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Financial Aid / Financial Planning Evening Oregon Episcopal School

Financial Aid / Financial Planning Evening Oregon Episcopal School. 8 December 2009. Agenda / Presentations. Robert Orr, Director of Financial Aid – Oregon Episcopal School Paula Sutton, Director of College Counseling – Oregon Episcopal School Question/Answer period – formal and informal.

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Financial Aid / Financial Planning Evening Oregon Episcopal School

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  1. Financial Aid / Financial Planning EveningOregon Episcopal School 8 December 2009

  2. Agenda / Presentations • Robert Orr, Director of Financial Aid – Oregon Episcopal School • Paula Sutton, Director of College Counseling – Oregon Episcopal School • Question/Answer period – formal and informal

  3. OES FA - overview • Goal - to make OES education accessible to more families • $1.1M distributed for 2008-09, $1.5M distributed for 2009-10 • Need-based FA only (no merit scholarships) • SSS calculations and OES practice determine awards • Awards reviewed annually (reapply) • Additional funds for support of other costs • Ongoing revisions in policy/practices

  4. OES - philosophy • Closely match NAIS (Nat’l Assoc. of Independent Schools) policies • “Evenly distribute stress”, consistent treatment of applicant families • Payments expected from all families • Predictable (and sustainable) from year to year • OES education includes non-tuition expenses, funds are available to support those activities (Supplemental Aid)

  5. Confidentiality • Locked files, only Rob Orr, Jen Bash (admissions) and committee see documents – process 130+ applications/year • Files/data not on OES server • This meeting was not held until agenda made it “safe” to offer. • Individual correspondence by phone, e-mail

  6. OES - practice • Heavily income driven calculations, including non-taxable income (gifts, retirement contributions, CAFÉ plans, other non-IRS funds) • Assets, equity, debts are factors – PFS form • Financial support is expected from parents, including ex-spouses and step-parents. • Cases are reviewed individually with accommodation as possible within policy • K-12 eligible for aid

  7. PFS form pgs 1-2 (2008 version)

  8. PFS form – pgs 3-4 (2008 version)

  9. FA Application Contents • PFS form from all parents/families • Copy of all W2 forms (unless self-employed) • Most recent IRS tax return • Most recent State tax return • Property tax statement (if own home) • Most recent paystub • Form 4506 – signed, not dated • Other documentations as required

  10. Post-award revisions • New information that would leverage a revision of an award can be submitted at any time • Mid-year adjustments can be made for both substantial increases or decreases in earnings, unforeseen windfalls or other changes in finances (as funds are available)

  11. Timeline • Early January – application packets mailed out • Feb 12th – PFS forms to be mailed to Pittsburgh [DO YOUR TAXES IN FEBRUARY!!!] • Early March – students accepted – conditional contract sent, pending FA award • Mar 2nd – All documentation due to Admissions • March/early April – decisions made by FA committee (some early notification for 6/9th grade) • Early April – Decisions mailed w/contract, due back 1 week later

  12. Supplemental Aid • Available support for other OES costs • Includes: books, some fees, some after-school activities, some tutoring, some transportation • Contact Rob Orr directly, credits are posted in the monthly statement following the charges • Winterim funding (US) associated with this budget, separate decisions involving separate application (Hope Stevens, Rob Orr, few others) • Language Trip funding (MS) one big trip per student in MS (similar in US)

  13. Misc. Topics • No two finances alike • Unusual circumstances considered if presented (section 32 of PFS, or separate page) • Part of review includes fact-check, to be sure PFS form correct/consistent • Deadlines are important – (funds are limited) can only consider timely, completed applications • Complete/timely waitpool applications given same consideration when admitted.

  14. Changes for 2010-11 applicants Financial aid budget for the coming year will increase pending board approval. Budget is finite. Decisions will be made on those with applications completed by deadline. Critical to meet application deadlines! SSS fee increase, though online application increase is less. SSS will request forms to be scanned and archived – we prefer you simply turn them into admissions. 

  15. Do We Qualify? • For 1 student, compare tuition with 15% of your gross income for last year…If 15% is lower, you should likely apply • If you have unusual impacts on your earnings – second child tuition, high parent school debt, other family support expenses – consider applying • If you want to review your situation specifically, contact Rob Orr prior to mid-January (now is a good time) for a short consultation.

  16. Contact information: Rob Orr – orrr@oes.edu 503-416-9325 (office) 360-254-0229 (home) Leave message

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