Financial Aid Information
The Rhoades School is committed to enrolling a student body diverse in interests, talents, race, ethnicity and economic background. While we firmly adhere to the principle that the primary responsibility for funding a student’s education lies with the family, we understand financial aid will be necessary to enable some students to attend Rhoades. The goal of our financial aid program is to help bridge the gap between what a family can reasonably be expected to contribute and the costs associated with attending The Rhoades School. Financial aid decisions are made independent of admission decisions.
Rhoades endeavors to treat all families fairly, equitably and consistently in its consideration of requests for, and distribution of, financial aid. In order to determine a family’s eligibility to receive financial aid, The Rhoades School subscribes to the School and Student Service for Financial Aid program by National Association of Independent Schools (SSS by NAIS), which calculates a family’s need and the expected family contribution (EFC) using a methodology that takes into consideration many items, including: income, assets, liabilities, age of parents, family size and the number of students in tuition-charging schools. The Rhoades School requires all financial aid applicants to apply for financial aid each year of matriculation. Financial aid is determined and renewed annually on the basis of current demonstrated financial need. The Rhoades School reserves the right to amend awards if new information comes to light after an award is granted.
APPLYING FOR NEED-BASED FINANCIAL AIDTo be eligible for consideration of financial aid at The Rhoades School for the 2017-2018 academic year, the SSS Parents’ Financial Statement (PFS) must be completed and submitted by February 1, 2017. In addition, all Federal Tax forms (1040s, schedules and W-2 forms) for both the 2015 and 2016 calendar years and IRS form 4506T must be submitted to SSS by March 1, 2017.
Call SSS at 800-344-8328 for assistance with any questions regarding the completion of the PFS or document collection. (Mon - Fri: 9am - 8pm, Sat: 9am - 4pm EST
- Go to sss.nais.org after November 1, 2016. Click on the prompt to begin your Parents' Financial Statement (PFS). Create only one PFS, even if you have more than one child applying for financial aid at The Rhoades School. Separated or divorced parents are required to file separate PFS forms and submit individual tax documents.
- You will be given a password that will allow you to return to your PFS as needed.
- You will also be given instructions on how to submit required documentation, either electronically or by mail. For information regarding SSS’s document security, please go to their website: sss.nais.org.
- If applicable, mail required documents to: SSS by NAIS, Application Processing Center, P.O. Box 449, Randolph, MA 02368-0449. For overnight mail, please use this alternate address: SSS by NAIS, Application Processing Center, 437 Turnpike Street, Canton, MA 02021.
MULTIPLE TUITION-CHARGING SCHOOLS
If more than one child in a family attends a tuition-charging K-12 institution or college, The Rhoades School requires families to apply for aid at each of the institutions their children attend. Rhoades cannot subsidize tuition for other tuition-charging schools of any type. It is important to note that SSS computes the total funds available for education and then divides that amount by the number of children attending tuition-charging schools. Parents may be requested to provide The Rhoades School with copies of financial aid awards granted by other institutions.
NOTIFICATION OF THE FINANCIAL AID COMMITTEE’S DECISIONFamilies of newly admitted students who have met the published deadlines and submitted all required documentation to SSS may expect financial aid decisions to be emailed by March 10, 2017. Families of returning students may expect financial aid decisions to be emailed by March 17, 2017 provided the school’s published reenrollment deadlines have been met.DIVORCED OR SEPARATED PARENTS
Each parent must submit a separate Parent Financial Statement along with copies of his or her 1040 and all schedules directly to SSS. If a non-custodial parent refuses to submit the necessary information to SSS, the application for financial aid will not be processed. In cases where a non-custodial parent is not involved with the child, the custodial parent is required to submit to the Director of Financial Aid documentation verifying the family’s situation from a disinterested party such as the courts, an attorney, minister or social worker.
CHILDREN LIVING WITH OTHER RELATIVES
Regardless of where a child resides, if parents are living and claim the child as a dependent, the parents must complete financial aid forms. Should other family members have legal custody of the child, forms will be required from the child’s custodians and their financial information will be factored into financial aid calculations. In such cases, proof of legal custody will be required.
PARENTS WHO DO NOT WORK
The Rhoades School expects parents, guardians, domestic partners and stepparents to play an appropriate role in financing their child’s education. When a parent chooses not to work and there are no preschool children at home, the Financial Aid Committee will add income equal to full time minimum wage employment. Exceptions are made if a parent is caring for a disabled or critically ill child, parent or grandparent. Consideration will also be given to a parent who is home-schooling other siblings. Parents electing to either return to school or change jobs should note that if such a choice results in a decrease in family income, then the difference will not be underwritten by financial assistance provided by The Rhoades School.
PARENTS WHO OWN A BUSINESS
Parents who own a business and/or farm are required to furnish a copy of their current business tax return. They may also be asked to furnish cash flow statements, balance sheets and any other information relevant to the business. Losses due to property and/or equipment depreciation are not considered when calculating financial need. Parents who have formed limited partnerships must submit copies of the partnership return, as well as K-1s. We reserve the right to request additional financial information in cases where such action is deemed necessary to determine a family’s financial status.
If a family does not apply for financial aid or does not qualify for financial aid upon initial enrollment, it is unlikely the family will receive financial aid in subsequent years unless they can demonstrate a change in the family's financial circumstances that were not foreseeable upon initial enrollment. In the event that a student who previously received financial aid does not submit reenrollment documents by Rhoades’ published enrollment deadline, a financial aid award cannot be guaranteed.
FINANCIAL AID WAITLIST
In some cases a family may demonstrate financial need, but due to the limitations of The Rhoades School’s financial aid resources, we may not be able to meet any part of the family’s demonstrated need. In this event, the student will be placed on a financial aid wait list and the possibility of granting a financial aid award will be reviewed at a later time, should additional funds become available.
The Financial Aid Committee holds all submitted information in support of aid applications in strict confidence. Financial aid awards are confidential agreements between the recipient family and the school. The Rhoades School does not share families’ financial information with any other party; equally, families granted financial aid awards are expected to keep confidential all details pertaining to a granted financial aid award. The Rhoades School reserves the right to amend awards in the event a breach of this confidentiality clause occurs.
QUESTIONS REGARDING FINANCIAL AID AT THE RHOADES SCHOOL SHOULD BE ADDRESSED TO:Jenni BeadleDirector of Admission