In recognition of the sacrifices families make for their children to have an independent school education, Belmont Day offers financial aid awards to bridge the gap between the cost of tuition and a family’s ability to pay.
We partner with School and Student Services (SSS) in our financial aid application program and we encourage you to explore the process by visiting the SSS website. You will find helpful information including webinars and videos that will help you navigate the application process and completion of the Parents Financial Statement (PFS), the online application form.
Important Things to Know Before Applying
Families are expected to consider all their resources including external ones such as relatives, scholarships, etc. before seeking financial aid. This allows us to prioritize families that do not have those extended networks and financial supports.
Parents must regard paying tuition as a priority, and both parents are expected to contribute to their children’s tuition through full employment and other income sources.
In families where one parent is not working outside of the home, we ask for a written explanation of their employment status. Belmont Day’s financial aid budget will not be used to subsidize choices made by parents seeking graduate studies, business ventures, or opting to not work when dependents are school-aged.
If granted admission, families of students receiving financial aid must submit a new application every year.
Applying for Financial Aid
Prospective families must notify the director of financial aid of their intent to apply as soon as possible and no later than January 11, 2021. Applications must be completed by February 1, 2021.
Current Belmont Day families newly applying for aid must notify the director of financial aid of their intent to apply by November 15, 2020. Applications must be completed by December 14, 2020.
Financial Aid FAQs
Who needs to complete the financial aid application?
Belmont Day expects both of the child’s parents to contribute to educational costs, regardless of a parent’s willingness to pay. The custodial parent (and spouse) and the non-custodial parent (and spouse) must both submit a Parents’ Financial Statement (PFS) and all tax forms as stated in the School and Student Services (SSS) instructions. If the whereabouts of the non-custodial parent are unknown, contact the director of financial aid for further instructions on completing your application.
How are financial aid awards calculated?
Belmont Day uses School and Student Services (SSS) to process our financial aid applications. SSS is a service of the National Association of Independent Schools (NAIS), and is used by most independent schools to calculate need. Based on the financial information you provide through the Parent Financial Statement, SSS provides an estimated amount your family can contribute to educational expenses. Among other things, SSS takes into account:
- Income of both parents (and any additional spouses)
- Family assets
- Age of both parents
- Number of dependents
- Number of children in tuition charging schools
Belmont Day uses this estimated family contribution as a starting point and then makes additional adjustments based on a family’s specific circumstances. All financial aid decisions are made by a committee to ensure consistency and equity of awards.
Do I have to reapply for financial aid each year?
Yes, financial aid awards are recalculated each year. Families must complete the Parent Financial Statement and submit required tax forms every year to establish need for the next academic year.
Will my financial aid award remain the same as long as my child attends Belmont Day?
Families complete a new financial aid application each year to establish need for the following academic year. Assuming that you have not had significant changes to your income, assets, family size, family structure, or number of children attending tuition charging schools, your award will likely remain consistent each year. We award aid to our returning families before our prospective families, so it is critical that your application and most recent tax documents are submitted by the deadline so that we can continue to prioritize your family’s award. We encourage current Belmont Day families to communicate with the director of financial aid throughout the year to make sure questions, concerns, and deadlines are addressed.
Why do I need to provide my 2020 tax documents in April upon accepting an offer of admission when you already have my prior years’ income information?
In the event that a family’s income fluctuates significantly from the prior year, Belmont Day reserves the right to make necessary adjustments to the original financial aid award shared with our offer of admission in March. In general, there would need to be a significant change in income to trigger a revision of your award. Having access to families’ most recent tax documents also allows us to verify situations where a family may have experienced a significant reduction in income from the prior year.
Do you provide assistance with after school fees?
Yes, families that are granted a financial aid award are also eligible to receive assistance with after school care fees. We expect that this benefit is only used by families in which the custodial parent(s) is/are working beyond the school’s regular dismissal hours. We apply the same percentage discount to after school fees as that applied to tuition.
Can I apply for financial aid after my child has been granted admission?
We allocate funds from our financial aid budget first to families who qualify for aid and whose children have been granted admission. Waiting to apply for aid after an offer of admission is not encouraged since funds will have been allocated by then and our budget will not be able to accommodate late requests. Priority is given to families who meet our financial aid application deadline.
Will we be considered for financial aid if my spouse stays home to care for our younger child?
Belmont Day recognizes the challenges of raising young children, so in calculating our financial aid awards, we do allow for one parent to remain home until the youngest child is of preschool age. When all children in a family are of school age, it is our expectation that both parents be working full-time in order to be considered for financial aid. Should one parent choose to stay home at that point, we will impute a default salary for that parent when doing our financial aid calculations.
How to Apply for Financial Aid
Go to School and Student Services to create an account and complete a Parents Financial Statement (PFS). Only one PFS needs to be completed per household.
If the student’s parents are living apart or not filing taxes jointly, both parents must complete a separate PFS.
Upload the following tax documents to your PFS account:
- 2018 1040 and supporting schedules
- 2018 W-2 (and/or 1099 if self-employed)
- 2019 1040 and supporting schedules
- 2019 W-2 (and/or 1099 if self-employed)
The deadline for submitting a PFS with uploaded 2018 and 2019 tax documents is February 1, 2021.
Financial aid decisions will be included with admissions decisions on March 10, 2021.
Upon enrollment, families of students receiving financial aid must upload their 2020 tax documents to their PFS account by April 1, 2021.
The online parent portal allows you to submit forms, book tours and interviews, and track the complete application process.
We look forward to getting to know you and your child through the application process.