tab"

(if applicable)

SSS Methodology…

Adjusted Effective Income

Discretionary Income

Family Contribution

Effective Income……

Total IncomeLess:

Federal Income Tax

FICA Tax Allowance

State Taxes

Employment Allowance

Medical Allowance

Unusual Expenses____________=Effective Income

Income Supplement……

Parent AssetsResidence Equity

Other Real Estate Equity

Business/Farm Share

Bank Accounts

Investments- Debts____________= Net Worth Income Supplement

What if I have more than one child at a tuition-charging school?

Kingswood Oxford School will prorate the family contribution.

Child A – Applying for financial aid at Kingswood Oxford School

Tuition - $33,675

Child B – Applying for financial aid at Independent School B

Tuition - $42,150

Your family contribution (per RFC) is $14,150

Your adjusted family contribution per Kingswood OxfordSchool’s modified RFC is $6,284.

Affordability

COST

Payment Options Loans

Financial Aid/Scholarships

Payment Options

Payment Option 1 – Total tuition paid by 7/1/2013 (1% discount)

Payment Option 2 – 60% by 7/1/2013 & 40% by 11/1/2013

Payment Option 3 – 10 Month payment plan* (Smart Tuition)

*Requires a $45 administration fee

Tuition Refund Plan – Administered by A.W.G. Dewar, Inc.

Affordability

COST

Payment Options Loans

Financial Aid/Scholarships

Lender in the K-12 Market

Your Tuition Solution (www.yourtuitionsolution.com)

800.920.9777

SLM Financial - SallieMae (www.salliemae.com) 888-272-5543

Kingswood Oxford School does not provide financial advice. The above loan provider is listed as a resource for parents of K-12 students and can be viewed at nais.org. You should consult a professional financial advisor to

determine if a student loan is the right choice for your financial situation.

Important SSS Contact Information

Customer Service Center for Parents: 800-344-8328 (Mon-Fri: 9 am - 8 pm.)

www.sss.nais.org – then select SSS by NAIS from NAIS Sites menu

Mailing Address for Submitting Paper PFS and for Submitting Required Documents:

School and Student ServicesP.O. Box 449Randolph, MA  02368-0449

For overnight mail, use this address: School and Student Services, 437 Turnpike Street, Canton, MA 02021.

The link from that site to the Parents' Financial Statement (PFS) will not be live until Nov. 1, 2012.

Merit Scholarships

Tuition discounts based on a student’s ability

Example: Martin-Nicholson Merit Scholarship

Prospective freshman

A- grade point average in 8th grade

>79th percentile on entrance test (SSAT)

Positive contributions to community

Helpful Web Sites…www.nais.org - National Association of Independent Schools

www.caisct.org - Connecticut Association of Independent Schools

www.isminc.com - Independent School Management

www.sss.nais.org - School & Student Service for Financial Aid

Affordability

COST

Payment Options Loans

Financial Aid / Scholarships