Wooster School - Financial Aid



	"A Wooster School education is an investment in your child's future." Introduction & Financial Aid Philosophy Wooster School encourages all academically qualified students who are interested to apply for admission regardless of family financial status. As a result, Wooster has established a need-based financial aid program for families who would otherwise be unable to consider Wooster School for their children. Wooster awarded approximately, $1.7 million dollars in financial aid for the 2008-2009 school year. As a result, nearly 25% of our student population receives some form of financial assistance. This is a testament to Wooster's loyalty to its mission and the diverse community it seeks to serve. Mission Statement Wooster's mission has been to maintain a school for the intellectual, spiritual, ethical, physical and aesthetic development of boys and girls from diverse backgrounds. Since Wooster's founding it has been guided by four cardinal principles of Religion, Intellectual Excellence, Simplicity and Hard Work. We believe that racial, social, economic, cultural and religious diversity in the student body, staff and Board of Trustees is central to the school's educational mission and values. Wooster School's Financial Aid Program How is need-based financial aid determined? Qualification to be considered for need-based financial aid is based on calculations applied by SSS and the Director of Financial Aid at Wooster School. In determining one's ability to pay for tuition, the following are taken into consideration: Calculation of Parental Assets: Assets include, but are not limited to home equity, other/additional income, payments to pension and retirement plans, discretionary spending. Marital status: In the case of divorce or separation, Wooster School requires both parents to file an application for financial assistance. Both parents file the Parent’s Financial Statement (PFS). All current tax returns and supporting documentation are required from both parents. The School is not bound by any divorce agreement specifying a parent’s responsibility for educational expenses. It is felt to be unfair for the School to subsidize a child’s education if one of the parents is able, but unwilling to contribute to his/her child’s tuition. Employment Status: Wooster expects both parents to contribute to tuition. If a parent makes the decision not to work, the School imputes an annual income for a non-working parent. Life Style Choices: Wooster believes a family should invest in their child’s education before elective home improvements, secondary home ownership, country club memberships, expensive car leases/purchases and summer camps. College Funds or Student Assets: SSS takes these factors into account, by dividing total student assets by the total number of years remaining in a child’s education, including kindergarten through 4 years of college. Does a request for financial aid influence the decision on admission? No. If it did, the school would not be able to serve a population that is so emblematic of the world in which we live. Admissions decisions are need-blind, which means that an offer of admission is based on the academic strength and character of the student and without any regard for the family’s finances. All applicants who wish to be considered for financial aid should submit both an admissions application and a financial aid application. Once a candidate who has applied for financial aid has been accepted by the Admissions Committee, his or her financial aid file will be reviewed by the Financial Aid Committee. The amount that a family is expected to pay is determined both by the family's demonstrated financial need and by the availability of funds. If Wooster has more applicants for aid than it has funds to support, the School will make choices based on individual merit and/or class needs in size and make up. Some students may be placed in a wait pool for aid; others may be offered admission without aid. How do I apply for financial aid? Wooster School subscribes to the NAIS Principles of Good Practice for the administration of financial aid and to the services of the School and Student Service for Financial Aid (SSS). In order to apply for financial aid you must obtain a Parent’s Financial Statement Form (PFS) in one of three ways: · Contact the Director of Financial Aid, Kathy Casey (203.830.3917) to request a Financial Aid application. · Complete the Preliminary Financial Aid form located in the Admissions Application and the PFS will be mailed to you. · Log on to www.nais.org/financialaid/sss and complete the application on line. When should I complete the financial aid application? 1) Submit The Parent's Financial Statement (PFS) and the appropriate fee to SSS no later than February 11, 2009. The PFS contains a pre-addressed envelope and all other pertinent instructions required to complete the application. It is important to explain all circled items. Item #32 on the application form should be used for this purpose. 2) Submit a copy of your 2008 Federal Tax Forms and W-2's directly to Kathy Casey, Director of Financial Aid, as soon as they are completed, but no later than March 6, 2009. Any delay may jeopardize the amount or the receipt of financial aid. Do I have to apply for financial aid each year? Yes. Financial aid at Wooster is awarded year by year. Families may expect that a student's financial aid award will be consistent from year to year, assuming that the family's financial circumstances do not change significantly and financial need is still demonstrated. It is the responsibility of the family or the individual designated as financially responsible to communicate a change in financial status. If a family neglects to do so, or information contained within the application is found to be fraudulent, the school reserves the right to alter or terminate the financial award accordingly. If I do not qualify for financial aid, what other resources are available? Tuition Financing Program: If a family does not qualify for financial aid in a given year, they are encouraged to contact the Wooster School Business Office to learn more information about available payment plans. Educational Loans: Key Education Loans: Key believes in providing educational opportunities for all generations. Information can be found at http://www.key.com/ Wachovia's Elementary and Secondary Loan Program: Wachovia grants education loans of $1,000 to $80,000 at variable interest rates as low as the Prime Rate via an online application or toll-free phone call. Visit http://www.wachovia.com/education and select "More Loan Options," or call 1-877-888-9646. How can I learn more about financial aid and independent schools? National Association of Independent Schools "Financing a Private Education" http://nais.org/ Connecticut Association of Independent Schools: http://caisct.org/ Peterson's "Financing Education" http://iiswinprd03.petersons.com/finaid/ For more complete information on Wooster's Financial Aid program, contact Kathy Casey, Director of Financial Aid, at (203) 830-3917 or send an e-mail to kathy.casey@woosterschool.org.