Gann Academy -- Financial Aid FAQ

Financial Aid FAQ

Who can apply for financial aid at Gann Academy?

	Any student enrolled in, or applying for admission to Gann Academy may apply for financial aid.
	Does applying for financial aid affect admission to Gann Academy?
	No. Admission to Gann Academy is need-blind. Financial circumstances have no effect on admission to Gann Academy.
	How does my family apply for financial aid?
	New families receive a financial aid application with the admissions application packet. All forms, including a Parent Financial Statement (PFS) must be completed and submitted to SSS by NAIS by the deadline of January 31, 2012.
	Is financial aid dependent upon my family having a certain income level?
	No. There is no minimum or maximum income requirement to apply for financial aid at Gann Academy. The IST committee reviews your family’s entire financial situation including, but not limited to, number of children, the value of the home, investments, income, other family dependents, etc. All of these factors, together with the School and Student Services report, help the Committee determine the amount of aid for which your family qualifies.
	Will my family qualify for assistance?
	Each application is carefully reviewed and each decision is made based on all available information. It is difficult to offer general guidelines for eligibility. The school expects each family to contribute as much as possible toward the cost of tuition. All families considering requesting assistance are encouraged to complete the application process. The school is unable to determine qualification for aid without a complete application.
	What percentage of students receive financial aid from Gann Academy?
	More than 1/3 of Gann Academy students receive financial assistance each year.
	What about financial aid if I am separated, divorced, or never married?
	Gann Academy requires that both parents complete a financial aid application to determine the family’s ability to pay for tuition. The school considers the financial resources of all living parents, step parents, and domestic partners, and requires the cooperation of all parties before financial aid awards are determined. This information is collected in an attempt to determine the ability, not the willingness, of all parties to financially support the education of their children. The school is not bound by any disclaimers of financial responsibility or legal arrangements that may bind either parent. Gann Academy does not act as an intermediary between parents and asks that all parties involved communicate directly with each other regarding the education of the child.
	What if I am self-employed or have income from other sources?
	If you have income from a Business, Farm, Rental Property, S-Corporation, Partnership, or Estate/Trust, you must submit copies of all supporting tax schedules along with your individual income tax returns including the following: Business: Schedule C or C-EZ (Form 1040) Farm: Schedule F (Form 1040) and Form 4562 Depreciation and Amortization Rental Property: Schedule E (Form 1040) S-Corporation: Schedule E (Form 1040), Form 1120S, Schedule K-1 and Form 8825 Partnership: Schedule E (Form 1040), Form 1065, Schedule K-1 and Form 8825 Estates and Trusts: Schedule E (Form 1040), Form 1041, Schedule K-1 and Form 8825 In addition, please complete and return the SSS Business/Farm Statement
	Should I complete multiple applications if I have more than one child applying for financial aid?
	No. You may complete one financial aid packet for all children in your family who are applying for financial aid.
	Will my financial documents be secure with SSS?
	SSS data security processes are SAS70 certified to ensure safety. SSS uses the most up-to-date intrusion detection, firewalls, encryption levels and security patches. For more information, please visit the parent FAQ section at www.sss.nais.org.
	Do I need to send IRS Form 4506-T to the School even though I sent my tax returns to SSS?
	IRS Form 4506-T must be signed and returned directly to the school. This form is used in some circumstances, when the IST Committee may deem it necessary to obtain a copy of your federal tax transcript directly from the IRS. This form should be sent directly to the school.
	What if my application is submitted after the January 31 deadline?
	The IST committee views this as unfavorable and will likely impose a 20% reduction in your award. If there are extenuating circumstances and your application will not be ready on time, you must contact the Office of Finance and Operations with these concerns. Financial aid award decisions are made shortly after the January 31 deadline and the finite amount of funds in the financial aid pool diminishes; therefore it is in the families best interest to have their application complete by the deadline.
	My 2011 federal tax return is not complete, can I wait until after the January 31 deadline to submit the application?
	No. The school asks that you estimate your financial information to the best of your ability on the PFS. Late applications cannot be guaranteed consideration, and are subject to a late penalty. Your application will be reviewed without your 2011 federal tax return and you will be given a provisional award. The school asks that you submit your 2011 federal tax return no later than April 16, 2012.
	Who do I contact if I have additional questions?
	Please contact Danielle Roman, Finance and Operations Associate at 781-642-6800 x113 with questions or to request additional forms. Written correspondence may be directed to Christine Miller, Chief Financial & Administrative Officer, Gann Academy, 333 Forest Street, Waltham, MA 02452.