Financial Aid

The School’s Commitment:

Aiming to promote and maintain socioeconomic diversity among our student population, Montgomery demonstrates a strong commitment to need-based financial aid by providing a share of the School’s budget to fund the financial needs of its students in kindergarten through 8th grade. While we are fortunate to provide financial aid for independent schooling, we believe that families bear the primary responsibility for financing education to the extent that they are able. Our financial aid program exists to help assure that any admitted student with demonstrated need will have the opportunity to attend Montgomery School.

All financial aid awards are based solely on the family’s financial need as determined by the Financial Aid Office. Because the cost of educating each student exceeds the price of tuition, all students at Montgomery, in effect, receive financial aid. All information regarding financial aid candidates, including the names of recipients, is held in confidence.

In order for us to allocate our resources wisely and fairly, we have enlisted the help of Independent School Management's FAST (Financial Aid for School Tuition) program. ISM's FAST does not decide whether financial assistance will be given or how much to give; rather FAST provides a need-based financial aid analysis service. FAST provides the school with a report, which includes a recommendation of what a family should reasonably contribute toward tuition. All information from FAST is kept confidential. Montgomery School’s confidential Financial Aid Committee reviews applications and recommends to the Head of School allocation of financial aid resources for the next year. Upon approval by the Head of School, financial aid offers are sent to families.

To apply for financial aid, prospective families indicate their interest on the Montgomery School application for admission. Financial Aid information will be mailed to families who have requested to receive it. Current families must complete a new online Financial Aid Application each year.

Follow these steps to apply for financial aid:
Click on the “FAST” button to be taken to the FAST program website:

  1. The application process is self-guided. You may navigate in and out of the program allowing you to partially complete an application and go back to it at another time. Online e-mail and a 24/7 helpline are provided. You can get help with your application at any time, day, night or weekend. Please call the help line and not the school with questions as you fill out the application.
  2. The charge for the application is $38.00 and to be paid by credit card at the end of the session. If you do not have a credit card, or cannot budget the fee, please call Montgomery School for assistance as we do have vouchers available.
  3. After completing the online application you will be required to mail your 2012 tax returns for both state and federal taxes with all schedules and W-2’s to: 
                                                 FAST Processing
                                                 ISM
                                                 1316 North Union Street
                                                 Wilmington, DE  19806-2594
  4. The online submission deadline for all applications is February 15th for returning families.
  5. Your tax return must follow the submission, and be postmarked by March 1st. *Make your tax appointment early.
  6. The online submission deadline for all applications is March 15th for newly enrolling families (or as close to this date as possible if you are enrolling after the deadline.)

All information related to the family’s financial circumstances will be treated confidentially. These criterions will only be used to arrive at a fair determination of financial need.

If you have any questions, please contact the Admissions Office at 610-827-7222 x215 or via email.

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FAQ

Q

How is financial aid given?

A

In order for us to allocate our resources wisely and fairly, we have enlisted the help of Independent School Management's FAST (Financial Aid for School Tuition) program. ISM's FAST does not decide whether financial assistance will be given or how much to give; rather FAST provides a need-based financial aid analysis service. FAST provides the school with a report, which includes a recommendation of what a family should reasonably contribute toward tuition. Montgomery School’s confidential Financial Aid Committee reviews applications and recommends to the Head of School allocation of financial aid resources for the next year. Upon approval by the Head of School, financial aid offers are sent to families.

Q

Who may apply for financial aid?

A

Anyone. Montgomery School accepts financial aid applications from families of national and ethnic origin. Throughout the administration of educational financial aid programs and athletic or other school-administered programs, discriminate on the basis of race, religion, national or ethnic origin.

Q

Does applying for financial aid influence the admission decision?

A

No. Montgomery School accepts students based on academic merit, test scores and personal qualities. Financial aid files are reviewed and awards are made only after a student is admitted. If a student is neither admitted nor placed on the wait list, the financial aid file is shredded and destroyed.

Q

How do I apply for financial aid?

A

Click on the “FAST” button at left.
1. The application process is self-guided. You may navigate in and out of the program allowing you to partially complete an application and go back to it at another time. Online e-mail and a 24/7 helpline are provided. You can get help with your application at any time, day, night or weekend. Please call the help line and not the school with questions as you fill out the application.

2. After completing the online application you will be required to mail your 2010 tax returns for both state and federal taxes with all schedules and W-2’s to:
FAST Processing
ISM
1316 North Union Street
Wilmington DE 19806-2594

Q

How is financial need determined?

A

FAST sends a report to Montgomery School (and to the family if they so request), which provides the School with a general assessment of a family’s ability to pay for education. Major factors in determining financial need include, but are not limited to, income, assets (including home equity, college funds, and other investments), family size, and the number of children attending tuition charging institutions (excluding daycare, preschool and graduate school).

Q

What is the deadline for applying for financial aid?

A

Montgomery School asks that returning parents send their financial statement to FAST as early as possible after January 1. Applications should be completed online by the deadline of February 15. A copy of the signed IRS 1040 must be sent to FAST by the March 1 tax form deadline. After March 15, Financial Aid awards will be made to newly enrolling families.
New families have a deadline of March 15 for completing their applications. New students who are accepted after March 15 can still apply for aid.
Financial aid awards will not be made until all application components have been received.

Q

Do we need to reapply for financial aid each year?

A

Montgomery School requires families receiving financial aid to reapply each year. However, as long as the student remains at our School in good standing and balances from the current school year are paid in a timely manner, financial aid will be renewed each year according to demonstrated need. A change in factors such as income, family status, or the number of children attending private institutions may result in increases or decreases in an award.

Q

My spouse does not work. How will that affect my financial aid award?

A

Since it is our belief that families bear the primary responsibility for financing the education of their children, it is our policy to expect both parents to contribute financially. There are circumstances such as caring for a disabled or elderly parent or a preschool child that would exempt a family from this policy. Each application and circumstance is evaluated individually.

Q

I never do my taxes until close to the April 15 deadline. How will this affect my financial aid award?

A

Returning families need to complete taxes early enough to meet the March 1st tax form deadline in order to receive a financial aid award. After March 15, Financial Aid award letters will be sent to newly enrolling families.

Q

How will I be notified of my award amount?

A

New students will receive an award letter. Returning students will receive a re-evaluated award as the committee reviews their updated files, along with a revised contract for the school year and the tuition due. Returning students will receive a re-enrollment contract in January. (If you have been awarded financial aid in the past, contracts are to be returned with the $500.00 deposit (instead of $1,000) by the return deadline in February. A new contract will be issued when the financial aid award is determined by March 15.)

Q

What payment plans are available?

A

Montgomery School offers three different payment plans: a discounted one-time payment in full, a two-time installment payment, or interest-free monthly payment through Smart Tuition (Smart Tuition charges a $36.00 one-time fee.)

Q

What about cases of divorce, separation or singe parent?

A

Montgomery School considers the decision to seek an independent school education as requiring the active support of both parents. This cannot be changed by the assertion that one parent disclaims responsibility for educational expenses. The Financial Aid Committee will consider the income and assets of both parents in determining an award.

If either parent has remarried, the Committee will consider the income and assets of stepparents, bearing in mind that stepparents may have responsibility for their own children. All families are expected to pay some tuition according to their means. All exceptions will be reviewed by the Financial Aid Committee.

Q

What if one or both parents are self-employed?

A

Each self-employed parent must fill out the Business/Farm Statement, in addition to the Parent Financial Statement (PFS). This form can be downloaded and printed by visiting www.nais.org/go/sss and selecting the Forms and Publications section of the website.