Financial Aid

Financial Aid

Touchstone’s commitment to economic diversity began in 1984 with the establishment of our financial aid program. While the school is not able to meet the full financial need of every family, parents who believe aid will be necessary are encouraged to submit a financial aid application at the time they submit the admissions application. Touchstone awards financial aid based upon the financial need of a family. These awards do not need to be paid back and are used to offset tuition costs. The money for this aid comes directly from the school's operating budget and demonstrates the school's commitment to having a socio-economically diverse student population.

Affording a quality education does take some planning, and most families employ several strategies to keep the costs within reach. In this planning it is important to realize that the family bears the primary responsibility for financing a child's education to the extent that it is able. After that there are others out there to help you in your efforts. Most families adjust their spending priorities, maximize both parents’ earnings, and carefully manage their assets in order to pay for a Touchstone education for their child/ren. The school expects parents to give their children’s education a very high priority in their financial planning. We assume every family will scrutinize its own resources and explore other possible sources of support such as grandparents or family trust, before applying to the school for assistance.

What is financial aid?

Financial aid is a grant used to offset the cost of tuition and does not have to be paid back. Funding for Touchstone’s financial aid comes directly from the school’s operating budget. There are no federal or state funds involved. Approximately 20% of Touchstone students receive financial aid.

Who may apply for financial aid?
Families who have students entering any level are eligible to apply.

How do I know if my family would qualify for aid?
This table shows the distribution of awards for the 2006-07 school year

Income Level	Average Award
$50,000 or less	$8,020
$50,001 - $75,000	$6,237
$75,001 - $100,000	$6,074
$100,001 - $150,000	$4,687
$150,001 and up	$1,920

How is financial need determined?

Like many other independent schools, Touchstone uses the processing service of the School and Student Service for financial aid (SSS) in Princeton, NJ. In assessing need, a family’s financial circumstances are considered according to a standardized formula. This formula considers gross taxable and non-taxable income, assets, liabilities, and family size. After deducting an allowance for required taxes and basic necessities, a portion of discretionary income is considered to be available for education according to a sliding scale. The greater the income and assets, the more parents are expected to contribute.

How confidential are the financial aid records?
All applications for financial aid are held in the strictest confidence. Only the Business Manager has access to the financial aid records. If a financial aid appeal is made by a family, the financial aid record may be shared with the Financial Aid Appeals Committee which consists of the Business Manager, Head of School, Treasurer and Board of Trustee’s Chair.

Will applying for financial aid influence the admission decision?
No. Applying for financial aid has no bearing on the admissions decision. Decisions regarding admission to Touchstone and eligibility for financial are made independently.

Do I have to apply for financial aid before I know my child has been admitted?
Yes. Admission decisions generally precede financial aid decisions. When your child is accepted and you are applying for financial aid, you will be asked to pay a $300 deposit (the regular deposit is 10% of the yearly tuition) to hold your child’s place. If the financial aid award is insufficient and you cannot accept the place offered, the deposit will be refunded.

Do I have to reapply for aid each year?
Yes. Families must reapply each year as family circumstances can change from year to year.

How do I begin the process? Begin by filling out the Parent’s Financial Statement (PFS), which is online at https://sss.ets.org/. Paper copies are available from the school office. The PFS is processed by SSS and a report of financial need is sent to the school. Signed copies of the family’s federal tax forms and all attachments should be sent directly to the Business Manager. A signed copy of form 4506, Request for Copy of Tax Return, must also be submitted to the school. This form will be used only if we need to obtain further information about your tax status. The deadline for submitting the PFS for currently enrolled students is March 1 and tax forms are due by March 20. Families who submit admission applications after March 1 and would also like to submit a Financial Aid application should submit their financial aid application at the same time. Awards are made to returning students by mid-April and to new students after they have received their acceptance letter. If someone other than the parents is paying the tuition, that individual must also complete an application.

If I remarry or share a home with another adult, will that person’s financial circumstances be considered? Yes. The addition of another adult into a household generally changes the financial picture. In determining financial need we look at all of the financial resources supporting the child. We will ask all the adults in the household to complete the PFS together, providing information pertinent to the entire household unit along with the appropriate tax documentation.

What happens if the parents are separated, divorced or have never been married? In cases where the parents are separated, divorced or have never been married, Touchstone requires both parents to file the PFS with SSS and submit the appropriate tax documentation to the school.

My spouse does not work. How will that affect my financial aid award? The primary responsibility for financing education rests with the parents of the student. Both parents in many Touchstone families work to maintain income sufficient to provide an independent education. It is unfair to ask dual employment families to subsidize the educational costs of a family where one parent chooses not to be employed. Therefore, when one parent is not employed by choice and there are no dependents in the home that require care during the day, an imputed income will be calculated for the second parent representing an amount equal to a 20 hour per week job at minimum wage.

I never do my taxes until close to the April 15 deadline. How will this affect my financial aid award? You will need to complete your taxes early enough to meet the March 1 deadline. Financial aid awards will be made only to those families who have submitted the PFS and signed copies of their tax forms.

If my family cannot afford the SSS fee, how can we apply for financial aid?
Contact the Business Manager at Touchstone to see if you are eligible for a fee waiver.

What happens if the financial aid award is not adequate for our needs? If you feel the award you are given will still not allow you to have your child attend Touchstone you may request in writing a review of your award. If you feel that you may have omitted, or not appropriately clarified specific financial information or your circumstances have changed since submitting your form, be sure to mention this in your letter for reconsideration. Feel free to include a list of household expenses, copies of recent paystubs or other specific documentation that will allow the Financial Aid Review committee to understand your situation more completely. Address your letter to the school’s Business Manager.

How can I get help if I need it? If you need help completing your Parents’ Financial Statement or with any part of the financial aid process, please contact: Suellen Slater, at 508-839-0038; financialaid@touchstoneschool.com Information about financial aid and independent schools can be found at: National Association of Independent Schools (NAIS) School and Student Services for Financial Aid (SSS)