How long does it take to complete the Parents’ Financial Statement (PFS)?
Approximately two hours. The information provided must be complete and accurate. Referencing the Federal 1040 tax return of the previous year can be very helpful in completing the PFS. Because timeliness in the application process is important, estimated numbers may be used with the Federal 1040 for validation at a later date.
Does a non-custodial parent need to file a PFS and submit a tax return?
Yes. The non-custodial parent is required to complete the PFS and return it, along with a photocopy of the signed Federal 1040 form and supporting schedules and wage and tax statement(s), to the Financial Aid Director.
Is it possible for a family with more than $180,000 in income to qualify for financial assistance?
Yes. This is very likely if the family is also paying tuition for other children attending educational institutions.
How much will I have to contribute?
The primary factors that determine a family's contribution are: household income and expenses, assets and indebtedness, and the number of children attending schools and colleges that charge tuition.
Although individual family financial circumstances differ, the following table illustrates the average family contribution by income level of students enrolled during the 2010-11 school year.
|
Gross Family
Income
|
Number of Families
|
Average Family
Contribution
|
|
Under $39,000
|
28
|
$1,342
|
|
$40,000 - $69,999
|
22
|
$5,792
|
|
$70,000 - $99,999
|
14
|
$10,708
|
|
$100,000 - $139,999
|
26
|
$15,102
|
|
$140,000 - $179,999
|
24
|
$19,461
|
|
Over $180,000
|
28
|
$26,553
|
Are scholarships that are not based on financial need available?
Each year between five and 10 merit scholarships are awarded to new students on the basis of academic and extracurricular merit. They range in value from $5,000 - $10,000 and are renewed annually. There is no separate application process, as all financial aid applicants are automatically considered and awards are determined by the Admissions Committee.
Is financial aid available to international students?
In special situations, it is possible for international students to receive financial assistance. However, priority in the funding process is given to United States citizens.
Are financial aid recipients limited in the activities that are available to Episcopal students?
No. School-sponsored cultural and recreational activities are a part of the Comprehensive Fee, and they are made available to everyone along with the tickets, transportation, and supervision that is provided.
Does applying for financial aid affect my chances for admission?
Some years, the collective need of those students applying for financial aid deemed admissible by the Admissions Committee exceeds the financial resources available to new students. In those cases, some students may be placed on a waiting list for financial aid, while others may not receive an award. However, in most years an application for financial aid does not negatively impact the admission decision.
Please contact us should you have any further questions.