Determining Financial Need
To determine eligibility, each family must submit a Parent Financial Statement (PFS) to School and Student Service for Financial Aid (SSS). PFS forms are available online starting Nov. 1. SSS is a service of the National Association of Independent Schools and is used by most K-12 schools to help determine a family’s ability to pay school costs. Using SSS in the financial aid application process helps to ensure that schools employ the same methods and objective baselines when evaluating a family’s financial aid application. SSS applies information provided in the PFS to a formula which calculates the resources a family could have available to pay school costs. The formula considers many variables, including taxable and non-taxable income, assets, liabilities, family size and the number of students in tuition-charging schools or colleges. After allowances for basic necessities, taxes and other expenses, a portion of the remaining funds is considered available for paying school costs. The results of this analysis are provided as a recommendation to the schools families designate on their PFS form. If and when results are sent to Emma Willard School, the financial aid committee uses the SSS recommendation as a starting point to assist in making a determination of each family’s need-based qualification.
Financial Aid Application Procedure
New Families must indicate their need for financial aid by contacting the director of financial aid or by checking the appropriate box on their application for admission.
All applicants must convert all figures to U.S. dollars.
New and returning families must submit the following to SSS by Feb. 1st.
Required
- PFS form (http://sss.nais.org) – One form per household; one form per family or one form per separated/divorced spouse. International applicants must convert all figures to U.S. Dollars and may bypass the tax section of the form with zeros.
Required for U.S. Taxpayers
- IRS Form 1040 with schedules; and
- Most recent W2 forms, if applicable.
Optional
- Business/Farm form (http://sss.nais.org) – Only if a family member owns a portion or all of a business; and
- Cover letter explaining any additional financial circumstances that the committee should consider in reviewing your application; and
- Letter explaining the other parent’s relationship with the applicant (see FAQ section) – if submitting information for only one parent.
Timeline – Notification of Awards
Assuming admission and financial aid applications are complete by the Feb. 1 deadline, applicants who are accepted for admission can expect to receive an email on March 10 with a link to their contract, which will include any financial aid granted.
After the Feb. 1 deadline, requests for financial aid are considered on a first-come, first-served basis, contingent on the availability of funds.
Please note:
Because of the large number of families applying for aid and the limited funds available, the school cannot hold financial aid awards beyond stated enrollment deadlines. After enrollment deadlines have passed, unclaimed financial aid awards may be offered to other applicants. The same process applies each year a family applies for financial aid.
Financial Aid Grants
All financial aid offered is in the form of a grant and does not need to be paid back. The amount of aid each family receives varies considerably depending on individual financial circumstances. Because Emma's financial aid budget is limited and awards are dependent upon the availability of funds, it is essential that families apply by the Feb. 1 deadline. If a family is unable to meet the deadline because of extenuating circumstances, it is essential that a family member contact the director of financial aid to discuss the family’s specific situation and the need for additional time.
If you have any questions or require additional information please contact: Laura Bernard, Director of Business Services and Financial Aid, (518) 833-1322, lbernard@emmawillard.org
