Financial Aid FAQs
- Who is eligible to apply for financial aid?
- Can applying for financial aid affect a student's chance of admission?
- How do we apply for financial aid?
- Is it possible to get a fee waiver for the Parents' Financial Statement?
- How does Hotchkiss determine financial aid awards?
- How do international students apply for financial aid?
- What additional forms are needed if I am self-employed or own my own business?
- What information is considered if the parents are divorced or separated?
- Does Hotchkiss impute a wage for a parent who is not currently employed?
- Does the Financial Aid Committee take into account additional expenses beyond tuition when calculating awards?
- If more than one child is applying, do we have to complete more than one financial aid application?
- If our tax information is not available at the time of applying, what should we do?
- What happens if we miss the financial aid deadline?
- When will we be notified of our financial aid award?
- What kind of financial aid award can a family expect in subsequent years at Hotchkiss?
- Are there options available to help finance a student's education?
- How confidential is the application process and award?
- Does Hotchkiss offer merit-based scholarships?
We encourage all families to apply for aid if they believe they need any level of financial support to afford a Hotchkiss education. If you think that you will need financial aid at any point during your child’s time at Hotchkiss, we strongly encourage you to apply for aid during the admission process.
Yes. Despite our sizable financial aid budget of more than $9.4 million, the Office of Admission and Financial Aid is not able to fund every applicant we would like to admit. We will only admit students if we can meet their financial need.
We strongly encourage families to apply for financial aid during the application process if they believe that they will need financial assistance at any time during their child’s tenure at Hotchkiss. If a family does not apply for aid or qualify for aid upon admission, it is unlikely that the family will receive an aid award in subsequent years, unless there is a significant change in that family’s financial circumstances — such as job loss, additional children attending tuition-charging schools, or the death of a parent. If you have any questions, please do not hesitate to contact the Director of Financial Aid.
Domestic families must complete the Parent Financial Statement (PFS) online through School & Student Services (SSS). Canadian families must complete a PFS as well as the International Student Financial Aid Profile. International families must complete the International Students Financial Aid Profile and provide supporting proof-of-income. International families should forward all documentation to email@example.com.
(and please hyperlink the email address)
Hotchkiss has a limited number of fee waivers for the Parents’ Financial Statement (PFS), which are administered by the Office of Financial Aid. School & Student Services (SSS) has established the following income guidelines to determine eligibility for a fee waiver. If a fee waiver is required, please contact the Office of Financial Aid.
- Family of 2: $47,150 or below
- Family of 3: $52,287 or below
- Family of 4: $61,330 or below
- Family of 5: $70,370 or below
- Family of 6: $78,922 or below
- Family of 7: $86,975 or below
- Family of 8: $95,030 or below
- Family of 9: $103,085 or below
- Family of 10: $111,955 or below
Financial aid is determined through the analysis of a family’s financial resources, including both income and assets. Our goal is to determine the amount of money a family can contribute to educational expenses. Factors such as family size, number of children in tuition-charging schools, and cost of living expenses are all taken into consideration when determining a family’s financial aid award.
The Financial Aid Committee will consider the income and assets of both custodial and non-custodial parents before making an award. Thus, both the custodial and the non-custodial parent must submit a financial aid application. If either parent is remarried, the income and assets of the stepparent are considered, bearing in mind the obligations of that stepparent to his or her natural children. Parents should contact the Director of Financial Aid if they have any specific questions regarding their divorced or separated status.
Typically, the Financial Aid Committee will impute a wage for a spouse who is not currently employed. However, the committee makes exceptions when a spouse has a substantial reason for not being employed, such as having non-school-age children at home, having children and/or parents who require significant assistance, inability to find employment, or inability to work due to religious or cultural reasons. If you have any questions regarding this policy, please do not hesitate to contact the Director of Financial Aid.
If a family’s 2016 tax forms are not completed by the application deadline, then estimate the tax information on the PFS. Currently enrolled families must submit their financial aid application by January 15. Applicant families must submit their financial aid application by the January 31 deadline to ensure that their family is included in the initial group of awards. An award will not become final until the entire application, including the receipt of all tax information, has been completed with SSS. (International families complete their requirements directly with the Hotchkiss Office of Financial Aid.)
Financial aid awards are subject to annual review, and families must complete new applications each year. Provided that a family’s financial circumstances have not changed, the family may assume that its financial aid award will be renewed at the original level of funding. If a family does not apply for or qualify for aid upon admission, it is unlikely that the family will qualify in subsequent years unless there is a significant change in a family’s financial circumstances. If you have any questions, please do not hesitate to contact the Director of Financial Aid.