Financial Aid Information Night The Hockaday School December 2019
Welcome and Overview • What is Financial Aid in Independent Schools? • How Do I Qualify for Financial Aid at Hockaday? • 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 otherwise 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 • 2019 Federal Income Tax Return with all appropriate schedules • 2018 Federal Income Tax Return with all appropriate schedules (for new applicants or any others who have not previously submitted) • 2019 and 2018 W2 form(s) or 1099s • K-1 if you are a shareholder in an S-Corp or a Partner in a Partnership • Hockaday Monthly Income and Expense Report
• Tax return(s) need(s) to be final and signed by you or your tax preparer
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” or “EFC” SSS reports an EFC for each applicant The EFC is a calculation of the % of the family’s discretionary income that is expected to be used for private school 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 Financial Aid 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 Estimated Family Contribution or 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.
Financial Aid Distribution at Hockaday 20192020 • Only day students are represented in the graph below • Day Student Tuition and Fees for 201920 range from $26,900 to $32,900 Total Family Income
Average Family Size
# of Awards
Average Award
Total Tuition Dollars Awarded
$0-$49,999
3.4
14
$28,343
$396,800
$50,000-$74,999
3.5
15
$25,420
$381,300
$75,000-$99,999
4.7
10
$19,190
$191,900
$100,000-$124,999
3.8
21
$18,052
$400,100
$125,000-$149,999
4.2
16
$14,575
$233,200
$150,000-$199,999
4.2
22
$11,732
$258,100
$200,000-$249,999
4.6
13
$10,208
$132,700
$250,000-$299,999
5.5
6
$10,208
$132,700
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 remaining 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, have a complete Financial Aid application, and qualify for aid will receive on March 13, 2020 with their enrollment agreement: • Information detailing grant and total remaining cost • A grant acceptance confirmation • Information guiding you to sign up for your payment plan through our tuition management system (FACTS) 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 students who are granted 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.
Hockaday Financial Aid Policy / Philosophy Families must apply for financial aid every year. 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. If you are separated/divorced, you and your ex-spouse will both be asked to complete financial aid paperwork no matter what your agreement is regarding paying for a private school education. If you are a single parent with no involvement from the second parent, we will ask for verification from a third party. 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 investments are a resource that is considered in the calculation. We expect both parents are working outside of the home - we will add a salary for a non-working parent. If Hockaday notes that there is a misrepresentation of information in the financial aid documents or family circumstances after an award if allocated, we will address appropriate changes as soon as we are able.
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 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 have sent 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.