An independent school education is a costly yet beneficial investment, and many families are concerned about their ability to afford such an education. Powhatan School understands this concern and works to determine a fair assessment of a family’s ability to provide their children a Powhatan education. The financial aid committee is committed to making Powhatan’s program affordable to all qualified students to the extent that our resources allow. For the 2016-2017 school year, Powhatan has extended more than $230,000 of financial aid to roughly 20% of the student population with an average award of $6,000.
At Powhatan, financial aid is based solely upon demonstrated financial need. To help determine each family’s need, Powhatan subscribes to the School and Student Services for Financial Aid (SSS). Families should expect to contribute to their child’s educational expenses to the greatest extent they are able, given their economic situation.
Any current or prospective student may apply for financial aid which entails submitting the Parents’ Financial Statement (PFS) and all required supporting documentation to SSS.
The deadline for applying for Financial Aid is February 15, 2017.
Commitment of the Family
The obligation for financing a child’s education rests primarily with the family, including parents and extended family where appropriate.
Powhatan expects that a family will be willing to make significant adjustments in the use of its discretionary resources – and access supplementary resources available through family, work, and local organizations.
Applying for Financial Aid
Application Timeline/Deadlines: Families interested in applying for financial aid should contact the Admission Office in the early fall. Please note carefully the instructions and deadlines given below. In recent years, Powhatan has seen an increase in financial aid applications. Therefore, to be considered, all financial aid application materials must be received by the deadlines listed below. Please be aware that Powhatan does not have sufficient funds to provide financial aid grants to all qualified applicants. We recognize the unfortunate reality that for some families this may adversely affect their ability to accept our enrollment offer.
The Financial Aid Application deadline for families wishing to apply for financial aid consideration is February 15, 2017.
By February 15, 2017, please include the following with your SSS online application:
- Signed tax return(s) and all related schedules, if applicable or Signed tax return(s) and all related schedules
W2s and/or 1099s
- Any applicable signed corporate/business tax return(s)
If you are reapplying for financial aid, please note the change that all documents, including taxes, should now be sent to SSS via the online application for Financial Aid.
The Powhatan SSS school code is 5890
Submitting the PFS Online
All families are required to submit the PFS online through the SSS website at http://sssbynais.org/ . The fee for applying is $40 regardless of how many children are on the PFS or the number of schools to which they are applying. Powhatan’s SSS school code is 5890.
This webcast will assist you in learning about the online application for Financial Aid:
SSS Security Information
The following information was provided by SSS and addresses security of their new document collection.
We know that any information families send us is important and private. We treat that information, whether it comes to us on the PFS application or in follow-up documents, with the ultimate in protections for confidentiality and security.
We protect your information with advanced services across all areas of interaction:
All document handling is performed in secure facilities. Documents are stored in fire-safe vaults until the end of the academic year and then destroyed through a certified shredding process. Electronic copies of the documents are stored for use while applicants are in school.
The data we store is protected by multiple layers of information-security protections. The facilities that store and process this information maintain SAS 70 certifications.
All processing facilities are secured with a state-of-the-art physical security system, which includes nationwide access controls and 24 X 365 monitoring.
All processing systems are protected by a sophisticated, enterprise-class network of hardware and software which monitors system performance, safeguards data, and identifies and prevents malicious or unwanted intrusions such as denial-of-service attacks and unauthorized network access.
For more information visit http://sssbynais.org/
Determining Financial Aid Awards
The PFS outlines the family’s current financial status. Once the PFS is received by SSS, the data are run through a standard calculation formula. Common factors taken into consideration are family income, assets, debts, family size, age of parents, number of children attending tuition-based institutions, home equity, and certain other expenses. SSS returns the data analysis to the school in the form of a Report of Family Contribution (RFC), which suggests what the family can pay. This amount is not binding and does not imply what kind of financial assistance will be given by the school.
Funds do not come from SSS but are awarded directly from the school. Families may also request a copy of the RFC directly from SSS. Powhatan’s Financial Aid Committee reviews each RFC carefully and reserves the right to adjust the amount of the recommended family contribution based upon school policy and supporting documentation. For example, if a parent (who does not have small children at home) makes the choice not to work, Powhatan will consider the potential income that could have been earned by that parent.
A financial aid file is considered complete when SSS has received the PFS and all required signed tax returns and schedules from the family. The school reserves the right to make any necessary changes to a financial aid award if the tax information differs substantially from the previous year’s tax information.
Notification about Financial Aid
Families currently receiving financial aid from Powhatan will receive notification regarding next year’s application at the same time re-enrollment contracts are issued.
New applicants for financial aid will receive financial aid notification no later than March 4, 2017. Please remember that admission and financial aid decisions are made in separate processes; an application for financial aid will not affect an admission decision.
Renewal of Financial Aid
Financial aid awards are granted for one year at a time. Current recipients must reapply for financial aid each year and, in January. Look for notification reminders in the weekly Powhatan Packet e-newsletter. Awards for continued assistance, correlate to changes in a family’s finances, may fluctuate from year to year.
Powhatan maintains confidential financial aid records for all applicants. These records are reviewed by the financial aid committee. All financial aid awards are confidential agreements between the recipient family and the school.
The financial aid committee considers financial aid awards strictly confidential. Powhatan does not share information with any other party. Because of this, families may not discuss financial aid information with anyone other than a member of the financial aid committee. Awards can be withdrawn for breach of this expectation.
All appeals regarding financial aid awards must be submitted in writing directly to the financial aid committee prior to submission of a signed contract and award letter.
Still have questions? Contact Michael A. Hatfield in the admissions office at (540) 837-1009.
Tuition pays for only part of the cost of a Powhatan education.
Powhatan’s goal is to maintain the strong program for which we are known while staying at a tuition level that most parents can afford. Tuition does not cover the cost of educating a child. Tuition is the single largest item of income with 87% of the budget coming from tuition revenue. Even at the high cost of tuition, every child in school will receive financial aid. Approximately $2,350 is not covered by each child’s tuition. So even a family that doesn’t receive a financial aid package is, in fact, being underwritten by Powhatan’s endowment and generous annual gifts from alumni, families, and friends of the school.
Considering the importance of these gifts, the committee urges every family to participate in the Annual Fund. Participation aids the school in securing additional gifts for aid.
The Board of Trustees of Powhatan School affirms the policy of nondiscrimination in the admission of students. The school admits students of any race, color, sexual orientation, national, and ethnic origin to all the rights, privileges, programs, and activities generally accorded or made available to students at the school. It does not discriminate on the basis of race, color, sexual orientation, or national and ethnic origin in the administration of its educational policies, admission policies, scholarship programs, athletic, and other school-administered programs.
Please refer to Powhatan’s Financial Aid Policy for full details.