Financial Aid: Frequently Asked Questions

1. How is financial aid determined?
2. Should I apply for aid?
3. Will financial aid impact my child's chance for admission and/or re-enrollment?
4. Will we get aid in the future and how much?
5. What forms must we complete?
6. What if I have other children applying to or attending other tuition-charging schools or colleges? Must I apply for financial aid from those schools also?
7. In our family one parent works outside the home. Must both parents be employed to receive financial aid from Oakwood?
8. I have decided to go back to school while my child is at Oakwood. Will it affect my financial aid?
9. I am divorced, or no longer living with my child’s other parent. Will Oakwood still expect that person to be part of my application for financial aid?
10. I am planning to remarry or establish a permanent relationship with another adult. Will that person’s financial circumstances be considered in the financial aid allocation for my child?
11. What if my student must withdraw from school?
12. What is the process for paying the tuition balance after financial aid is awarded?
13. What will necessitate a recalculation of our financial aid award?

1. How is financial aid determined?
   Oakwood uses FAST (Financial Aid for School Tuition), an online service provided by Independent School Management, an organization serving independent schools nationwide. The methodology for determining financial aid is similar to that used by most colleges and universities. This process considers taxable and non-taxable income, assets, liabilities, family size and the number of students in tuition-charging schools or colleges. After allowances for basic necessities and taxes, remaining funds are considered available for education on a sliding scale. The more a family earns, the greater the expected family contribution will be.
2. Will financial aid impact my child's chance for admission and/or re-enrollment?
   It should not.

3. What forms must we complete?
   An offer of financial aid is dependent upon complete cooperation from the families providing all information required by the school to determine their need. This information includes:
   • the FAST online application:
   • W2 forms
   • Federal tax returns (including but not limited to business tax returns and other documentation)
   • Any other documents which might be helpful in determining a family's level of need.

   When families are filing their tax returns late, they are required to submit to Oakwood an IRS Form 4868 – Request for Automatic Extension-- by February 16th. This form contains an estimate of income and taxes due. Additionally, a complete copy of the 1040 for the year just completed will be required before financial aid is awarded. In any case, awards may be revised if subsequent information differs significantly from earlier information.

   Families may be asked to submit an IRS Form 4506 – Request for Copy of Tax Return. In such a case, families would be responsible for the associated fees. This is a release form that allows Oakwood to check the veracity of information submitted to the school. If returns filed with the IRS show information different from that submitted to the school, financial aid could be withdrawn and the family would be held liable for any additional amounts owed to the school after a reevaluation of need.

4. What if I have other children applying to or attending other tuition-charging schools or colleges? Must I apply for financial aid from those schools also?
   Yes, we assume that a family applying for aid at Oakwood will apply for financial aid from all tuition-charging institutions their other children may be attending. If another school does not have a financial aid program, please note that in your application. In addition we will ask for verification of the financial aid packages from the other schools.
5. In our family one parent works outside the home. Must both parents be employed to receive financial aid from Oakwood?
   If all children in a family are of school age, both parents are expected to work. If a parent chooses not to work once all children are in school, we will impute a reasonable estimate of what that parent could make if they were working.
6. I have decided to go back to school while my child is at Oakwood. Will it affect my financial aid?
   We assume that a parent who is enrolled in school will continue to earn income and has arranged to fund his or her education without depending on family resources.
7. I am planning to remarry or establish a permanent relationship with another adult. Will that person’s financial circumstances be considered in the financial aid allocation for my child?
   Yes, the addition of another adult into a household generally changes its financial picture considerably. In Oakwood's view, your resources and expenses, including those for education, become family resources and expenses, just as those of your new partner become part of the family financial picture. We will ask you to complete the online application together, providing information pertinent to the new family unit. While we realize that change of this sort can be emotionally difficult and require a period of adjustment, we must nonetheless collect the necessary information and documentation.
8. What if my student must withdraw from school?
   In the event of student withdrawal, financial aid recipients are required to pay the remainder of the balance they had after receiving financial aid award. We recommend that tuition insurance be purchased to provide coverage for this contingency.
9. What is the process for paying the tuition balance after financial aid is awarded?
   Families of students receiving financial aid should speak with the Oakwood Business Office about payment options.
10. What will necessitate a recalculation of our financial aid award?
    If a family is awarded financial aid based on multiple siblings attending Oakwood (or other tuition-charging institutions) and one or more of the siblings does not enroll as planned, the family contribution will be recalculated based on these changed circumstances.

    If the Director of Financial Aid becomes aware of information suggesting that the family’s ability to contribute is at a different level than previously determined, the award will be re-evaluated. This re-evaluation may occur at any time throughout the year, before or after an award is granted. Should it be determined, that a family or applicant knowingly did not disclose significant income or assets, and that this failure to disclose resulted in a larger award of financial aid, then the award and the student's enrollment will be reviewed.