Affording Bentley

List of 8 items.

• What is SSS?

  SSS (School and Student Services) is an online financial aid application service administered by Community Brands. The methodology created by independent school financial aid experts, including at the National Association of Independent Schools (NAIS), provides a guideline when making need-based financial aid awards. SSS built its methodology on the principle that families of equal means should receive equal awards.

• What percentage of students participate in the Financial Aid program?

  On average, between 25-30% of all Bentley School students receive financial assistance.

• When is the deadline to apply for financial aid?

  Families should submit the Parent Financial Statement (PFS) no later than January 12, 2023, for new Upper School admissions. New Lower and Middle School admissions families should submit their PFS by January 19, 2023. All supporting documents for all new families are due to SSS by February 11, 2023.
  
  Kindly note that all requests for financial aid must be made at the same time an admissions application is received. No new considerations for financial aid can be accommodated after an offer of admission has been awarded.
  
  Returning Bentley families must complete their re-application for financial aid by December 8, 2022. 
  
  The PFS will be available for the 2023-24 school year beginning October 1, 2022.

• How is Bentley’s financial assistance calculated?

  Bentley considers many financial factors that affect a family’s ability to pay an independent school tuition. The entire Parents’ Financial Statement (PFS) must be completed in order for the school to determine the appropriate Financial Aid grant. The PFS can be found at (insert a link). The Financial Assistance Committee calculates a family’s ability to afford tuition and operates separately from the admissions process. Unfortunately, Bentley does not have the resources to offer Financial Assistance to every student who qualifies for both admission and a reduced tuition. Each of the following are considered when determining a student’s Financial Assistance grant.
  
  Annual Income refers to pre-tax earnings from wages, personal investments, and business investments. The SSS formula that determines a Financial Assistance grant considers different expenses than the IRS uses to calculate taxable income. Therefore, all tax schedules must be submitted. If parents/guardians reside in separate households, the income and expenses of both households are considered in the calculation. 
  
  Assets also help determine a student’s Financial Assistance grant.  If a family has major assets, savings, or investments, the formula computes an income supplement that is added to the gross income. For some the additional income inferred from assets is a small factor, for others the asset value has a larger influence on their Financial Assistance Grant. If a student has assets (savings, trust accounts, etc.), the formula includes them in calculating the amount the parents can pay. 
  
  Family Size influences how income is adjusted by expenditures for housing, food, or medical needs to obtain the available discretionary income. 
  
  Number of Private School or College Tuitions Currently Being Supported - A student’s Financial Assistance grant takes into account the number of family members (including adults) attending any tuition-charging elementary school, middle school, high school, or college.
  
  Unusual Expenses are also used in determining the parent contribution for educational expenses. Aging grandparent, parent educational loan payments, legal fees, closing costs, and other expenses are examples that are listed in the application instructions for the PFS.

• Where do Financial Aid funds come from?

  Funds to support the Financial Aid budget come from the school’s operating budget and from fundraising efforts by the school. Unfortunately, Bentley is not able to meet the financial need of every applicant who qualifies for financial assistance.

• In families where the parents/guardians do not live together (e.g. divorced, separated, never married), do both households have to submit financial information?

  Yes, each parent/guardian household must submit a Parents' Financial Statement (PFS) along with all previous year's tax documents (1040, W-2, and any relevant schedules) to be considered for a financial assistance grant. Bentley determines the ability to pay by factoring in all available resources from both parents and step-parents, regardless of custody or other legal issues.
  
  Bentley may request additional tax documentation and families will be contacted directly for additional information, if needed.

• If a family participates in the Financial Aid program, does the student stay in the program until they graduate?

  Provided family circumstances remain the same and Bentley’s resources can continue to support the program to the same extent, the school aims to fund the student during their entire enrollment. To continue in the program, the family must reapply each year. 

• When does a family learn if they have been offered a Financial Aid grant?

  Admission acceptance letters include a student Financial Aid grant award. Families that do not qualify for financial assistance will also be notified at this time.