Frequently Asked Questions: Financial Aid
- How do I apply for Financial Aid?
- How is my financial aid award calculated?
- When our family applies for financial aid, what information will I be asked for?
- Can I estimate what my award might be?
- Will my financial aid award change from year to year?
- When are the application deadlines, and when am I notified if I received aid?
- Are there waivers for the Parents' Financial Statement (PFS) processing fee?
- Can international students apply for aid?
- Who can I contact with questions?
Asheville School, like many other private American schools, uses a third party called School and Student Services (SSS) to help calculate your financial aid award. On the SSS website you will create a username and password and fill out The Parents’ Financial Statement (PFS), which gathers in one place relevant information about your family size, income and net worth. Asheville School’s Financial Aid Committee then uses the results as a starting point to calculate your financial need and the actual financial aid grant we can award. We also require that you upload your tax documents directly to the SSS website (or you can mail them to SSS if you prefer). Please do NOT send them directly to Asheville School.
Please be aware that the financial aid application process is quite involved. SSS asks many detailed questions in order to calculate the most accurate assessment of your need for tuition assistance, but know that you can always save your information and go back to the application another day.
See the step-by-step guide here.See the Parents' Financial Statement Workbook and Instruction Booklet here.
SSS uses all of your submitted financial information to calculate your Estimated Family Contribution (EFC): the amount you as a family can theoretically pay towards tuition. Once you have submitted your application, SSS will generate your EFC. You and the school(s) which you request receive the SSS report will be able to see it.
The vast majority of financial aid is based on financial need. To determine how much financial aid you qualify for, schools use the SSS computations provided by National Association of Independent Schools (NAIS) to first figure out how much you can contribute. The school needs to know:
- Family size
- Income from all sources
- Savings, investments, and other assets (including home equity)
- Children's assets
- Medical, dental, and unusual expenses.
This information and answers to other lifestyle questions are collected on the Parents' Financial Statement (PFS) and shared with all the schools you select to receive the PFS. The PFS is called a common application, or "common app," because you only need to complete one application for many schools.
Most schools will require you to submit a copy of your most recently completed federal tax return to verify that the information you used on the application is true and accurate. In certain cases — for example, if you own a farm or business — schools may ask you for additional documentation.
The application deadline is February 1, and your tax return, W2 form(s) and 1099 form(s) MUST be uploaded (or sent via mail) to SSS by February 15. Please note: if your 2018 return is not completed by Feb 15, please upload your completed 2017 return as a placeholder until your 2018 return is completed. Please submit your 2018 tax return as soon as it is complete.
By March 10, students who are offered admission and who applied and qualified for need-based aid will be notified of their award via mail. Returning students receive re-enrollment contracts along with details regarding their financial awards by March 10.