Financial Aid

Applying for Financial Aid

Financial aid grants are offered to students who have been accepted to the School and whose families demonstrate financial need. To assess the level of need, the School uses the calculations of the School and Student Services for Financial Aid (SSS). The family's total income, assets and circumstances are taken into consideration.

Continued need must be demonstrated each year. It is the policy of the Financial Aid Committee to maintain award funding consistently from year to year, always subject to current documented need and established criteria.

Grants for 2013-2014 will be made in the spring of 2013; consequently, applications for financial aid should be completed according to the timeline established by The Key School.

Parent Responsibilities:

• Mark the appropriate financial aid box on the Application for Admission.
  
• Obtain a Parent Financial Statement (PFS) from the Key School Admission Office or apply online through the SSS website, http//sss.nais.org/parents/. Key School's code is 4372. The online financial aid application for the 2013-2014 school year is available beginning November 1, 2012.
  
• Submit copies of the following documents to SSS:
  
• 2012 Federal Income Tax return form 1040 with all attached schedules
  
• All 2012 W-2 Forms
  
• Business/Farm Statement (if applicable)

SSS will then make recommendations regarding the amount of financial aid a family needs, however, it is the responsibility of the Key School Financial Aid Committee to review the calculations and to make the final award. Decisions are influenced by the availability of School resources, the number of qualified applicants, and overall budgetary constraints. At times, there have been insufficient funds to meet the needs of all accepted students who qualify for Financial Aid.

It is the parents' responsibility to complete the Financial Aid application process by the given deadlines. The primary responsibility for financing a student's independent school education rests with the family. This noted, Key School's Financial Aid program makes every effort to help all eligible applicants.

Financial Aid Budget and Grants

Grants, made to both low and middle income families, are funded by the School and do not need to be repaid. Key School awarded more than $1,700,000 in financial aid for the 2012-2013 school year.

Athletic and academic scholarships and merit awards are not given at Key School. Key School adheres to the National Association of Independent Schools' (NAIS) "Principles of Good Practice for Financial Aid." These "Principles of Good Practice" are available on the NAIS website, http://www.nais.org/.

Financial Aid Philosophy

From its inception, Key School recognized both the necessity to charge tuition for education and to provide aid to deserving students.

Distinguishing itself as a School that promoted individuality and encouraged openness to differing ideas and perspectives, the School was dedicated from the outset to the principle that diversity in the cultural, ethnic, racial, religious, and economic backgrounds of its students is vital to the School's ability to achieve the highest standards of learning both inside and outside the classroom.

The Key School is committed to the principle that learning is maximized when students of differing abilities and backgrounds work together and develop an understanding of one another. This commitment to facilitate high standards in its day-to-day endeavors as a learning community is equaled by Key School's dedication to the belief that a diverse educational environment is vital to the School's fulfillment of its stated responsibility to prepare its students for the future—in terms of the challenges they will face, the responsibilities they will assume, and the impact they will have within an increasingly complex and pluralistic world community.

Financial aid is recognized as a tool for bolstering the School's ability to enroll the very best students to fulfill its Mission and to assure that the quality of the school experience is enhanced for all. Because good students attract and help retain good faculty, and because together the faculty and students shape the School's image and future enrollment, financial aid is vital to effective community building and successful enrollment management.

Need Blind Admission

Key School does not use financial need as a consideration in assessing a student's eligibility for admission. The admission and Financial Aid processes are separate and distinct. No decisions regarding Financial Aid are made until the student is accepted.

Confidentiality

The Admission Office manages the financial aid process and serves as the liaison between families and The Key School. Key School safeguards the confidentiality of all financial aid information supplied by applicants and does not publicly identify recipients of Financial Aid. Families are informed that publicizing an award in any way is inappropriate and is in violation of School policy.

Financial Aid Waiting Pool

Financial aid funds are limited. Applicants whose needs cannot be met will be placed in a waiting pool. If funds become available at a later time (as funds are released from families on Financial Aid who leave the School or who do not qualify for continued assistance), they will be awarded to applicants who qualify. The Financial Aid Committee will decide on awards as funds become available.

Circumstances Affecting Parental Contribution

Given limited resources, the following policies are designed to promote the most fair and consistent division of available Financial Aid. The School adheres to these policies unless special circumstances allow deviation.

Non-Working Parent

The School expects both parents to contribute to tuition. If a parent makes the decision not to work, the School may impute an annual income for a non-working parent, after the youngest child in the family reaches kindergarten age.

Divorced and Separated Parents

In the case of divorce or separation, the School requires both parents to file an application for Financial Aid. Both parents file the Parents' 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. It is also the School's policy to consider the resources of a step-parent in making an award. Please contact the Assistant Head of School for Enrollment Management for guidance in handling unusual circumstances.