Financial Aid Overview
In support of economic diversity, for this academic year Foote awarded $1.5 million in need-based aid to 24 percent of the student body. These grants range from $1,000 to nearly full tuition, with the median grant around $14,500. The school supports this program from current operating funds, from restricted endowment, and with donations to the Annual Fund designated for financial aid.
Analysis
To help assess the financial profile of each family, Foote uses the School and Student Services (SSS), a service of the National Association of Independent Schools (NAIS). Parents are required to complete a Parent Financial Statement (PFS) online, which SSS uses to determine the estimated amount a family can contribute to educational expenses. SSS applies a uniform methodology that considers taxable and non-taxable income, assets, liabilities, family size, the number of students in tuition-charging schools or colleges, and the student’s assets. After a standard allowance for basic necessities and required taxes, the remaining family resources are considered available for education. Once SSS has sent your family's estimated contribution, the Financial Aid Committee will use this as a basis in determining your financial need.
The Financial Aid Committee treats applications in the strictest confidence and reviews the information from SSS in conjunction with the IRS tax forms to make the final determination with regard to grants based on a family's demonstrated need. If a family's determined contribution is greater than the Foote School cost, the family does not qualify for need-based financial aid. If a family's determined contribution is less than the school cost, the difference determines the amount of the financial aid grant. Financial aid offers will be made by March 10 for new students and by the end of April for returning students.
- Financial aid grants are made for one academic year and awarded in subsequent years based on continued need; financial aid recipients must reapply each year. The size of the award may vary as a family’s financial circumstances and tuition change. Since most of the financial aid for a given grade is initially awarded in kindergarten, new financial aid for later grades is limited.
- A student who enrolls without a financial aid grant is expected to continue to pay full tuition unless there is a significant change in the family's financial circumstances. Foote will not support parents who choose to make a change in their employment status that reduces their income.
- Naturally, each family's situation is unique and may require further clarification and communication with the Financial Aid Office. Please do not hesitate to call and discuss your situation. We keep all inquiries confidential. Although the school cannot meet every family’s request for assistance, each family’s situation is reviewed thoroughly and carefully.
Should you have questions about financial aid or require assistance in completing the PFS form, please contact Kelly Small, Director of Financial Aid.
updated 5/16/12 ks&bl