FREQUENTLY ASKED QUESTIONS ON FINANCIAL AID
1. What is financial aid?
Financial aid provides funds to families who need assistance to meet the tuition expense of an independent school. Funds are provided from interest on the school’s Endowment Fund and from donations. A request for financial aid in no way affects the admissions decision.
2. Who can apply for financial aid?
Anyone can apply for financial aid. Most recipients’ household income is in the $60,000 to $100,000 range. It is important for applicants to realize that the assistance program is meant to supplement, not to replace the family’s financial commitment. The income of families receiving aid varies from $40,000 to $130,000. Only students who have been admitted by the Admission Committee can be considered for aid. Requests regularly exceed the financial aid budget. However, with the significant sacrifices families are prepared to make for students receiving aid, the majority of students accepted are able to attend.
3. How is financial aid determined?
Albert College provides the Financial Aid for Canadian Students (FACS) application form and FACS uses a standard formula to determine the needs of each family. Consideration of income, expenses, assets and debts, age, size of family and the number of children at tuition paying schools and universities establishes the need. The school’s Financial Aid Committee then determines an award that may be a bursary or a combination of scholarship and bursary.
4. How much can we expect to receive?
Most awards for families who qualify are between $2,000 to $5,000 for day students. In determining the aid awarded, consideration is given to financial need, academic achievement and breadth of contribution. Families with significant assets may be disappointed and are encouraged to consider bank loans.
5. Is there a limit to the amount a family can receive?
Albert College believes that every family, regardless of means, should contribute something to the education of their child. Each case is considered individually and therefore aid may differ significantly from one case to the next.
6. Is the financial aid renewable each year for the same amount?
Each year is considered separately and therefore a new application must be completed for the next school year. Changes in financial status may affect the size of the award. Generally, the amount awarded remains the same until graduation, provided the student is in good academic and social standing. Families are considered for aid only if previous school bills have been paid in full.
7. What happens if the parents are divorced or separated?
The school requires both parents to submit financial statements. Confidentiality is assured. A contribution from the parent with whom the student does not reside is expected only after all special circumstances; including child support and alimony are considered.
8. What if someone of apparent greater wealth receives aid and you do not?
The Financial Aid Committee reviews a statement of the needs of each family. Full financial disclosure of income and net worth is required, and income tax returns may be requested. It is unlikely that someone of apparent greater wealth will receive more aid, but as both need and the overall contribution of the student varies, so can awards. Scholarships are publicized; bursaries are not. The school, and, we hope, the families, take confidentiality very seriously.
9. Where are applications for financial aid available? Is there a deadline?
You may obtain an application by calling the Admission Office. You may also receive specific information when you visit or tour the school. New forms are available in January and the deadline for submission is January 30 of each year. Applications for new families are accepted after January 30 of each year. Although, the funds available may be limited.