What is financial aid?
Financial aid is a decrease of tuition costs, formulated on the basis of need. It's sometimes referred to as "grant" or "scholarship" money. BB&N does not award "merit scholarships" (i.e. financial aid based on either academic or extracurricular merit).
Who can apply?
Anyone may apply for financial aid. There is no income ceiling or minimum. For the 2006-2007 academic year, BB&N awarded over $4 million in financial aid to over 200 students. All awards were based on demonstrated need.
How do I apply?
Simply fill out the Preliminary Financial Aid Application and submit the requested materials by the deadlines indicated below.
If your child is an applicant for admission:
1. The Preliminary Financial Aid application is due to BB&N as soon as
possible and no later than January 1.
2. As soon as possible and no later than February 1st, complete the Parents' Financial Statement (PFS). In separated/divorced cases, both parents must submit a PFS. The PFS can be filled out and submitted online, please visit https://sss.ets.org/pfsHome.do for more information. If you prefer, you can also mail the PFS. Be sure to fill out all items fully and frankly and provide clear explanations of all circled items. Sign the form and send the original to: School and Student Service for Financial Aid, PO Box 371478, Pittsburgh, PA 15250-7478.
3. By February 1, send to BB&N: a photocopy of the PFS, a photocopy of your 2006 federal tax returns, and a signed, undated IRS Form 4506.
4. As soon as possible, and no later than March 1, send a photocopy of your 2007 Federal Income Tax Return with W-2 forms and all the attached schedules to BB&N.
If your child is a current student:
1. The PFS and IRS Form 4506 will be sent to current families receiving aid in November. Current families applying for aid for the first time should call the Financial Aid Office (617-800-2188) and request that forms be sent to them.
2. As soon as possible and no later than February 1st, complete the Parents' Financial Statement (PFS). In separated/divorced cases, both parents must submit a PFS. The PFS can be filled out and submitted online, please visit https://sss.ets.org/pfsHome.do for more information.
For the 2007-2008 academic year, the PFS Online will be available starting 11/15/2006. If you prefer, you can also mail the PFS. Be sure to fill out all items fully and frankly and provide clear explanations of all circled items. Sign the form and send the original to: School and Student Service for Financial Aid, PO Box 371478, Pittsburgh, PA 15250-7478.
A photocopy of the PFS and IRS Form 4506 and, if applicable, the Farm & Business Form should be sent directly to BB&N by this date.
3. A copy of your previous years’ taxes should be on file with us. By
March 1, send a copy of your 2007 Federal Income Tax Return, including copies of your W-2 statements and all attached schedules to BB&N.
Will applying for financial aid affect my child's chances for admission?
No. Admission decisions are independent of financial aid decisions. It is possible that a student with financial need may be admitted but not be offered aid, or may be put on a financial aid wait list.
Who decides if our family will be granted aid?
The Financial Aid Committee, composed of BB&N administrators and chaired by the Director of Financial Aid.
How are the financial decisions made?
Financial aid is awarded based on a family’s demonstrated
need, as determined by a collaboration between the
School and Student Service for Financial Aid (SSS)
and BB&N’s financial aid
committee.
Calculations are based primarily on:
- The incomes of both parents
- The family's assets
- The age of both parents
- The number of dependents
- The number of children in tuition-charging schools (BB&N does not include graduate school tuition for family members in our computation)
The information from the SSS is supplemented by
information gleaned from each family’s federal income tax
return as well as the explanations provided on the PFS by
each family. We use the SSS analysis of a family’s need as
a guideline but are not bound by that estimate of need. We
do make every effort, subject to the availability of financial
aid funds, to provide for the demonstrated need of our
students.
If my child is admitted but not awarded aid, might we receive aid the following year?
It is very unlikely. We aid as many students as we feel we can continue to support through their years at BB&N. Our first obligation is to our currently enrolled students. There is little chance that a student enrolling without aid would be awarded aid in any subsequent year, without significant changes in that family’s financial circumstances.
If we are offered aid and decide to enroll at BB&N, can we expect approximately the same level of aid in future years?
Yes, provided your financial situation does not change. Because financial aid decisions are reviewed each year, families receiving aid must, each year, submit information (the PFS and the 1040) establishing need for the next academic year.
Must I reapply for aid next year?
Yes. You will need to submit your Parents' Financial Statement and income tax return.
What factors can influence our child being awarded financial aid?
Awarding of financial aid can be influenced by the following: the required information and forms not submitted in a
timely manner, the amount of funds budgeted for financial aid, the level of need among all families applying for aid in a given year, significant delinquencies in tuition payments.
What payment plans are available?
All families may also take advantage of payment plans through either TuitionPay, which is administered by Sallie Mae or Key Education Resources®. Both allow families to pay tuition in smaller, manageable monthly installments. Parents may also apply for the AchieverLoan® or the K-12 Family Education LoanSM, both are low interest-loans available to families enrolled in independent schools.
What if I am a single parent?
BB&N requires complete financial information from both the custodial and non-custodial parents, including the Parents’ Financial Statement form and tax forms. This information
is collected in an attempt to determine the ability, not the willingness, of each parent to financially support their child’s education. If the whereabouts of the non-custodial parent
are unknown, a good-faith effort must be made to locate him or her. In most cases, a letter from a third-party (such as a teacher or minister) will be required to verify that the noncustodial parent has no contact with the applicant.
What if I am self-employed?
Parents who are self-employed, or who own a business or farm should submit the Business/Farm Statement directly to BB&N and include their business taxes with their income tax.
What if I have more than one child applying to BB&N?
One set of forms is sufficient, even if your children are applying to different grades in the school.
Is financial aid available for supplemental costs?
BB&N makes every attempt to
give each student access to the
opportunities the School offers.
A Book Grant is applied to most
Middle and Upper School Financial
Aid packages to help defer the cost
of books. Additionally, financial aid
is available for activities such as
the Foreign Language Department’s
spring break trips, summer
opportunities, academic support,
and class field trips and events.
Students apply through the Financial
Aid Office and are awarded up to the
percentage of funding they receive
for tuition. In addition, we have a
program that grants computers to
Upper and Middle School students
who meet certain financial criteria.
These supplemented grants are
all subject to the availability of
funding.
For more information on Financial Aid you may contact: Kimberly Bastian, Director of Financial Aid 617-800-2188 or kim_bastian@bbns.org
|
