Financial Aid FAQs
Q: How is financial aid need at MPA determined?
MPA assesses a family’s financial need with the help of an outside agency used by independent schools nationwide – the School and Student Service for Financial Aid (SSS). Each family applying for aid completes an SSS Parents’ Financial Statement (PFS) form. (In cases of divorce, both custodial and non-custodial parents must complete the form.) SSS processes these forms and sends MPA a calculation of a family’s financial need. MPA’s financial aid committee uses this and other information to determine a family’s financial aid award amount.
The amount of aid available to a student is based on two major factors: 1) The amount the school is able to allocate for financial aid; and 2) The number of families applying for aid.
Q: Will my family be eligible for financial aid?
A: Aid awards are based on a family’s assessed financial “need,” the amount of aid available, and the number of applicants. Because several factors contribute to determining financial need, it is impossible to specify if a family at a certain income level would be eligible to receive aid without going through the financial aid application process. Income, assets, taxes, family size, unusual expenses or debts, and number of family members at tuition-based schools are all figured into the financial aid equation to determine need.
Q: How many families receive financial aid at MPA?
A: For the 2011-2012 academic year, approximately 26 percent of MPA students received aid awards. Financial aid comes in the form of a grant (not a loan), and is for tuition only. Fees such as books and other incidental expenses, such as transportation, are excluded from financial aid.
Q: Do I need to apply for financial aid every year?
A: Yes. Because family circumstances can change we require families to re-apply for financial aid every year. Aid awards can also be influenced by the total amount of aid available and the number of candidates who apply each year.
Q: How do I apply for financial aid?A: If you have indicated on the application for admission that you intend to apply for financial aid by checking the appropriate box, you will be sent a notice that the financial aid application is available online. You are encouraged to submit it to SSS as soon as you receive it. The fee for submitting an application is $35. Please submit your application and the required documents online at: sss.nais.org. Families applying for admission after March 1, 2012, may still apply for financial aid, but funds will be limited for those who qualify.
Q: When do I apply for financial aid?
Financial Aid Process Starts: January 13, 2012
Priority Financial Aid Application Deadline: March 1, 2012
Financial Aid Awards Mailed: April 5, 2012
If you have additional questions about Financial Aid at MPA, please contact:
Katie Kohler
651-748-5502
kkohler@moundsparkacademy.org.
