Tuition and Financial Aid
Affording a Cheshire Academy Education
At Cheshire Academy, we fully understand and appreciate the financial commitment families make in deciding to provide their children with an independent school education. The goal of our financial aid program is to provide access to those who qualify for need-based financial aid and may not be able to otherwise afford the Academy. We awarded $4.2 million in financial aid with an average award of approximately $23,506.
Need-based financial aid is determined by School and Student Service for Financial Aid (SSS) and by Cheshire Academy’s Financial Aid Committee. We have a limited financial aid budget and we cannot guarantee funding to everyone who qualifies.
The Admission Committee, comprised of Admission Officers and faculty, first makes a decision on whether or not your child is admissible based on their admission application. The Financial Aid Committee is then responsible for financial aid decisions for accepted students and allocates awards based on a family’s demonstrated need. Please know that Cheshire Academy is not able to aid all qualified applicants, and, unfortunately, some may be placed on a waitlist or even denied financial aid.
Cheshire Academy works with School and Student Services (SSS) for Financial Aid. SSS uses a formula to compute a family’s estimated contribution to an independent school education. The Office of Financial Aid at Cheshire Academy considers the SSS recommendation and then conducts a more in-depth evaluation that includes a review of both 2017 and 2018 tax returns. While we ask families to estimate the 2019 tax information in the financial aid application process, awards are not final until the 2019 federal tax return is submitted to SSS.
7-Day Boarding: $63,600
5-Day Boarding: $55,375
In addition to tuition, there is a fee for tuition refund insurance and a general fee. Students must also cover the cost of books and clothing appropriate to our required dress code.
How to Apply for Financial Aid
Step 1 - Submit Your PFS
- Please go to sssbynais.force.com/familyportal
to submit your Parent Financial Statement (PFS) Online. Cheshire Academy’s school code is 2362. The deadline for submission of your PFS is February 1.
- Please download the Family Guide to Financial Aid, Applying for Financial Aid flyer and PFS Workbook and Instruction Booklet under Financial Aid Documents for more information.
- You can call SSS Customer Service with any questions about submitting your PFS – 800-344-8328 (M-F: 9AM – 8PM EST; Sat: 9AM – 4PM EST).
Step 2 - Upload Required Documents
Please upload all required documents to your SSS account. If you are not able to upload, you may mail required documents to SSS and refer to the PFS Instructions for SSS mailing addresses. Please do not send required documents to Cheshire Academy.
By February 1, upload:
- 2019 W2’s and/or 1099’s
- 2017 and 2018 tax returns with all schedules
- 2017 and 2018 schedule K-1, if you are a shareholder in an S-Corp or partnership
- Verification of tuition costs for all other children in tuition-charging schools (a tuition bill, enrollment contract or 1098-T form as issued by many colleges) – Please upload under the My Document Tab in the “Additional Documents” section.
By April 15, upload:
- 2019 tax returns with all schedules
- 2019 schedule K-1, if you are a shareholder in an S-Corp or a partner in a partnership
How do I apply for financial aid?
Cheshire Academy requires all families to complete and submit the Parents’ Financial Statement (PFS) form through School and Student Services (SSS). Click here to begin the application on SSS. In addition to the PFS, all families must submit to SSS a filed IRS Form 1040 tax return with all schedules for 2017 and 2018, as well as all W-2s for 2019.
Cheshire Academy has a limited financial aid budget and we are not able to guarantee that financial aid will be available to late applicants or students who begin at Cheshire Academy paying the full tuition. Thus, it is best for a family to apply for financial aid by the financial aid application deadline rather than waiting until the applicant has been accepted for admission or already enrolled in the school.
Who qualifies for financial aid?
Cheshire Academy considers a family’s income, assets, and the number of siblings enrolled in tuition-charging schools in order to qualify a family for financial aid. In situations where one parent of a two-parent household chooses not to work full time and there are no preschool-aged children in the home, Cheshire Academy will add $25,000 to the family’s income when determining the family’s financial need.
What is "demonstrated need"?
Cheshire Academy considers a family’s income, assets, and the number of siblings enrolled in tuition-charging schools in order to qualify Cheshire Academy subscribes to the guiding principle that the primary responsibility for the cost of a child’s education resides with the family and that financial aid must be based on demonstrated need, not on willingness or unwillingness to pay. We expect that each family will make the funding of their child’s education a priority. The Financial Aid Committee utilizes all data provided through the PFS (Parents’ Financial Statement), tax documents including, but not limited to two years of a Federally filed 1040. All documentation is submitted to and verified by SSS to determine a family’s “demonstrated need” – demonstrated need is the difference between the cost of education at Cheshire Academy and a family’s expected contribution to that education as a percent of your discretionary income.
Is financial aid available to international students?
Yes. International applicants should complete, when possible, the same PFS that a domestic applicant completes. All income reported must be converted to US Dollars. In addition, international applicants should complete the International Student Financial Profile and provide the required income verification. The completed International Student Financial Profile form and required income verification documentation should be emailed as an attachment to firstname.lastname@example.org. Please know that financial aid for international students is very limited.
If we receive financial aid this year, can we count on it for each year of enrollment?
Cheshire Academy will award a similar financial aid award each year assuming a family’s financial circumstances do not change. Families enrolling at Cheshire Academy should be aware that it is unlikely they will receive more financial aid than their original award in future years unless they are able to clearly demonstrate a significant, unexpected financial reversal in writing. As tuition increases year to year, families should anticipate having to increase their contribution toward tuition. While we make every effort to accommodate circumstances beyond a family’s control; such as loss of job or unexpected illness, we have a limited Financial Aid budget and cannot guarantee meeting a change of need. Cheshire Academy reserves the right to decrease an applicant’s award in the event a family’s financial situation changes for the better (i.e. attain a new job, a salary raise, sibling graduates college, etc.).
Cheshire Academy has a limited pool of financial aid funds and we are not able to guarantee that financial aid will be available to late applicants or students who begin at Cheshire Academy paying the full tuition. Thus, it is best for a family to apply for financial aid by the financial aid application deadline rather than waiting until the applicant has been accepted for admission or already enrolled in the school.
When can a family expect to know the outcome of their financial aid application?
All financial aid decisions for newly accepted families will be given at the time of an admission decision.
Can I take out a loan?
The Plitt Loan
Through the generosity of The Clarence Manger and Audrey Cordero Plitt Trust, Plitt loans may be available to families who either did not qualify for financial aid or feel they need additional support to bridge the gap between their financial aid award and the cost for their student to attend CA. These loans allow families to pay for tuition in regular monthly installments at competitive interest rates, over a five-year period after graduating from the Academy. Interest does not begin to accrue on loan principal until such time as the loan payments begin. For more information on Plitt Loans, please contact CFO Matthew R. Piechota at email@example.com.
Bank loans at commercial interest rates may be available to all families for a loan to help cover the costs associated with enrollment. Cheshire Academy works with SallieMae, www.salliemae.com and Your Tuition Solution, www.yourtuitionsolution.com.
Does Cheshire Academy have payment options?
Two Installment Payment Plan: Families may opt to pay tuition in two equal installments with half the tuition and fees less the deposit due mid-July and the remainder of the tuition and fees less the deposit due mid-November.
Ten Month Payment Plan: Families may opt to participate in a 10-month payment plan. The first of ten equal payments of tuition and fees less the deposit is due on May 1. The remainder of the payments is due on the first of each month, with a final due date of February 1.