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Q
What is FAST and why does GFS use it for financial aid administration?
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A
FAST (Financial Aid for School Tuition) is a need-based financial aid analysis service which ensures that our process for establishing financial need adheres to nationally-established standards of best practice. FAST is designed to be responsive to families, is flexible in terms of the information it will accommodate, and allows families to represent their own particular circumstances more accurately. We believe it improves the tuition assistance process for our families and provides full, accurate information to the school.
To ease the online application process, FAST provides 24/7 Help Desk support.
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Q
How is my family's need determined?
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A
FAST processes aid applications and suggests to GFS a recommended financial aid amount based on a calculation of a family’s income, assets, debts and obligations, size of family, tuitions paid elsewhere and any other financial information shown on the applicant’s federal and state IRS 1040 tax form for the previous year and all accompanying schedules, as well as W-2 forms from employers. The GFS Financial Aid Committee will use this recommended award as a guideline in its consideration of a family’s demonstrated need.
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Q
How do I explain a special circumstance that influences my financial situation?
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A
There is an opportunity to write a brief letter or explanation of any extenuating circumstances on the FAST application.
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Q
After I submit a financial aid application, what are the possible outcomes?
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A
The GFS Financial Aid Committee will meet in mid-February to review all aid applications for families who are currently enrolled and new families who have been accepted for admission. If eligible for aid, you will receive an award letter on or about February 20, 2013. If you qualify for aid, but the aid budget is insufficient for an award to be made, you will be placed on the Financial Aid Waitlist.
If you do not qualify for aid at GFS, you will receive a letter stating that you do not qualify.
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Q
If I qualify for aid and receive an award, will I receive a similar amount for each year my child is offered re-enrollment at GFS?
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A
Each year, families must reapply for financial aid through FAST because a family’s income and situation may vary from one year to the next. If your financial situation does not change, we will make every effort to continue to provide the same amount of aid from one year to the next. It is generally expected that a family’s capacity to pay will increase over the years.
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Q
Does GFS have an income cut-off to qualify for aid?
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A
Few families find it easy to pay independent school tuitions. Most adjust their spending priorities, maximize earnings, and carefully manage assets to do so. All families have specific and different circumstances, and therefore quantifying a specific income level of eligibility is difficult. Award amounts range between very small awards ($1,000 range) to almost full tuition ($20,000 range).
All GFS families pay something towards GFS tuition. Our financial aid program is designed to allow greater access to a GFS education, so we encourage families to apply for financial aid if they feel they need it.
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Q
Are there other costs beyond tuition at GFS?
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A
Yes. Tuition does not cover books, field trips, lunches, sports equipment, camping trips or other costs associated with the school program. Families already enrolled at GFS can apply to The Rubenstone Fund for some assistance with these costs if they cannot manage them.
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Q
What about divorced, separated or never-married parents?
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A
GFS considers the income and assets of any adult who plays a significant role in a student’s life. All adults (mothers, fathers, stepparents, guardians, etc.) are required to provide their tax information to FAST.