The Hotchkiss School
Financial Assistance FAQ
- Who may apply for financial assistance?
- Does applying for financial assistance affect a student's chances of being admitted to Hotchkiss?
- How do we obtain a financial assistance application?
- How does Hotchkiss determine financial assistance awards?
- Do international students follow the same procedures when applying for financial assistance?
- I’m self-employed. Is the process different for me?
- If we own a business or a farm, do we have to complete any special forms?
- What if parents are divorced or separated?
- If we have more than one child applying for financial assistance, do we have to complete more than one financial assistance application?
- What if our tax information isn’t available at the time of the application?
- What happens if we miss the deadlines?
- When will we be notified if we receive an award?
- What kind of financial assistance awards can we expect in following years?
- Is our application confidential?
- Does Hotchkiss offer merit-based scholarships?
Who may apply for financial
assistance?
Anyone may apply. The following table may help you measure your
own family circumstances relative to affording a Hotchkiss education.
Please keep in mind that this is only a guideline as each family's
financial circumstance is unique. If you feel that a Hotchkiss
education may be beyond your reach, then you should complete the assistance
application
forms.
| Gross Family Income | Number Receiving Assistance |
Average Award |
|---|---|---|
| $0 - $59,999 | 47 |
$37,654 |
| $60,000 - $79,999 | 28 |
$29,345 |
| $80,000 - $99,999 | 22 |
$28,993 |
| $100,000 - $124,999 | 23 |
$23,872 |
| $125,000 and over | 51 |
$18,288 |
| Total | 171 |
$27,550 |
Does applying for financial
assistance affect a student's
chances of being admitted to Hotchkiss?
Possibly. Despite our sizable financial assistance budget of $5.53 million,
each year we are unable to fund a small number of admissible candidates.
Our policy is to not admit students if we cannot meet their demonstrated
financial need.
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How do we obtain a financial
assistance application?
There are several ways to obtain a financial assistance application.
A family can contact the Office of Financial Assistance at (860) 435-3110,
complete the PFS online,
fill out the Online Inquiry Form,
or check "yes" in the Financial Assistance box on the
Preliminary Application for Admission.
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How does Hotchkiss determine financial
assistance
awards?
Financial assistance is determined through analysis of each family's
financial resources, including income, assets, financial obligations,
unusual expenses, family size, and other children attending
independent schools or colleges. To determine fair and equitable awards,
Hotchkiss subscribes to the principles and needs analysis system of the
School and Student Service (SSS) for Financial Aid. Families submit a
Parents' Financial Statement (PFS) for processing to SSS, which then
forwards the results to Hotchkiss. (One PFS form can be used to apply
for financial assistance at multiple schools.) In addition, families
submit a photocopy of their completed 2006 and 2007 tax returns with all
schedules and W-2s (or for international families, proof of income and
tax forms) to the Hotchkiss School Office of Financial Assistance. Using
individual information and uniform guidelines, the Director of Financial
Assistance makes decisions about financial assistance awards.
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Do international students follow the same procedures
when applying for financial assistance?
No. In addition to completing the PFS, international families must also
complete the Hotchkiss International Financial Assistance Form. Families
may obtain a form by either downloading the
Hotchkiss International Financial Assistance Form or
contacting the Office of Financial Assistance.
The form must be completed and returned to the Office of Financial Assistance
by January 31, 2008.
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I'm self-employed. Is the process different for me?
Yes, slightly. In addition to the required forms, self-employed individuals
must also complete
the Business/Farm Statement and submit it to Hotchkiss.
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If we own a business or a farm, do we have to complete
any special forms?
Yes. If you own a business or a farm, you must also complete the Business/Farm Statement and submit it to Hotchkiss.
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What if parents are divorced or
separated?
Before making an award, the Director of Financial Assistance considers the
assets of both natural parents. Both the custodial and the non-custodial
parents must file the standard Parents' Financial Statement (PFS) with SSS,
and both must also submit copies of their complete 2006 and 2007 tax forms,
including schedules, to Hotchkiss. If the custodial parent has remarried,
the assets of the stepparent are considered also, bearing in mind the
obligations of that stepparent to his or her natural children.
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If we have more than one child applying
for financial
assistance, do we have to complete more than one
financial assistance application?
No. Please note that the Parents' Financial Statement (PFS) now allows you
to apply for up to three children. If you have more than one child applying,
please make separate copies of the PFS for each child applying, and send them
directly to the Financial Assistance Office.
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What if our tax information isn't available at the time of
the application?
If your 2007 tax forms are not completed by the application deadline,
then estimate your tax information on the PFS form and
be sure to also submit your complete 2006 tax return. The PFS must be
submitted by January 31 to ensure preliminary consideration among the
initial group of awards. Final action will not be taken, however,
until the entire application procedure, including the receipt of tax forms,
has been completed. Initial computations based on the PFS will be
adjusted to reflect figures shown on the tax forms.
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What happens if we miss the deadlines?
Meeting the January deadline is imperative. We do not reserve funds beyond
the initial round of awards for late applicants or for those whose Parents'
Financial Statement or tax forms are received after stated deadlines. Families
applying late, however, should proceed, realizing that limited funds, if
any, may be available.
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When will we be notified if we receive an award?
We send financial assistance decisions to parents of all newly admitted
students with the acceptance packet on March 10. We notify returning
students in late April.
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What kind of financial assistance awards can we expect
in following years?
Financial assistance awards are subject to review annually, and families must
file new applications each year. Provided that the family's financial
circumstances have not changed, the family may assume that its financial
assistance will be renewed at the original level of funding. If a family
did not qualify for assistance upon admission, it is unlikely that it will
qualify in subsequent years unless there is a significant change in family
finances.
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Is our application confidential?
Yes. All applications for financial assistance are held in strictest confidence
throughout the application process. Only the Director of Financial Assistance,
members of the Financial Assistance Committee, and the Dean of Admission
have access to the records.
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Does Hotchkiss offer merit-based scholarships?
No. All financial assistance at Hotchkiss is awarded on the basis of demonstrated
need.
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