Affording Fay

List of 14 items.

• How does financial aid work?

  In order to qualify for tuition assistance, families must demonstrate financial need. Financial aid awards are given in the form of a grant that discounts the tuition to a rate that is within the family’s means. Financial aid funds can assist in the cost of some school expenditures that fall outside the realm of tuition and fees for qualified families. Families are not required to repay these grants.

• How is financial need determined?

  School and Student Services (SSS) determines need by using a formula that considers all areas of a family’s financial situation, including but not limited to both parents’ incomes (taxable and non-taxable), number of dependents, number of children attending tuition-charging schools, living expenses, parents’ age, retirement, medical expenses, and debts and unusual expenses. Because a family’s situation may change from year to year, families must re-apply for financial aid each school year. Fay is committed to ensuring that enrolled families (who continue to qualify for financial aid) receive aid throughout their years at the School.

• Where do the financial aid grants come from?

  All financial aid grants come directly from Fay School; they do not come from outside sources or foundations (such as the federal Pell Grant that is awarded to college students). Fay School has made a strong commitment to making a Fay education accessible to as many families as possible, and for the 2024-2025 school year, we will award over $4 million in need-based financial aid. These funds come from a combination of school-year revenue and endowment funds earmarked specially for financial aid.

• Do I need to reapply each year, and will I receive the same grant next year?

  Because a family’s situation may change from year to year, families must re-apply for financial aid each school year. Fay is committed to ensuring that enrolled families (who continue to qualify for financial aid) receive aid throughout their years at the School. If your financial situation stays the same from year to year, you can assume that your financial aid grant will be roughly the same. When we award grants each year, our returning students take priority; we review their applications first, and then we review new applicants. 
  
  
  

   

• What if I haven’t done my taxes yet?

  You should be able to submit the PFS application by January 15 by using your last pay stub through December 31 and your previous year’s tax returns. If you are applying for aid for Fall 2024, you should submit your complete 2022 federal tax return documents (Form 1040 and W2s, or equivalents) and then you should submit your 2023 tax return documents by February 15. We understand that this is significantly earlier than the federal tax filing deadline of April 15, but we will provide financial aid information by March 10 and therefore need your documents by that date.

• What if I miss the January 15 application deadline?

  Because we receive many applications for aid by the January 15 deadline, it is significantly harder to receive aid if you apply later, simply because funds have already been disbursed. On rare occasions, we have been able to work with families to arrange for financial aid after the deadline, but we strongly encourage all families to observe the deadline in order to have the strongest possible application.

• What are the tuition payment options?

  Your first payment is your enrollment deposit, which is 10% of the tuition due, minus any financial aid award you receive. This deposit is paid when you submit your enrollment contract to the school, and the deposit amount is credited to your first tuition bill. Then parents have three options to pay their tuition balance: to pay the tuition in full upon enrollment, to pay in two installments before the start of school, or to pay in ten monthly installments.

   

• How are financial aid applications handled for families with divorced or separated parents or parents who have never been married?

  In the case of divorce or separation, or when parents have not married but both are involved in the student’s life, the assets of both parents are considered. Both the custodial and non-custodial parent must submit a PFS and tax documentation. When a parent has remarried, the assets of the stepparent are also considered as a resource and should be included on the relevant PFS. This is required regardless of the terms of a divorce decree or settlement; whether or not a parent intends or is legally required to contribute, it is necessary that their financial information be disclosed.

• When will we be notified if we have received an award?

  Families who complete the admission application and financial aid application by January 15 will receive their admission and financial aid notification by March 10.

• Is my financial aid application confidential?

  Yes, all information is held in the strictest confidence.

• Is financial aid available to international students?

  Yes, limited financial aid is available to international students. Families who do not file taxes in the United States should complete the International Student Financial Aid Profile and also complete a PFS form to the best of their ability.

• If we did not receive financial aid this year, can we apply for it next year?

  Returning Fay families who did not receive financial aid in the past may apply for financial aid for a subsequent year, following all application procedures and deadlines. However, there is a limited budget available to fund these situations. It is the School’s expectation that families who begin paying the full tuition will continue to do so unless circumstances have significantly changed.

• How are financial aid applications handled for non-working parents?

  The financial aid committee may impute an income for a non-working parent when reviewing the financial aid application if there are no children under school age in the home. This policy does not require the parent to work but attempts to adjust the level of need by accounting for the minimum income that a parent could earn if he or she chose to work. Families are welcome to provide additional information about the circumstances of the non-working parent in the “Additional Comments” section of the PFS.

• Can we appeal our financial aid award?

  After reviewing their allocated grant, families who believe they are unable to afford the tuition due may request a second review of their financial aid application. Families should first review their PFS form to ensure that all information was entered correctly. Any errors or updates should be communicated in writing to the Director of Financial Aid.