Financial Aid Information Night The Hockaday School December 2018
Welcome and Overview • What is Financial Aid?
• How Do I Qualify for Financial Aid? • Who is “SSS” and What is its Role? • Guidelines for Submitting the Application • Hockaday Review Process • Notification of Awards • Q&A • Wrap Up and Contact Information
What is Financial Aid? ➢The purpose of financial aid is to provide financial assistance to those students/families who cannot afford the full cost of attending a private or independent school ➢Financial Aid at independent schools like Hockaday is need-based tuition assistance ➢Private and Independent Schools v. Colleges and Universities ▪ Funding comes from school’s budget v. federal or state government ▪ Grant v. Loan ▪ Payment Plans are available
How do I qualify for aid? ▪ A family must demonstrate financial need in our review in order to receive aid ▪ Financial need is defined as the difference between the tuition amount and the amount the review shows a family is able to contribute towards tuition ▪ Hockaday’s philosophy reflects the NAIS/SSS Principles of Good Practice: families have the primary responsibility of paying for tuition
How is the amount I am able to contribute determined? ▪ Need is determined by an independent third-party: School and Student Services or “SSS” AND the Hockaday Financial Aid Committee
Why use a third party service? ❖Assessing financial need is what they do 100% of the time
❖They work with thousands of families every year ❖Unbiased and consistent methodology ❖Sensitivity for and protection of data ❖Data retention from year to year ❖Other Schools in our area use SSS so you can apply once and send results multiple places ❖SSS is a non-profit: committed to schools and families
How do I apply? Step One • Complete Parents Financial Statement (PFS) online ($51 fee), solutionsbysss.com/parents
Step Two • Upload supporting documents to SSS • 2018 Federal Income Tax Return with all schedules • 2017 Federal Income Tax Return with all schedules (for new applicants or any others who have not previously submitted) • 2018 and 2017 W2 form(s) or 1099s • Monthly Income and Expense Report • Tax Form 4506T signed but not dated
• Tax return(s) need(s) to be final and signed by you or your tax preparer • Deadlines: December 1: Currently enrolled families, February 15: New families
The Hockaday Review Process ➢ The Financial Aid Committee begins review of completed FA applications for new families as soon as admission decisions are made but before notification is sent
➢ Hockaday begins it’s review with the SSS “Estimate of Family Contribution” ➢ SSS reports an “Estimate of Family Contribution” or “EFC” for each applicant ➢ The EFC is a calculation of the % of the family’s discretionary income that can be used for education ▪ Income (money coming in) ▪ Expenses (money going out) ▪ Assets (what you own) ▪ Debts (what you owe) ▪ Family Members (everyone you claim on a tax return)
The Hockaday Review Process ❖The Committee uses your completed tax returns and other submitted documentation to verify, and update if needed, the data you entered into the PFS to generate a revised and final EFC. ❖The Committee is directed by Hockaday financial aid policy and philosophy in our review. ❖Hockaday, not SSS, decides the financial aid awards, as we do so based on our guidelines and within the confines of our budget and our duty to be fiscally responsible for the school and equitable among families. ❖All returning applicants whose files are complete will be notified by February 1.
❖All new applicants who are accepted to Hockaday and whose files are complete by February 15 will be notified of a financial aid decision on March 8.
Financial Aid Distribution at Hockaday 2017-2018 • Only day students are represented in the graph below • Tuition and Fees for 2018-19 range from $25,870 to $31,620 Total Family Income
Average Family Size
# of Awards
Average Award
Total Tuition Dollars Awarded
$0-$49,999
3.4
14
$27,357
$383,000
$50,000-$74,999
3.7
20
$26,240
$524,800
$75,000-$99,999
4.4
10
$20,630
$206,300
$100,000-$124,999
3.9
21
$20,666
$434,000
$125,000-$149,999
4.1
13
$14,131
$183,700
$150,000-$199,999
4.4
20
$13,635
$272,700
$200,000-$249,999
4.8
10
$12,000
$120,000
$250,000-$299,999
4.6
12
$7,375
$88,500
$300,000+
4.3
3
$3,467
$10,400
Notification for Returning Students ➢ At the time of re-enrollment in February, the enrollment deposit will be reduced to $50 for families receiving financial aid
➢ Financial aid notification will be made with the re-enrollment agreement on February 1 ➢ Families who qualify for aid will receive: ➢ Information detailing your grant and total cost ➢ A grant acceptance confirmation ➢ Information guiding you to sign up for your payment plan through our tuition management system
➢ To execute the admission contract and the grant acceptance, parents need to complete, sign and submit the contract by the due date indicated.
Notification for Newly Accepted Students ➢ Students who are accepted to Hockaday and qualify for aid will receive on March 8, 2019 with their enrollment agreement: ➢ Information detailing your grant and total cost ➢ A grant acceptance confirmation ➢ Information guiding you to sign up for your payment plan through our tuition management system ➢ To execute the admission contract and the grant acceptance, parents need to complete, sign and submit the contract by the due date indicated. ➢ Hockaday reduces the nonrefundable enrollment deposit (normally $1000) to $50 for all newly accepted families who have applied for financial aid. ➢ If you have applied for financial aid but do not qualify, you will be responsible for the full enrollment deposit.
Are there conditions associated with the acceptance of financial aid? o Any student receiving financial aid must maintain good academic standing, and adhere to the Hockaday handbook and policies. Parents too are expected to adhere to the Hockaday handbook and policies.
o Hockaday regards all financial aid information as confidential. We expect the family to keep details of the award private as well.
Frequently Asked Questions ❖ You will apply for financial aid every year, though you can expect your award to remain at a similar level assuming there are no big family changes year to year. ❖ If you do not qualify for aid this year, you should not expect to receive aid in the following year unless family circumstances change. ❖ What if my 2017 income and asset information does not reflect my current situation? ❖ If you are separated/divorced, you and your ex-spouse will both be asked to complete financial aid paperwork. ❖ If you are remarried, your current spouse’s information will need to be a part of your application for aid. ❖ Assets like home equity and other investments are a resource that you have that is considered in the calculation. ❖ We do not have any “scholarship” other than financial aid. ❖ What if I haven’t completed my tax return by the application deadline? ❖ If you are a single parent with no involvement from the second parent, we will ask for verification from a third party.
A Few Tips • When filing with SSS • Fill in all required questions • Feel free to share a summary of your family situation or explain anything that looks out of the ordinary • Do not leave items blank
• Fee Waivers for those who qualify are an automatic part of the SSS system • Keep copies of all forms and documents • Submit all supporting documents directly to SSS by upload (look for the “My documents” tab in your portal) or by mail (you must use the cover sheet)
• Monthly Income and Expense Report is available under My Documents • 4506T is a link in the list of Hockaday required items • Allow 1-2 business days for processing of uploaded forms • Allow 5-7 business days for processing of documents sent via mail
Please take advantage of… • Online tutorials, guides, tips etc. can be found at www.solutionsbysss.com/parents. This information will help you to navigate the process and minimize potential errors when filling out your PFS and uploading forms • We will send you an email with financial aid deadlines and requirements • If you have questions, please feel free to call: • SSS Helpline: 1-800-344-8328
• Maryanna Phipps, 214-360-6520 • Cyndi Lewis, 214-360-6521
Thank you for your interest in a Hockaday education and for partnering with us in the financial aid process.