-What is financial aid?
Financial aid is based on a family’s ability to pay. Heritage School considers financial need to be the difference between what it costs to attend Heritage and a family’s ability to pay tuition; financial aid is not a loan. Through its Financial Aid Program, the School supports students from families who are unable to pay the full tuition. Financial aid awards are based on a percentage of tuition and not a set dollar amount, and awards are given after a family has completed the financial aid application process and has been deemed qualified. Because awards are based on a percentage of tuition, the amount a family pays each year is likely to increase proportionally to increases in tuition.
-How often does tuition increase and by how much? How will this increase impact our financial aid award?
Historically, tuitions at New York City independent schools have increased each year by approximately 5% in order to cover increasing personnel and program costs. The Financial Aid Committee assumes that a family’s income also increases on an annual basis, and therefore the financial aid percentage a family receives generally remains the same from year to year.
-How do we know if we qualify for financial aid? Who is awarded financial aid?
Few families find it “easy” to pay independent school tuition. Most families adjust their spending priorities, maximize parents’ earnings, and carefully manage assets to do so. Providing firm guidelines to help a family decide whether to apply for financial aid is difficult because each family’s combination of circumstances is different. The Financial Aid Committee’s awards are based on many different factors. Among those factors considered are income, assets (including home equity, college funds and investments), family size, and the number of children attending tuition charging institutions. If a family thinks they will need financial aid, they must apply for financial aid when they submit their initial application.
Should we delay applying for financial aid until after our child has been enrolled at Heritage?
No. Financial aid will not be available to families if they have enrolled at Heritage without financial aid. Heritage assumes families applying for admission have honestly and carefully evaluated their own capacity to pay tuition. In addition, the School seriously considers each family’s financial picture when deciding on financial aid awards and assumes each family has provided an honest assessment of their ability to pay tuition.
-How does the Financial Aid Committee determine our financial aid award?
Families submit a TADS (Tuition Aid Data Services) application online directly to TADS. Separated and/or divorced parents must each submit a TADS application. Domestic partners, step-parents and non-custodial parents must also submit financial information. TADS uses the submitted information to generate a Financial Aid Report that summarizes a family’s financial situation. Heritage’s Financial Aid Office uses this information, in addition to other factors, to determine a family’s financial aid award. Procedures for applying for financial aid are detailed in the section Procedures for Applying for Financial Aid.
-When are we notified of the Financial Aid Committee’s decision?
Families who have applied for financial aid will be notified of the Financial Aid Committee’s decision at the same time families are notified of admission decisions.
-What does Heritage expect of families and students who receive financial aid?
Heritage expects all families to contribute to their child’s educational expenses, in an amount determined through the Financial Aid Committee’s review of a family’s circumstances. The school also expects all students—whether or not they receive Financial Aid—to maintain the strong academic and personal qualities that led to their admission. All families receiving Financial Aid from Heritage must annually submit a TADS application and the associated documentation of income and expenses. Finally, Heritage asks all students and families who receive Financial Aid to expect a rich and full Heritage educational experience equal to their community peers.
-What must we do to continue receiving financial aid?
All families who receive financial aid must submit financial aid paperwork each year they are enrolled at Heritage in order to continue receiving financial aid. Failure to file a TADS application and supporting documentation to TADS by the deadlines will result in a returning student’s loss of his or her award.
-What if a spouse does not work?
Heritage believes that families should bear the primary responsibility for financing their children’s education and therefore we expect that both parents will contribute financially. Each application is evaluated individually in recognition that each family has unique details defining their financial circumstances.
