fbpx

Financial Aid Policy

2019 – 2020 Financial Aid Application Policy

 

The Montessori School of Lake Forest is committed to sustaining an economically diverse community by assisting qualified families who, without aid, have no other resources with which to meet the full cost of an education at MSLF. Families who are seeking financial aid should review this policy carefully and may ask for further information from the Business Office.

MSLF’s financial aid grants vary in range depending upon each family’s financial resources. Financial aid is applied toward school tuition only. Parents are responsible for any remaining tuition balance plus any applicable fees, and for covering the cost of before and after school care. All families are expected to contribute to their child’s education. To meet the school’s 2019-2020 budgetary requirements, parents applying for assistance will have to be able to pay 50% of each child’s tuition before being considered for financial aid. The primary obligation for a child’s education rests with the parents. Families are expected to make education a spending priority. MSLF’s financial aid will not subsidize a family’s discretionary spending choices. MSLF will not award financial aid when a family possesses substantial assets, whether or not those assets are liquid. MSLF’s financial aid is directed toward the support of families who do not have other resources.

To assess financial need, MSLF uses FAST to process financial aid applications. FAST is a service of Independent School Management (ISM). Based on the financial information a family provides, FAST estimates the amount the family should be able to contribute to education expenses. This determination is based on the FAST formula and considers income, assets, cost of living, debts, other tuition obligations, other family expenses.

MSLF expects that all information provided by parents or others as part of fulfilling the financial aid application process will be complete and accurate. Inaccurate information will cause rejection of the application and/or loss of subsequent financial aid.

In cases of separated, divorced, or never-married families, both natural parents must complete and submit separate financial aid applications and supporting tax documents. A letter explaining any unusual family circumstances or expenses which may affect ability to pay for the student’s education should be sent to MSLF’s Executive Director.

A final offer for financial aid will be provided only after a complete application and all supporting documents have been submitted. It is important to note that an offer of enrollment to MSLF does not guarantee a financial aid award.

Parents of returning students must submit a complete financial aid application each year. Failure to do so may result in the loss of aid. A family’s application for aid will not be considered for the next year until their account is current and they are in good standing with the Business Office.

MSLF is unable to offer financial aid to every family who qualifies.