Independent School Affordability Seminar January 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 Aid PFS – Parents Financial Statement RFC – Report of Family Contribution FC - Family Contribution FN - 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 1 Week2 WeeksNov. 1

What Information Do I Need? Where Do I Send It? You will need the following:

SSS Methodology… Adjusted Effective Income Discretionary Income Family Contribution

Effective Income…… Total Income Less: Federal Income Tax FICA Tax Allowance State Taxes Employment Allowance Medical Allowance Unusual Expenses ____________ =Effective Income

Income Supplement…… Parent Assets Residence 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 Oxford School’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 ( SLM Financial - SallieMae ( www.salliemae.com 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: (Mon-Fri: 9 am - 8 pm.) – then select SSS by NAIS from NAIS Sites menu Mailing Address for Submitting Paper PFS and for Submitting Required Documents: School and Student Services P.O. Box 449 Randolph, MA For overnight mail, use this address: School and Student Services, 437 Turnpike Street, Canton, MA 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 8 th grade >79 th percentile on entrance test (SSAT) Positive contributions to community

Helpful Web Sites… - National Association of Independent Schools - Connecticut Association of Independent Schools - Independent School Management - School & Student Service for Financial Aid

Affordability COST Payment Options Loans Financial Aid / Scholarships