APPLYING FOR RASHI'S FINANCIAL AID PROGRAM 2017-2018
APPLYING FOR RASHI’S FINANCIAL AID PROGRAM 2017-2018 RASHI’S FINANCIAL AID PROGRAM Rashi is committed to making a Rashi education accessible to families and to having an economically diverse student population. To that end, Rashi’s Financial Aid Program awards need-based financial aid totaling about $1.8M to about 30% of the student enrollment. Financial aid awards are grants and do not need to be paid back. When granting financial aid, the school considers the impact on enrollment, the balance and diversity of the classes, as well as the financial sustainability of the school. The financial aid process is separate from the admissions process and only the financial aid applications of admitted students are reviewed.
AN OBJECTIVE, THIRD-PARTY REVIEW To assist in making objective decisions about financial aid, Rashi partners with the financial aid management service School and Student Services (SSS) by the National Association of Independent Schools (NAIS). Using its financial aid methodology, SSS analyzes information provided by the parents in the online Parents’ Financial Statement (PFS) to estimate the
amount a family can contribute to school expenses. This number is called the Expected Family Contribution (EFC). The Financial Aid award is the result of subtracting the EFC from the cost of tuition.
FINANCIAL AID IS NEED-BASED Financial Aid awards are determined on the basis of demonstrated financial need and capacity to pay assessed tuition. A family’s financial capacity is determined by looking at many factors, including but not limited to: • Incomes of both parents (earned and unearned, taxable and non-taxable*) • Assets held by the family • Number of dependents • Number of children attending tuition-charging schools • Age of both parents * Some sources of non-taxable income include support of friends, family, or household members as well as child support.
FINANCIAL AID TIMELINE APPLICATION
SUBMISSION DATE*
DECISION AND NOTIFICATION
Early Fall 2016
Late Fall 2016
Feb. 10, 2017
Feb. 10 - Mar. 10, 2017
Mar. 10, 2017
Mar. 11 - Mar. 30, 2017
Make necessary arrangements (including, if applicable, an appointment with your accountant) to ensure that a copy of your 2016 tax return can be submitted by the February 10, 2017 submission date.*
Begin Parents’ Financial Statement, avaiable online at SSS in early November. We recommend starting early: you can save your data and return when you are ready.
Submit your completed parents’ Financial Statement (PFS) along with your 2016 tax return and schedules electronically to SSS.
Rashi reviews completed Financial Aid applications for admitted and returning students.
Rashi communicates Financial Aid awards in admissions acceptance packages for admitted students.
Rashi communicates Financial Aid awards to returning students.
For new Financial Aid applicants: Submit your 2015 & 2016 tax returns and schedules to Rashi.
* Late or incomplete applications may be placed on a financial aid wait list.
STEPS IN THE APPLICATION PROCESS STEP ONE
Begin the Parents’ Financial Statement (PFS) on the SSS website The PFS is a comprehensive application that will take some time to complete. Give yourself the tie you need by not waiting until the deadline to begin.
To begin the application process for financial aid, go to the SSS website for parents and families at sssbynais.org/parents and create an online account or log in as a returning family. You will be given a password and your data will be saved so you can return to it to update information as it becomes available. Note: At this point you do not have to enter a school code. Gather all materials that you will need to enter the data into the PFS. The SSS website has a helpful Parents’ Financial Statement Workbook and Instruction Booklet describing all the information - including your 2016 tax return - that you will need to gather. Begin your PFS. Refer to on-screen help for guidance or download support materials. Fill in all the requested information.
TIPS ON FILLING OUT THE PFS Use the comments fields to provide supplementary information. After each section, there is an opportunity to include additional information about items in the section. At the end of the application, you may include any additional details or comments that you feel are important for Rashi to know in consideration of your application. Enter Jewish Expenses. SSS outlines the definition of what can and cannot be included in unusual expenses. However, Rashi also takes into consideration a portion of the cost of Jewish living, including a portion of the cost of Jewish summer camp, synagogue dues, and other Jewish activities. List these in questions 14F (annual costs of clubs) and 14H (annual cost of camps and lessons) on the applications. Be sure to note the name of the camp or synagogue and the amount paid to each.
Submit the PFS to SSS
STEP TWO
STEP THREE
After you have gathered and entered all necessary information, submit the PFS to SSS. You will be taken to the payment page to pay the $47 non-refundable application fee. Preview your Estimated Family Contribution (EFC) in the Family Report Once you have submitted your PFS, you will receive notice that the Family Report is ready for viewing. Log into your account and view or print the report.
The Family Report shows the EFC based on the information you provided, as well as an explanation of how the EFC was calculated. You will be able to see if things look right and go back to make corrections. This is an important step. It is not uncommon for families to make an error in proper placement of the data or the actual dollars, particularly in the early stages when tax returns and other documents are not complete. Check your work carefully. Rashi will compare the data entered with tax information provided and revise as necessary for errors or misplacement of data. The EFC you see in the SSS Family Report is Rashi’s starting point in calculating financial aid. Because Rashi takes into consideration factors that are not included in SSS, Rashi’s tuition expectation may be lower than the EFC reflected in the Family Report. To learn more about the methodology and interpretation of the Family Report, go to the SSS parent website.
GETTING HELP WITH YOUR PFS Online: The SSS website sssbynais.org/parents provides excellent support for families through every step of the application process under the APPLY tab and under the LEARN tab. By Phone: SSS customer service for the family portal is available Monday - Friday 9:00 AM - 11:00 PM EST. By Email: You may also send SSS a message through the family portal.
STEP FOUR
STEP FIVE
Request that the final Parents’ Financial Statement (PFS) be submitted to Rashi by February 10, 2017 When you have finalized the information in the PFS, request that the report is submitted to The Rashi School by entering our school code 6007. Upload 2016 tax returns to SSS by February 10, 2017
Go to the Manage Documents tab on the SSS website and upload a copy of your filed and signed 2016 Federal Income Tax Filing (IRS form 1040, including all schedules and all W-2 forms). On the Manage Documents page, you will be able to see the list of required tax documents and upload your files directly from that location. Please note that it may take 3-5 days for SSS to process your tax return. To speed the completion of your application, we recommend that in addition to uploading documents online to SSS, you also email these documents directly to Rashi at [email protected] or mail/drop off hard copies to the Business Office at Rashi.
STEP SIX
Submit Tax Returns to Rashi by February 10, 2017
If you are new to Rashi: Please submit a copy of your filed and signed 2015 and 2016 Federal income tax filing (IRS form 1040, including all schedules and all W-2 forms) with social security numbers blacked out to the address below: If you are applying for financial aid for the first time but are not new to Rashi: Please submit a copy of your filed and signed 2016 Federal income tax filing (IRS form 1040, including all schedules and all W-2 forms) with social security numbers blacked out to: The Rashi School attn: Business Office 8000 Great Meadow Road Dedham, MA 02026 Additionally, if you have income from a business, farm, rental property, s-corporation, partnership, or estate/ trust, you must submit complete copies of all tax schedules along with your individual income tax returns including the following: • Business: Schedule C or C-EZ (Form 1040) • Farm: Schedule F (Form 1040) and Form 4562 Depreciation and Amortization • Rental Property: Schedule E (Form 1040) • S-Corporation: Schedule E (Form 1040), Form 1120S, Schedule K-1 and Form 8825 • Partnership: Schedule E (Form 1040), Form 1065, Schedule K-1 and Form 8825 • Estates and Trusts: Schedule E (Form 1040), Form 1041, Schedule K-1 and Form 8825 Your documents will be handled with the utmost level of confidentiality and security.
STEP SEVEN
Supply any additional requested information as requested
After receiving your PFS and tax returns, Rashi may request additional information including but not limited to: bank, mortgage, business information, and credit card statements as well as tuition bills for other schools. The school reserves the right to request submission of the IRS form 4506 which permits the school to receive a copy of the filed tax return for the current or prior years. Rashi will compare the data entered with tax information provided and revise as necessary for errors or misplacement of data. Notification of Financial Aid Award
STEP EIGHT
Admitted applicants to The Rashi School will receive their financial aid awards with their acceptance package on March 10, 2017.
Re-enrolling Rashi families will receive their financial aid awards by the end of March 2017.
QUESTIONS ABOUT RASHI’S FINANCIAL AID PROGRAM? Contact Lisi Sesnovich, Director of Finance and Operations at [email protected] or 781-355-7301. Please note that we do not evaluate financial aid prior to submission of an application for admission.
FREQUENTLY ASKED QUESTIONS Who can apply for financial aid at Rashi? Any student enrolled at Rashi or applying for admission to Rashi may apply. Does applying for financial aid affect admission? No, the financial aid process is separate from the admissions process and only the financial aid applications of admitted students are reviewed by the financial aid committee. Is there financial aid for costs beyond tuition? Yes. Financial aid is applied to the after school program (with the exception of drop-in charges and Adventure Camp), bus transportation (with the exception of ride packets) and middle school trips. Does anyone receive 100% of financial aid? No, the maximum financial aid award is 90% of tuition. What percentage of students receive financial aid? Approximately 30% of students receive financial aid.
share any financial information submitted by another parent. The school is not bound by any disclaimers of financial responsibility or legal arrangements that may bind either parent. The school does not act as an intermediary between parents and asks that all parties involved communicate directly with each other regarding the education of their children. How do I know if I am eligible for financial aid? The financial aid process looks at many different variables to determine eligibility. The process measures the Total Family Financial Capacity by looking at income (earned and unearned, taxed and untaxed), assets, extraordinary and unusual expenses in addition to may other factors, like size of family and age of parents. The only way to know for certain if you qualify is to apply. How much aid will I receive?
No. Complete only one PFS per household.
The financial aid process looks at many different variables and so it is not possible to predict the amount of aid that will be awarded without completing the financial aid application process.
Is tuition for children at other schools considered in calculating financial aid?
What happens if I miss the deadline for filing my application?
Yes. The school considers tuition commitments with other institutions from preschool through high school.
Late applicants run the risk of being placed on a financial aid wait list. We will consider fully completed applications first.
Do I need to apply separately for financial aid for each child?
Do I need to re-apply for financial aid each year? Yes. Because your financial status can change, needbased awards are re-assessed annually. How does financial aid work for separated, divorced, or never married parents? Both custodial and non-custodial parents must apply for financial aid. Applications may be entirely separate or completed jointly. The information is collected to determine the ability, not the willingness, of all parties to financially support the education of their children. The school considers the financial resources of all living parents, step-parents, and domestic partners, and requires the cooperation of all parties before financial aid awards are determined. No financial information will be viewable to another parent online, nor will the school
What happens if I don’t get my taxes in by deadline? A tax return is part of a fully complete application which is due February 10, 2017. Late applicants run the risk of being placed on a financial aid wait list. We will consider fully completed applications first. What happens if I put my tax return on extension? If you file an application for extension of your filing, you will need to provide the extension application to the school along with W-2s and 1099s and a draft of your return. Depending on the completeness of the tax return, the school may make a provisional award. You will be required to provide the final filed tax return by October 31, 2017. There may be a revision to your award as a result.
THE RASHI SCHOOL Boston Area Reform Jewish K-8 Independent School 8000 Great Meadow Road, Dedham, MA, 02026 617-969-4444 | www.rashi.org On the NewBridge on the Charles campus | Route 135, Exit 17 off Route 95/128.
AN OBJECTIVE, THIRD-PARTY REVIEW To assist in making objective decisions about financial aid, Rashi partners with the financial aid management service School and Student Services (SSS) by the National Association of Independent Schools (NAIS). Using its financial aid methodology, SSS analyzes information provided by the parents in the online Parents’ Financial Statement (PFS) to estimate the
amount a family can contribute to school expenses. This number is called the Expected Family Contribution (EFC). The Financial Aid award is the result of subtracting the EFC from the cost of tuition.
FINANCIAL AID IS NEED-BASED Financial Aid awards are determined on the basis of demonstrated financial need and capacity to pay assessed tuition. A family’s financial capacity is determined by looking at many factors, including but not limited to: • Incomes of both parents (earned and unearned, taxable and non-taxable*) • Assets held by the family • Number of dependents • Number of children attending tuition-charging schools • Age of both parents * Some sources of non-taxable income include support of friends, family, or household members as well as child support.
FINANCIAL AID TIMELINE APPLICATION
SUBMISSION DATE*
DECISION AND NOTIFICATION
Early Fall 2016
Late Fall 2016
Feb. 10, 2017
Feb. 10 - Mar. 10, 2017
Mar. 10, 2017
Mar. 11 - Mar. 30, 2017
Make necessary arrangements (including, if applicable, an appointment with your accountant) to ensure that a copy of your 2016 tax return can be submitted by the February 10, 2017 submission date.*
Begin Parents’ Financial Statement, avaiable online at SSS in early November. We recommend starting early: you can save your data and return when you are ready.
Submit your completed parents’ Financial Statement (PFS) along with your 2016 tax return and schedules electronically to SSS.
Rashi reviews completed Financial Aid applications for admitted and returning students.
Rashi communicates Financial Aid awards in admissions acceptance packages for admitted students.
Rashi communicates Financial Aid awards to returning students.
For new Financial Aid applicants: Submit your 2015 & 2016 tax returns and schedules to Rashi.
* Late or incomplete applications may be placed on a financial aid wait list.
STEPS IN THE APPLICATION PROCESS STEP ONE
Begin the Parents’ Financial Statement (PFS) on the SSS website The PFS is a comprehensive application that will take some time to complete. Give yourself the tie you need by not waiting until the deadline to begin.
To begin the application process for financial aid, go to the SSS website for parents and families at sssbynais.org/parents and create an online account or log in as a returning family. You will be given a password and your data will be saved so you can return to it to update information as it becomes available. Note: At this point you do not have to enter a school code. Gather all materials that you will need to enter the data into the PFS. The SSS website has a helpful Parents’ Financial Statement Workbook and Instruction Booklet describing all the information - including your 2016 tax return - that you will need to gather. Begin your PFS. Refer to on-screen help for guidance or download support materials. Fill in all the requested information.
TIPS ON FILLING OUT THE PFS Use the comments fields to provide supplementary information. After each section, there is an opportunity to include additional information about items in the section. At the end of the application, you may include any additional details or comments that you feel are important for Rashi to know in consideration of your application. Enter Jewish Expenses. SSS outlines the definition of what can and cannot be included in unusual expenses. However, Rashi also takes into consideration a portion of the cost of Jewish living, including a portion of the cost of Jewish summer camp, synagogue dues, and other Jewish activities. List these in questions 14F (annual costs of clubs) and 14H (annual cost of camps and lessons) on the applications. Be sure to note the name of the camp or synagogue and the amount paid to each.
Submit the PFS to SSS
STEP TWO
STEP THREE
After you have gathered and entered all necessary information, submit the PFS to SSS. You will be taken to the payment page to pay the $47 non-refundable application fee. Preview your Estimated Family Contribution (EFC) in the Family Report Once you have submitted your PFS, you will receive notice that the Family Report is ready for viewing. Log into your account and view or print the report.
The Family Report shows the EFC based on the information you provided, as well as an explanation of how the EFC was calculated. You will be able to see if things look right and go back to make corrections. This is an important step. It is not uncommon for families to make an error in proper placement of the data or the actual dollars, particularly in the early stages when tax returns and other documents are not complete. Check your work carefully. Rashi will compare the data entered with tax information provided and revise as necessary for errors or misplacement of data. The EFC you see in the SSS Family Report is Rashi’s starting point in calculating financial aid. Because Rashi takes into consideration factors that are not included in SSS, Rashi’s tuition expectation may be lower than the EFC reflected in the Family Report. To learn more about the methodology and interpretation of the Family Report, go to the SSS parent website.
GETTING HELP WITH YOUR PFS Online: The SSS website sssbynais.org/parents provides excellent support for families through every step of the application process under the APPLY tab and under the LEARN tab. By Phone: SSS customer service for the family portal is available Monday - Friday 9:00 AM - 11:00 PM EST. By Email: You may also send SSS a message through the family portal.
STEP FOUR
STEP FIVE
Request that the final Parents’ Financial Statement (PFS) be submitted to Rashi by February 10, 2017 When you have finalized the information in the PFS, request that the report is submitted to The Rashi School by entering our school code 6007. Upload 2016 tax returns to SSS by February 10, 2017
Go to the Manage Documents tab on the SSS website and upload a copy of your filed and signed 2016 Federal Income Tax Filing (IRS form 1040, including all schedules and all W-2 forms). On the Manage Documents page, you will be able to see the list of required tax documents and upload your files directly from that location. Please note that it may take 3-5 days for SSS to process your tax return. To speed the completion of your application, we recommend that in addition to uploading documents online to SSS, you also email these documents directly to Rashi at [email protected] or mail/drop off hard copies to the Business Office at Rashi.
STEP SIX
Submit Tax Returns to Rashi by February 10, 2017
If you are new to Rashi: Please submit a copy of your filed and signed 2015 and 2016 Federal income tax filing (IRS form 1040, including all schedules and all W-2 forms) with social security numbers blacked out to the address below: If you are applying for financial aid for the first time but are not new to Rashi: Please submit a copy of your filed and signed 2016 Federal income tax filing (IRS form 1040, including all schedules and all W-2 forms) with social security numbers blacked out to: The Rashi School attn: Business Office 8000 Great Meadow Road Dedham, MA 02026 Additionally, if you have income from a business, farm, rental property, s-corporation, partnership, or estate/ trust, you must submit complete copies of all tax schedules along with your individual income tax returns including the following: • Business: Schedule C or C-EZ (Form 1040) • Farm: Schedule F (Form 1040) and Form 4562 Depreciation and Amortization • Rental Property: Schedule E (Form 1040) • S-Corporation: Schedule E (Form 1040), Form 1120S, Schedule K-1 and Form 8825 • Partnership: Schedule E (Form 1040), Form 1065, Schedule K-1 and Form 8825 • Estates and Trusts: Schedule E (Form 1040), Form 1041, Schedule K-1 and Form 8825 Your documents will be handled with the utmost level of confidentiality and security.
STEP SEVEN
Supply any additional requested information as requested
After receiving your PFS and tax returns, Rashi may request additional information including but not limited to: bank, mortgage, business information, and credit card statements as well as tuition bills for other schools. The school reserves the right to request submission of the IRS form 4506 which permits the school to receive a copy of the filed tax return for the current or prior years. Rashi will compare the data entered with tax information provided and revise as necessary for errors or misplacement of data. Notification of Financial Aid Award
STEP EIGHT
Admitted applicants to The Rashi School will receive their financial aid awards with their acceptance package on March 10, 2017.
Re-enrolling Rashi families will receive their financial aid awards by the end of March 2017.
QUESTIONS ABOUT RASHI’S FINANCIAL AID PROGRAM? Contact Lisi Sesnovich, Director of Finance and Operations at [email protected] or 781-355-7301. Please note that we do not evaluate financial aid prior to submission of an application for admission.
FREQUENTLY ASKED QUESTIONS Who can apply for financial aid at Rashi? Any student enrolled at Rashi or applying for admission to Rashi may apply. Does applying for financial aid affect admission? No, the financial aid process is separate from the admissions process and only the financial aid applications of admitted students are reviewed by the financial aid committee. Is there financial aid for costs beyond tuition? Yes. Financial aid is applied to the after school program (with the exception of drop-in charges and Adventure Camp), bus transportation (with the exception of ride packets) and middle school trips. Does anyone receive 100% of financial aid? No, the maximum financial aid award is 90% of tuition. What percentage of students receive financial aid? Approximately 30% of students receive financial aid.
share any financial information submitted by another parent. The school is not bound by any disclaimers of financial responsibility or legal arrangements that may bind either parent. The school does not act as an intermediary between parents and asks that all parties involved communicate directly with each other regarding the education of their children. How do I know if I am eligible for financial aid? The financial aid process looks at many different variables to determine eligibility. The process measures the Total Family Financial Capacity by looking at income (earned and unearned, taxed and untaxed), assets, extraordinary and unusual expenses in addition to may other factors, like size of family and age of parents. The only way to know for certain if you qualify is to apply. How much aid will I receive?
No. Complete only one PFS per household.
The financial aid process looks at many different variables and so it is not possible to predict the amount of aid that will be awarded without completing the financial aid application process.
Is tuition for children at other schools considered in calculating financial aid?
What happens if I miss the deadline for filing my application?
Yes. The school considers tuition commitments with other institutions from preschool through high school.
Late applicants run the risk of being placed on a financial aid wait list. We will consider fully completed applications first.
Do I need to apply separately for financial aid for each child?
Do I need to re-apply for financial aid each year? Yes. Because your financial status can change, needbased awards are re-assessed annually. How does financial aid work for separated, divorced, or never married parents? Both custodial and non-custodial parents must apply for financial aid. Applications may be entirely separate or completed jointly. The information is collected to determine the ability, not the willingness, of all parties to financially support the education of their children. The school considers the financial resources of all living parents, step-parents, and domestic partners, and requires the cooperation of all parties before financial aid awards are determined. No financial information will be viewable to another parent online, nor will the school
What happens if I don’t get my taxes in by deadline? A tax return is part of a fully complete application which is due February 10, 2017. Late applicants run the risk of being placed on a financial aid wait list. We will consider fully completed applications first. What happens if I put my tax return on extension? If you file an application for extension of your filing, you will need to provide the extension application to the school along with W-2s and 1099s and a draft of your return. Depending on the completeness of the tax return, the school may make a provisional award. You will be required to provide the final filed tax return by October 31, 2017. There may be a revision to your award as a result.
THE RASHI SCHOOL Boston Area Reform Jewish K-8 Independent School 8000 Great Meadow Road, Dedham, MA, 02026 617-969-4444 | www.rashi.org On the NewBridge on the Charles campus | Route 135, Exit 17 off Route 95/128.
