FINANCIAL AID

IYM understands that the “sticker price” of a boarding school education can appear to be beyond the reach of most families. However, a large percentage of students at boarding schools receive significant forms of financial aid grants which need not be repaid. Each school has its own criteria for determining how much financial aid to grant a family base on need. It is important to understand that financial aid is limited and is granted on a first come first served basis and does run out. Therefore, it is important that the financial aid application is complete and includes all required documents, as early as possible. IYM directors are here to help with this process.

Financial Aid Application Process

Grants or scholarships are generally need based and families must demonstrate their financial position by completing and submitting the Parent’s Financial Statement (PFS), through the School and Student Service for Financial Aid (SSS) by NAIS. SSS will calculate the report for the Family Financial Contribution (RFC). On the PFS parents are asked to list all of their income, assets and liabilities. This will include a review of the family’s tax returns as well as real estate, bank accounts, investments, and outstanding debt (such as personal and auto loans, mortgages, etc). The PFS will also take into account a family’s personal circumstances such as single family households, health issues, divorce and death in weighing their decision about how much financial aid they will provide the student. The amount of financial aid granted can vary from a small portion which covers books to a full ride scholarship.

The amount of financial aid granted can vary from a small portion which covers books to a full ride scholarship.

Resources

1. Parents’ Financial Statement (PFS) Online

2. National Association of Independent Schools

3. Boarding School Review: How to Pay for Boarding School

4. Boarding School Review: Financing