Families requesting financial aid must submit a financial aid application and supporting documents annually by the required deadlines of January 5th for returning families and February 1st for new applicant families. These required documents consist of your two most recent tax returns, a personal financial statement (PFS) through the School and Student Services for Financial Aid (SSS) website: sss.nais.org (school code of 4948), and a signed copy of IRS Form 4506 (www.irs.gov). The Financial aid office is available to help with the completion of these forms. Please call (914) 479-6414 for assistance.
The Financial Aid Committee, depending on the availability of funds, awards need-based aid to families whose children are enrolled in grades five through twelve using an assessment tool provided by the SSS and in conjunction with The Masters School’s financial aid policy.
New families will be notified of their award in their admission notification packets. Returning families receive financial aid awards with re-enrollment contracts in January. Financial aid awards are contingent upon the receipt of the current year’s tax returns and W-2’s when the award is granted prior to April 15th.
The School will do its best to meet the previous year’s level of aid for each returning student provided the child is a student at The Masters School, there is no significant change in the family’s financial circumstances, and that the submission of all required application documentation is received by the required deadline.
The annual tuition deposit of $3,000 will be reduced to $2,000 for families receiving need-based financial aid of up to 74% of tuition. Families receiving more than 75% in financial aid will not be required to pay a deposit. However, all new financial aid students are required to pay a one-time $1,000 enrollment deposit that is refundable at graduation or withdrawal, less any outstanding charges remaining unpaid. You will also be responsible for other fees per the 2017-18 Tuition and Fees Schedule.
It is the School’s expectation that families paying full tuition will continue to do so unless their circumstances change significantly. New applications for financial aid for returning non-financial aid families will be considered by the Financial Aid Committee. However, the Committee cannot guarantee that it will be able to meet the financial needs of all families.
Families may request a second review of their financial aid award by initiating an appeal process. The written request must be submitted to the Director of Enrollment, providing detailed information on changes that have transpired since the initial evaluation.
Yes, international students who demonstrate need are eligible for financial aid providing they submit all required financial aid documentation. International families must submit official proof of income if they do not file U.S. tax forms.