Westover School's Financial Aid Policy
Westover’s financial aid program is solely need based. Westover allocated over $2 million in financial assistance this year to approximately 50% of its student body and their families. We do not offer scholarships or grants based on merit or athletic ability. A substantial portion of Westover’s financial aid is made possible through endowed funds donated by our alumnae and the Annual Fund. Each year alumnae, current parents, past parents, grandparents, and friends support the School’s mission through donations to its Annual Fund. Westover has one of the highest alumnae participation percentages among our peer schools.
Financial aid decisions are made independent of admission decisions. After the Admission Committee accepts an applicant to Westover, financial aid awards are made based on a family’s demonstrated need and the availability of funds. Applicants acceptable for admission and qualifying on the basis of financial need outnumber those whom we can afford to support. Although need is the first requirement for financial aid, the final selection of a new recipient is based on our evaluation of the student’s overall academic and personal strengths. We cannot guarantee funding to all applicants who qualify. Our financial aid program provides need-based grants and low-interest loans to assist families who cannot meet the full cost of a Westover education.
Westover’s Loan Program: In order to provide financial aid for a greater number of families, a low interest Westover loan is often included as part of the financial aid package. This plan is funded by the endowed Adamson Fund. No interest is charged while a student is enrolled at Westover. Interest of 6% per year will start to accrue as of July 1 in the year of expected graduation from Westover, and monthly interest payments will begin on July 1 of that year. Repayment of principal begins four years from that date and repayment of all principal and interest is to be completed 45 months after the first payment of principal is due. Parents may choose to decline the loan portion of the financial aid package.
HOW IS A FINANCIAL AID AMOUNT CALCULATED/DETERMINED?
Westover subscribes to the principles and services of the School and Student Service for Financial Aid (SSS). In doing so, Westover believes a family has the primary obligation for financing their child’s education. In determining a family’s eligibility, factors such as family size, parents’ ages, extraordinary expenses, and retirement provisions are considered. Distinctions must be made between obligatory expenses such as tax payments and those made by choice, such as buying a new car. It is our expectation that your daughter’s Westover education be among your highest priorities when it comes to your family’s discretionary expenses. Because financial situations vary, an objective need-analysis system is used as a basic guideline to provide consistency in assessing need. Westover reserves the right to accept the recommendation of the Report of Family Contribution from SSS or to amend it by using additional documentation to complete the application process in accordance with the needs of the School.
The Financial Aid Committee assesses each family’s financial aid situation individually. In addition to the SSS guidelines, however, the Committee implements the following principles and practices:
1. Westover expects that all adult family members will work to contribute to their household income and their student’s education. The Committee may impute income for parents or guardians who choose not to work. Families with pre-school aged children and/or elderly family members in the home should make the Committee aware of their circumstances.
2. If more than one child in a family attends a tuition-charging institution, it is required that a family applying for financial aid does so at each of the institutions their children attend.
3. Savings, investments, and assets in a student’s name or held for a student with the purposes of higher education may be considered available resources for secondary school education and be equally distributed during the years she is enrolled at Westover in addition to the four years of college/university.
4. Please know that parents who return to school or change jobs as a personal choice, thereby reducing their household income, will not necessarily be granted additional financial assistance from Westover School.
5. In situations of divorce or separation, your daughter’s non-custodial parent must also complete financial aid forms. We expect both parents to finance their daughter’s education to the extent they are able. Therefore, we require a completed PFS and tax return from EACH household. If either parent is remarried, we will also take into consideration the spouse’s contributions to the household along with any obligations to his or her own children. A financial aid award cannot be made without information from or about ALL parents. In the case of an absentee parent or one who has no obligation to your daughter’s education, we require explanation and/or documentation from the courts.
IS FINANCIAL AID GUARANTEED IN SUBSEQUENT YEARS?
Westover requires that all applicants complete and submit the Parents’ Financial Statement to SSS as well as supporting documentation each year that a student wishes to matriculate at the School. Awards are evaluated annually based on the most recent year’s financial information. There is also the expectation that, as with all Westover students, your daughter’s reenrollment and subsequent financial aid award is contingent upon her maintaining a high level of citizenship and scholarship. The Committee will review and make adjustments appropriate to changes in financial resources and tuition increases. Westover cannot always guarantee meeting an increased need should a family’s financial situation change.
All financial information submitted in support of a financial aid application is held in strict confidence. All financial aid awards are confidential agreements between the recipient family and Westover School.
Westover welcomes students of any race to the rights, privileges, programs, and activities made available to the students at the School. Westover does not discriminate on the basis of race, religion, or national origin in the administration of its education or admission policies; scholarship, loan or athletic programs; or other school-administered activities.
How Do I Apply?
Guidelines
• Families who anticipate needing financial aid at any time during their child's career at Westover should apply for aid at the time of the admissions application.
• It is not possible for Westover to consider requests for financial assistance after admission decisions are made.
• Students who apply for financial aid may be in a more competitive situation for admission to Westover.
• We cannot guarantee funding to all applicants who qualify.
• It is our expectation that your daughter’s Westover education be among your highest priorities when it comes to your family’s discretionary expenses.
Submission
All financial aid materials must be submitted directly to SSS by NAIS, sss.nais.org, by February 1st.
Mailing address:
SSS by NAIS Application Processing Center
P.O. Box 449
Randolph, MA 02368
Courier address (FedEx, UPS, etc.):
SSS by NAIS Application Processing Center
437 Turnpike Street
Canton, MA 02021
To apply for financial aid, check the appropriate box on the Application for Admission. We will send you detailed information about Westover's financial aid program and policies. You can also find this information at westoverschool.org
The following must be submitted to SSS by NAIS no later than February 1, 2010:
• Parents' Financial Statement (PFS). Can be started as early as November 1, 2009. You are encouraged to complete the PFS online at sss.nais.org to speed processing time. Contact NAIS customer service, 800-344-8328, for answers to questions about completing the PFS. Paper forms are available by request from Westover’s Office of Admission, 203-577-4520.
• Signed copies of your 2008 federal tax return (1040), including all supporting schedules and forms
• 2008 W-2s and/or 1099s (if applicable)
• If you are self-employed and/or receive a 1099, please also submit the Business and Farm statement.
• 2009 W-2s and/or 1099s (if applicable)
The following must be submitted to SSS by NAIS as soon as possible:
• Signed copy of your 2009 Federal Tax return, including all supporting schedules and forms.
Any award that is made prior to receiving the 2009 tax return or income verification forms is tentative. This documentation is required in order to make a final award of financial aid.
In a divorced or separated family, a separate PFS must be submitted for each household. In the case of an absentee parent or one who has no obligation to your daughter’s education, we require that you directly submit to Westover’s Director of Financial Aid an explanation and/or documentation from the courts.
Please be sure to list Westover School as a recipient of the Report of Family Contribution (RFC). Our school code is 8152.
Do You Own Your Own Business or Farm?
If you own your own business(es) or farm, the Business/Farm Statement(s), and the most current filed business tax return must be completed. If you have formed a limited partnership, please supply copies of the partnership return and K-1 statements. The Business/Farm statement should be submitted to the Director of Financial Aid. It does not need to be forwarded to SSS.
Attachments
Business/Farm Statement pdf
Westover's 10-Month Payment Plan
Westover is pleased to offer you a 10-month payment program through FACTS Tuition Management. To learn more about this payment program go to FACTS Tuition Management. If you have any questions, or wish to receive a paper application, please contact Elizabeth George in the Business Office at 203-577-4514.
Other Ways to Finance a Westover Education
To apply for a loan through either Sallie Mae or Your Tuition Solution loan programs, please click one of the following links and proceed with an application:
Sallie Mae K-12 Education Loan
Your Tuition Solution Extended Payment Plan
