Financial Aid
TVCS strives to maintain a diverse student body. Our admissions decisions are always made need-blind, that is without regard to a family’s financial situation. However, some families may find the need to apply to receive financial aid to assist them with funding an education.
TVCS has a need-based Financial Aid Policy and for a school our size, we award a substantial amount of financial aid each year. However, it is important to remember that an independent school education is a choice for families. Both the school and the families make significant financial sacrifices to support this choice. Our policies and philosophy attempt to ensure that each family is subject to the same guidelines as we evaluate the needs of your family relative to the needs of other families in our school.
Who is awarded aid?
Nearly 50% of TVCS K-6 students receive some form of
financial assistance. For the 2009-2010 school year, $39,152 in financial aid funds was
distributed among 22 students. All financial aid awards are kept confidential
and the Financial Aid Committee guards applications in strict confidence. Financial aid is
currently not available for Pre-Kindergarten students.
What are the expectations of parents awarded financial aid?
At this time there are no
specific criteria for financial aid recipients; however, they are expected to be responsible
members of the school community and make significant contributions to the school.
Financial aid recipients may be requested to support the raising of financial aid money.
Must both parents be employed to receive financial aid?
In general, yes, if all children
in the family are beyond preschool age. The expectation is that parents will be employed full
time (40 hours per week). For many of our families (those who receive aid and those who do
not), both parents are employed so that they can provide an independent school education
for their children. We also realize that in some families circumstances may make this
impossible. Explaining the circumstances in your financial aid application and describing the
non-working parent’s plans for eventual employment are important. In order to prevent
penalizing dual-income families, we may input a salary amount for non-working parents as
an equalizer, unless any extenuating circumstances are presented to and approved by the
Financial Aid Committee.
Do parents apply for financial aid just once?
Parents are required to apply for aid
annually because tuition increases and changes in family resources may affect the amount of
awards.
What if I my child is admitted to the school after the academic year begins?
TVCS allocates all financial aid during the spring cycle prior to the beginning of the
academic year. A family entering TVCS after the beginning of school (i.e. mid-year) may still
apply for financial aid, however, it should be understood that little or no financial aid may be
available by the time a late applicant is accepted. If you require financial assistance to
attend TVCS, it is imperative that you supply all documents and receive notice of the
award, if any, before your student is enrolled and begins attending classes.
How is a family’s need determined?
TVCS subscribes to the School and Student Service for
Financial Aid (SSS) in Princeton, New Jersey, a division of the National Association of
Independent Schools (NAIS). Families submit a Parent Financial Statement (PFS), one for each
parent in the case of separated or divorced parents, providing detailed financial information
to SSS. Then SSS evaluates the information based on a formula nationally accepted by
independent schools.
- Income (taxable and nontaxable)
- Monetary gifts from grandparents, etc.
- Assets (home equity, rental and vacation property, savings, stocks, bonds, etc.) Please note that a family’s assets are considered when awarding financial aid.
- Unusual Expenses (medical, etc.)
- Indebtedness (consumer indebtedness and current business debts are generally not allowable, while debts from a dissolved business are often allowable)
- Family size
- Age of parents (allows for retirement savings)
- Number of children attending tuition-charging schools
TVCS takes the SSS estimation of a family’s financial need and makes awards proportionate to the actual funds available for distribution. Our Independent Financial Aid Committee confidentially reviews the family’s financial profile and allocates awards accordingly.
How much does it cost to apply for aid?
SSS charges $35 if you apply online. (TVCS has
a limited number of waivers for the SSS charge if the application fee is a deterrent for your
family to apply.) TVCS charges no fee for processing a Financial Aid Application once
information is received from SSS.
What about separated or divorced parents?
TVCS endorses the recommended policy of
the School and Student Service for Financial Aid stating that parents have the obligation to pay for
the educational expenses of their children to the extent they are able, and that obligation
takes precedence over the school’s responsibility to provide financial assistance. The primary
responsibility for a child’s education rests with both natural parents. We cannot be bound by
the assertion that one parent has disclaimed responsibility for educational expenses.
Financial aid is based on ability to pay, not willingness to pay. Therefore, we expect both
parents to complete all steps in the application process. The income of stepparents or
domestic partners will also be included in the calculations, always bearing in mind the
obligation of that partner to his or her own natural children. We will waive the requirement
for the non-custodial parent to complete the PFS if the location of the non-custodial parent
is unknown or we have documented information that the non-custodial parent provides no
support and is not in contact with the child. If extenuating circumstances might warrant
waiving this requirement, written requests should be sent to the Financial Aid Committee.
Should our family apply for financial aid?
Few families find it “easy” to pay independent
school tuition. Most families adjust their spending priorities, maximize both parents’
earnings, and carefully manage assets to do so. We would like to provide firm guidelines to
help you decide whether to apply for aid, but we have found that each family’s combination
of circumstances is unique.
How does our family apply?
To apply, go to http://sss.nais.org and follow
the instructions to begin an application. You will need our schools’ code to apply: Teton
Valley Community School’s code is #3530. Once you have completed the application, you
will need to submit a paper copy of it, plus a copy of your 2009 tax return and related
schedules to the TVCS office where they will be kept confidential.
What are the deadlines for the 2010-2011 school year?
Please see the following chart for
deadlines. To be considered for an award for the 2010-2011 school year, parents / guardians
must submit ALL documents/forms as reflected in the following chart by the respective
deadlines. Late or incomplete files will delay processing of your application and could
potentially cause you to receive less or no financial aid.