Financial Aid FAQs
Who should apply for Financial Aid?
Families with limited means are encouraged to apply for financial aid. Please keep in mind that the primary responsibility for financing a student’s education rests with the family.
How do I apply for financial aid? What are the deadlines?
The process, including deadlines, can be found here.
Is there a policy about who receives aid and in what priority order awards are granted?
Each year, the Board of Trustees establishes the total pool of money available for financial aid awards. Awards are then granted, based on the availability of funds, to students and applicants in the following order:
- Current students receiving financial aid and children of faculty and staff.
- Current students applying for financial aid for the first time.
- Newly admitted students.
- Students on the financial aid wait list.
Who makes the financial aid decisions?
The Financial Aid committee, comprised of the Head of School, Director of Finance, and Director of Financial Aid.
Once we receive a grant, do we have to apply again each year?
Each student’s need is recalculated annually. Parents are required to complete the application and upload the required documentation each year.
Who collects the documents that are required to apply?
TADS, short for “Tested and Designed by Schools,” is a third party provider used by many independent schools for financial aid analysis. Once the required information is submitted, TADS provides Sheridan with a recommended contribution for each family. Click here to be taken to the TADS website.
Is the financial aid process connected to the admissions process?
The financial aid process is separate from the admissions process.
Is there a confidentiality policy about who receives financial aid?
Yes. All information related to financial aid is confidential. When a family receives an award, they are asked to sign an agreement which includes information about confidentiality. Families receiving aid are required to sign the agreement and are expected to keep the information confidential.
Are families who apply for aid expected to make financial sacrifices?
While we do our best to meet the financial needs of families who are eligible for financial aid, we cannot always offer the full amount of aid for which a family qualifies. In those circumstances, we offer the best awards we can from the available pool and hope that with some sacrifice, paying for a Sheridan education is possible.
What kind of "lifestyle" choices are considered when granting financial aid?
Sheridan does not provide aid to offset “lifestyle” choices and expenditures that could have been directed to education. Lifestyle choices that will be considered during the eligibility assessment include (but are not limited to):
- Luxury cars
- Second homes
- Expensive vacations
- Club memberships
- High credit card debt
What information is considered when granting financial aid?
Some of the factors include:
- Total Income
- Family Size
- Amount of savings
- Amount of investments
- Amount of indebtedness
- Medical and dental expenses
- Assets such as home equity
- Amount in retirement and 401K
- Alimony, Child Support
How is financial aid calculated when parents are divorced?
In the case of divorce, both households are required to submit an application and the required documents.
Is a non-working parent expected to contribute?
If all children are in school full time, parents in the household are expected to contribute to their child’s education. If a parent chooses not to work, the school reserves the right to recalculate need using an imputed minimum income.
If one of my children attends a tuition-charging school other than Sheridan should we apply for aid at both schools?
Yes. Sheridan is unable to subsidize tuition for other tuition-charging schools of any type, including college. Copies of awards from other institutions are required.
Does the financial aid calculation include discretionary income?
If a family has chosen to direct discretionary income towards the acquisition of assets, rather than toward the cost of education, they will be expected to direct a larger portion of current income towards educational expenses.
Is there a cap on contributions to retirement and 401K accounts?
Families who receive financial aid may contribute up to $10,000 to their retirement plan. Contributions over $10,000 will be added back to the household contribution to education calculation at the rate of 55% of each dollar contributed over that limit.
What documents are required if I have my own business?
All parents who own a business will be required to upload all current business tax returns. Business owners will be asked to furnish cash flow statements, balance sheets and any other information relevant to the business.