Financial Assistance
Expectations and Our Commitment
The McLean School expects parents to give their children’s education a very high priority in their financial planning. Every family will need to scrutinize their own resources and explore all possible sources of support. However some families will need financial assistance no matter how carefully they manage their finances, we have therefore established a modest program of financial aid for families who would otherwise be unable to consider a McLean education for their children.
Methodology
Financial need is determined through the careful analysis of a family’s financial resources and the ability to contribute to their child’s education. Grants are determined with the guidance of the financial analysis provided by the School and Student Service for Financial Aid. Final decisions are at the sole discretion of the Financial Aid Committee, recognizing that limited resources may prevent full funding of demonstrated need.
How do we apply for Financial Aid?
All applicants must complete and submit the Parents’ Financial Statement (PFS) to the School and Student Service for Financial Aid (SSS) and provide a copy to McLean by February 1, 2008.
All applicants must provide McLean with a signed copy of this year’s (2007) tax return (IRS Form 1040) including W2’s by February 15, 2008. Any grant will become final only upon our receipt, review, and verification of this year’s tax return.
All applicants must complete and submit form 4506-T to the Financial Aid Office.
In cases of divorce or separation, both parents are required to provide financial information. Each parent will submit their individual tax return to McLean and the Parents’ Financial Statement (PFS) to the School and Student Service for Financial Aid (SSS).
If you own a business or farm you will need to complete a Business/Farm Statement and send it directly to McLean.
It is very important that all forms, including required tax returns, be submitted by their deadline. No grant is made without full compliance with the above requirements.
Application Timetable
November, 2007: Financial Aid packets mailed to parents
February 1, 2008: Deadline for filing PFS with SSS
February 15, 2008: Tax documentation deadline
Beginning March 26, 2008: Notification of Award
Please be aware that failure to abide by the application timetable may preclude you from receiving financial assistance. If funds remain in the Financial Aid budget, late applications will be reviewed as they are received.
Frequently Asked Questions:
How does McLean acquire funds for Financial Aid?
Financial Aid funds are derived from the operating budget and serve as an institutional commitment to promote access to a McLean education.
Will applying for Financial Aid influence the Admission decision?
No. McLean’s Admission Committee makes its decisions from among all applicants for admission without regard to financial matters. Financial aid decisions are made independently of the admission process.
What about confidentiality?
All applications for Financial Aid are held in the strictest confidence. Only the Financial Aid Committee members have access to the records.
What does the award cover?
In most cases, Financial Aid is designed to defray expenses for tuition and fees. However, families may also need help with transportation, support services, team uniforms, special event costs, etc. Funds for these expenses may also be available. Please contact Christina Klintebäck for details.
What if my financial situation changes from one year to the next?
While everyone must reapply for financial aid every year, the school will make every effort to assist a family at the same level of aid as in the previous year if their financial circumstances remain the same. Conversely, if there is a significant change in a family’s financial resources, the Financial Aid Committee will adjust the aid package.
What effect does Financial Aid have on the Enrollment process?
New Families:
Applicants who receive an offer of placement at McLean will be asked to complete an enrollment contract before they have heard the outcome of their Financial Aid application. Under these circumstances, the new student registration fee is temporarily reduced from $1,200 to $100 until the Financial Aid Committee completes its deliberation. If a grant is offered by McLean and accepted by a family, the remaining portion of the registration fee will be required. Each family will be given the option of paying the remainder of the registration fee in one payment or may elect to spread the cost out by incorporating it into the fixed ten month term of their payment plan. If a family is unsuccessful in securing aid or if the award offered is insufficient, the $100 will be refunded and the family’s contractual obligation canceled with a written request to the school.
Returning Families:
The re-enrollment deposit for returning families applying for financial aid is $100 until financial aid is awarded. If a family is unsuccessful in securing aid or if the award offered in insufficient, the $100 will be refunded and the family’s contractual obligation canceled with a written request to the school.
How do I pay my share of tuition and fees?
Families are required to authorize McLean to debit payments from their bank account on a 10 month basis starting in May and ending in February.