Financial Aid FAQs
How much financial aid is awarded each year?
For the 2015-16 academic year, Foote awarded approximately $1.7 million to 21 percent of the student body.
Who is eligible to apply for financial aid?
New students applying to the school may apply for financial aid. The Foote School expects that families who enroll paying full tuition will continue to pay full tuition each year their child is enrolled, unless there is a change in the family’s circumstances. Potential changes include divorce or separation, additional children at a tuition charging school, or changes in employment. Foote's financial aid budget does not allow us to financially support families in the case of a parent who chooses to return to school or change jobs as a personal choice, that thereby reduces their household income.
Does Foote offer scholarships?
Foote School does not offer merit scholarships. All financial aid dollars are awarded in the form of a grant, on the basis of a family’s demonstrated financial need.
What is need based financial aid?
A family’s demonstrated need for financial aid is the difference between the Parent Contribution (PC) to education (determined through the SSS analysis) and a school’s tuition. If the PC is less than tuition, the difference is the financial need for the family. If the PC is greater than tuition, than the family does not qualify for need-based financial aid and can not receive a financial aid award.
What factors are considered when determining financial need?
SSS uses a formula that considers all areas of a family’s financial profile to determine a family's need for aid. Some factors include both parents’ income (taxable and non-taxable), number of dependents, number of children in charging schools, age of parents, certain indebtedness and unusual expenses, and assets, including home equity and investments. This information is used as the basis to calculate a family’s ability to contribute to educational expenses and for the Foote Financial Aid Committee to determine a family’s financial aid grant.
Can applying for financial aid affect the admissions decision?
At Foote, applying for financial aid does put you in a more competitive applicant group. After the Admissions Committee determines which children are admissible, the Financial Aid Committee convenes to allocate funds to those admissible families who have applied for financial assistance. Foote School has a limited budget and although we will provide aid to a family at the full level of their demonstrated need, we cannot provide aid to all families who apply. These families will be placed on a wait list.
Will we receive financial aid after the first year?
As a school, we are committed to supporting each family at their level of demonstrated need during each year their child is enrolled. Families who receive financial aid are required to complete the financial aid application process each year and submit current year financial information. Completing this re-application each year allows the Financial Aid Committee to verify a family's level of financial need.
What is the process for divorced/separated/never married parents to apply for aid?
As a member of the National Association of Independent Schools (NAIS), we uphold its guidelines that both legal parents are obligated to contribute to the education of their child(ren). To that end, for parents who are divorced, separated, or never-married, it is the School's policy to consider financial information from both child's legal parents in order to offer a financial aid award. Therefore, both the custodial and noncustodial parents must submit a completed PFS form for their household and all required tax documents for their household. We are aware there could be extenuating circumstances within some families and in these cases, we ask that you contact the Director of Financial Aid.
How will our aid change when a second or third child enters the School?
The SSS need-based analysis helps determine a family’s Parent Contribution (PC) to education. Based on another child entering Foote, this overall contribution stays the same and is divided among the number of children in full time, tuition charging schools. For example, if your PC is $10k and based on a tuition of $23k and one child in a tuition charging school, your financial need/award is $13k. If you have two children enrolling to Foote, we divide the $10k PC by two and the need/award for each child is $18k.
How are non-working parents considered in the process?
Foote expects that all parents/guardians will work to contribute to their household income and their child’s education. To ensure equity in the analysis of each family’s financial circumstances, the Committee will impute $20,000 to the total family income for a parent or guardian who chooses not to work. The Committee will not impute if there is a preschool age child at home, or when a parent is unable to work due to a medical condition or is caring for an ill or disabled child or parent.