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The Culver Academies
Financial Aid Guidelines
What determines eligibility for financial aid?
The Culver
Academies Financial Aid Committee offers aid based on family need
and the availability of funds. Financial aid decisions are made
following the admissions decision.
PLEASE NOTE:
SUBMISSION OF FINANCIAL AID (FA) PAPERWORK BY FEBRUARY 15 DEADLINE
DOES NOT GUARANTEE THAT A FINANCIAL AID AWARD WILL BE GRANTED BY THE
FINANCIAL AID COMMITTEE. TO BE CONSIDERED FOR A FINANCIAL AID AWARD
YOU MUST FIRST BE ACCEPTED TO CULVER ACADEMIES AND COMPLETE THE
FINANCIAL AID PAPERWORK PROCESS.
Frequently Asked Questions about Financial Aid
What do I need to
submit to apply for financial aid?
Parents must
complete the Parents’ Financial Statement (PFS) and send it
directly to School and Student Service (SSS) for Financial Aid, with
the appropriate fee. The PFS may be completed on line by going
to the SSS website at
www.nais.org/financialaid/sss.
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All
line items must be completed with written explanations for all
numbers circled.
·
Families filing for more than one child may list up to three
students on the PFS.
Parents must fax
(574-842-8066) or send to The Academies using the enclosed mailing
label:
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A
signed photocopy of their 2006 Federal Income Tax Form with all
supporting schedules.
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Photocopies of their 2006 and 2007 W-2 forms.
What if I do not have my 2007 taxes prepared by February 15, 2008.
Since most families
will not have completed their 2007 Federal Income Tax returns prior
to the February 15 Financial Aid deadline, we ask that a copy of
your tax return be sent to Culver upon completion. Culver reserves
the right to adjust your financial aid award if there is a
significant discrepancy between the two (2) years tax returns.
Additional financial information and records may be requested by The
Academies. It is the parents’ responsibility to provide adequate
financial information in order for The Academies to make a decision
concerning eligibility for tuition assistance.
Will a request for financial aid influence the admission decision?
No. Culver
Academies bases its acceptance of students on academic ability,
achievement, personal qualities, etc…
What happens if the parents are divorced or separated?
Culver Academies
considers the assets of both natural parents and/or step-parents
before making an award and cannot be bound by the assertion that one
parent has disclaimed responsibility for educational expenses. In
this situation, the custodial parent fills out the PFS and submits
it to SSS. Non-custodial parents and stepparents must also complete
a PFS and submit it directly to Culver Academies. It is the
custodial parent’s responsibility to ensure that this procedure is
completed.
Is financial aid renewed each year automatically?
No, Culver
Academies asks families receiving financial aid to reapply each
year. However, once financial aid has been awarded, it is
reasonable to expect that it will be renewed each year, providing a
family’s situation does not change substantially. Changes in a
family’s financial situation could result in an increase or decrease
in financial aid, depending on individual circumstances. Although
Culver Academies makes every attempt to continue financial aid once
it has begun, awards may be eliminated if financial, academic, or
behavioral factors warrant such action.
When other children in the family are attending tuition-charging schools,
does this influence The Academies’ financial aid decision?
Yes, one of the
factors that influences the decision is the family’s financial
commitment to education. Culver Academies takes into account the
amount of discretionary income for education that can be divided
among all children attending tuition-charging schools.
Does home equity influence the financial aid decision?
Yes, Home equity is
considered in SSS methodology, along with other assets.
Is there a minimum or maximum income a family must have in order to be
considered for financial aid?
No, net income is
not the only factor used in making financial aid decisions. Assets,
debts, and number of dependents are among the various factors that
Culver Academies considers, and these factors may have an influence
on financial aid decisions.
Do ways exist, aside from financial aid at Culver Academies, to help
families meet education expenses?
Yes, Culver
Academies has a ten-month tuition payment plan available through Key
Education Resources. Key also provides a tuition loan program for
families.
Is there a repayment obligation involved when a family receives aid from
Culver Academies?
No, all awards are
need-based GRANTS, NOT LOANS.
Is the student who receives financial aid required to assume extra
responsibilities at Culver Academies? No
Does SSS provide the funds for financial aid?
No, Financial aid
grants are funded by income from The Academies’ endowment and
gifts. These funds are limited. A Culver Academies education is an
investment in your child’s future. You will undoubtedly have to
make some sacrifices. This information sheet is designed to describe
the financial aid application process and the kinds of assistance
The Culver Academies are prepared to offer.
All financial
information and awards are kept strictly confidential.
The final analysis
of the SSS report and the distribution of funds to individual
families are determined by the Financial Aid Committee.
Please note:
Meeting deadlines and carefully following the application
instructions are vital to your application being processed in a
timely fashion. Failure to properly submit all documents prior to
February 15 will mean being placed on a Financial Aid Waitlist.
Contact the Culver Academies Admissions Office (1-800-528-5837 or
1-800-5-CULVER) during office hours (Monday through Friday, 8:00am
to 5:00pm), if you have any additional questions about financial aid
or would like more information regarding the ten- month payment plan
and loan options.
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