Financial Aid FAQs
How is my family’s financial need determined? School & Student Services (SSS) by National Association of Independent Schools (NAIS) processes each submitted Parent Financial Statement (PFS) and provides an analysis of a family’s finances. In its analysis, NAIS suggests a portion of discretionary income that a family can contribute toward the cost of their child’s education. This information is sent to George School in the Report of Family Contribution (RFC).
The George School Financial Aid Committee receives the RFC and considers it in combination with W-2 forms, last year’s IRS 1040 form and any other submitted financial documentation. The family contribution indicated on the RFC is a starting point for the Financial Aid Committee. After considering any extenuating circumstances together with George School’s financial aid policies, the Committee makes a final award decision.
Note: Financial aid awards are confirmed and credited to accounts only after we have received a current year’s IRS 1040 form, due on May 1.
RETURN TO TOP I have submitted a financial aid application. What are the possible outcomes?
Financial Aid Award—The Financial Aid Committee has determined that your family qualifies for financial aid and is offering a financial aid award.
Financial Aid Waiting List—Your family qualifies for financial aid as determined by the financial aid process. George School, however, does not have enough funds to meet your demonstrated need.
Does Not Qualify—Your family does not qualify for financial aid as determined by the financial aid process.
RETURN TO TOP If I qualify for financial aid, will I receive a similar aid package in future years? Families are required to complete the financial aid process each year they are requesting aid and the Financial Aid Committee makes a new assessment each year.
Generally, if your family’s financial situation remains the same and you meet all of the deadlines, you can expect to receive a similar financial aid award in future years.
RETURN TO TOP Who receives financial aid at George School? Each year about 47 percent of the student body receives over $6.1 million dollars in financial aid. The average financial aid award is about $23,500. Day student families receive awards from $1,000 to full tuition aid. The average award for day students is about $16,000. Incomes of day student families who qualify for aid range from less than $20,000 to more than $100,000. Boarding student families receive awards ranging from $1,000 to full tuition aid. The average award is about $28,000. Incomes of boarding student families who qualify for aid range from less than $20,000 to more than $200,000.
RETURN TO TOP What are our chances of receiving financial aid?
Parents often ask, “What is the cut-off point for my income?” There isn’t one. Unless you are sure that you will not qualify for aid, it does not hurt to apply. Every family has varying circumstances, such as family size, number of children attending tuition-charging schools, assets, and debts that affect the estimated parental contribution for education. In an average year, about 90 accepted student families complete the financial aid application. Of the completed applications, about 75 families receive a financial aid package. Families who qualify for a full financial aid grant may also qualify to receive additional funds for books, supplies, and travel to and from George School for breaks.
RETURN TO TOP What about divorced or separated parents? George School expects that separated or divorced parents will contribute to the cost of their child’s education regardless of whether or not there is a legal obligation for them to do so. Although parents might have an agreement that has established responsibility for one or the other to pay tuition, the financial aid process must consider all resources that might be available to the student. If either parent remarries, the Financial Aid Committee will take into consideration the obligation of that parent to his or her new family and the resources of the stepparent, given the obligation of the stepparent to his or her own children. Therefore, both parent and stepparent must submit financial information to our office. If you need a copy of the Parents’ Financial Statement sent to another parent, please call the financial aid coordinator at 215.579.6546.
RETURN TO TOP If my child is accepted to George School, does that mean that we will automatically receive a financial aid award? The Admission Committee believes that it is important for a student to understand that his/her acceptance to George School is not related to or determined by his/her family’s ability to pay tuition. Therefore, a student is accepted to George School first, and then the Financial Aid Committee reviews the family’s financial aid application. It is possible that a student may be admitted and then the family may either not qualify for aid or be placed on the financial aid waiting list.
RETURN TO TOP Are international students eligible to receive financial aid? There is limited financial aid available for students who are not United States citizens. These need-based financial aid awards cannot exceed half the cost of tuition.
Click here to learn more about applying for financial aid as a non-US citizen.
RETURN TO TOP What kind of information is used to make a decision? The Parents’ Financial Statement (PFS), the current year 1040 with all schedules (or other documentation of income), and W-2 forms help us understand each individual family’s situation. We take into account the family’s assets, debts (excluding consumer credit), and any kind of extenuating circumstances that might affect a family’s ability to pay. In considering family assets we look at the assets of both parents, stepparents, grandparents, and any assets a student holds. The Financial Aid Committee takes into account the fact that stepparents might have financial responsibilities to other children. We assume that families will choose to have both parents working if there are no young children at home.
RETURN TO TOP Are there other sources of financial aid? Some community, religious, and not-for-profit organizations offer scholarships. Applicants who are Quakers should seek additional funds from their monthly and yearly meetings. Prospective boarding students who show high achievements in academics and community activities may apply for one of four $15,000
Anderson scholarships. Call the
Admission Office for details.
RETURN TO TOP What should I do if my financial situation changes? Contact the Financial Aid Committee in writing to notify them of changes in your family's financial picture. Please send this information to:
Financial Aid Committee, George School
PMB 4460
1690 Newtown Langhorne Road
Newtown, PA 18940-2414
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Who will see my financial information? All materials are kept confidential and are reviewed only by members of the George School Financial Aid Committee. We will not release any documents you submit without your written permission.
RETURN TO TOP Who should I call if I have questions? Please feel free to call the financial aid coordinator at 215.579.6546 or the financial aid director at 215.579.6544 with questions or concerns regarding the financial aid process.
To check receipt of financial aid items or for questions about the Parent Financial Statement, please call SSS at 800.344.8328 (Monday through Friday from 9:00 a.m. to 8:00 p.m. EST and Saturday from 9:00 a.m. to 4:00 p.m. EST).
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