Parent Guide to Financial Aid

Transcription

1 Parent Guide t Financial Aid fr the schl year OVERVIEW AND DEADLINES Welcme t the financial aid applicatin seasn fr the schl year. We recgnize that the applicatin prcess can be stressful and time-cnsuming. As a result, we have cmpiled this guide t help yu navigate the mst cmmn issues families encunter when cmpleting the applicatin. All applicants are asked t use this dcument t ensure that yur applicatin is cmpleted accurately (with all necessary dcuments fr verificatin). Be sure t read Hw t Avid Cmmn Data Entry Errrs When Cmpleting The Parent Financial Statements n page 4. This will ensure that we are able t review yur applicatin in a timely manner and prvide the mst accurate and equitable financial aid award pssible t yur child. Families must cmplete their applicatin and required dcuments in the PFS nline applicatin at Current Westminster families (due Nvember 30th) All applicatins and required dcuments fr financial aid fr the schl year must be submitted t The Schl and Student Services (SSS) n later than Nvember 30, New Westminster families (due February 1) All applicatins and required dcuments fr financial aid fr the schl year must be submitted t SSS n later than February 1, 2019.

2 FINANCIAL CALCULATION AND APPLICATION DETAILS Estimates vs. Actual Amunts The financial aid calculatin fr the schl year is based n yur actual earnings frm In the PFS applicatin where it requests 2018 infrmatin, please prvide the 2017 infrmatin instead. The PFS asks fr 2019 (estimated) amunts, enter $0 fr thse questins. If yu had a significant change fr 2018 that yu think we shuld cnsider, please be sure t describe that change in detail in Sectin 20. Financial aid awards are based n accurate financial infrmatin. If there are significant inaccuracies in reprted incme, the Financial Aid Cmmittee will mdify current r future financial aid awards. Applicatin Prcess G t Send yur infrmatin t Westminster, by using the cde 8140 fr THE WESTMINSTER SCHOOLS. Nte: There are ther schls with Westminster in the name. If yu select ne f thse schls, we will nt knw yu have applied fr financial aid, and yu may miss yur pprtunity. Set up a PFS nline accunt using yur address and a passwrd, which will allw yu t wrk n yur applicatin intermittently. Returning parents: If yu cmpleted an nline PFS applicatin last year, use the same address and existing passwrd. If yu have frgtten yur passwrd, click n Frgt my passwrd. Submit the cmpleted PFS and pay the nn-refundable applicatin fee. Once yu have submitted yur applicatin, yu can uplad yur dcuments directly t SSS by selecting the Manage Dcuments buttn. This feature may nt be available fr up t 24 hurs after submitting yur applicatin. Alternatively, yu may mail yur dcuments t SSS. Yu must include the Checklist Affidavit 2

3 (dwnlad and print PDF here) as yur cver sheet when yu mail yur dcuments. Dcuments t Uplad t SSS (including separate Checklist Affidavit): Please use the fficial Checklist Affidavit when uplading the belw dcuments (as applicable) in yur nline applicatin. The Checklist Affidavit is required dcumentatin t verify that yur applicatin is cmplete. Only cmpleted files with all applicable dcuments belw and the Checklist Affidavit will be reviewed. Returning parents: Sme f these required dcuments have rlled ver in the system. All 2017 W-2 s 2017 Final pay stub 2017 Tax Dcuments: Frm 1040 including ALL schedules All K-1 s All Frm 1099s Frm 1098-T Tuitin Statement (if yu have a cllege-aged student) Frm 1098 Mrtgage Interest Statement Frm 1120-S (if yur S-Crp wnership percentage is 25% r mre) Frm 1065 (if yur partnership percentage is 25% r mre) Frm 4506-T (cmplete sectins 1-4, sign but d nt date) Yur Business P&L and Balance Sheet fr 2017 if yu reprted incme n Schedule C r Schedule E (nly required fr Schedule E if yur interest is 25% r mre in a partnership r S-Crp). A separate P&L and balance sheet shuld be submitted fr each business Military families shuld furnish a cpy f the Leave and Earning Statement Student s tax return (1040 with all schedules), if applicable A cpy f the trust agreement and a current balance statement (if a student has assets in a trust fund) Checklist Affidavit (dwnlad and print PDF here) 3

4 Ptential Additinal Dcuments (uplad nly upn request) Other required dcuments may be needed fr yur applicatin. These ptential dcuments wuld be requested frm yu. Please uplad these dcuments nly upn request. Car lan statements shwing the balance wed r annual lease payments Statements fr all bank accunts, investment accunts, retirement accunts, and cllege savings accunts Any ther statements shwing utstanding balances fr student lans, medical bills, legal bills, credit cards, etc. Invices r statements shwing expenses yu incurred fr medical ut-f-pcket csts (deductibles, c-pays, etc.) r ther expenses that were unavidable in nature (funeral, legal fees, etc.) HOW TO AVOID COMMON DATA ENTRY ERRORS WHEN COMPLETING THE PFS Sectin 1 Parent/Guardian Infrmatin Divrced r unmarried parents must each fill ut a SEPARATE PFS. Each parent shuld list the ther parent in the Additinal Parent sectin (NOT as Parent B). In circumstances where it is nt pssible t btain an applicatin frm the nncustdial parent, the custdial parent must cmplete the Nncustdial Parent Waiver Petitin. This petitin may be btained by ing financialaid@westminster.net. When cmpleting separate PFS s, each parent must use the same name fr the applicant (i.e. middle name vs. initial, suffix vs. n suffix) and birthdate. SSS links the applicatins tgether fr ur review based n the cmbinatin f the student name and birthdate. Please nte that neither parent will have access t the ther s submitted applicatin r dcuments. Parents wh are remarried must list their spuse as Parent B and prvide all required incme and asset infrmatin fr that spuse as well as any child supprt/alimny paid r received by that spuse. 4

5 Parents wh changed jbs frm 2017 t 2018 shuld prvide dates in the Other Cnsideratins sectin fr terminatin f a jb and/r beginning f a new jb. Sectin 6 Basic Tax Infrmatin If yu reprted incme/lss n Schedule C in 2017 r wn 25% r mre f a S-Crp r Partnership reprted n Schedule E in 2017, please select "Yes" in bx 6h. Only select "Yes" if yu reprt any incme/lss n Schedule C r if yu wn 25% r mre interest in an S-Crp r Partnership reprted n Schedule E. If yur interest in an S-Crp r Partnership reprted n Schedule E is less than 25%, and yu d nt reprt any Schedule C incme/lss, please enter N in bx 6h. Yu will reprt yur Schedule E incme as Other Taxable Incme rather than as business incme. If yu wn 25% r mre f an S-Crp r Partnership reprted n Schedule E, yu must als uplad yur Business Tax Return (Frm 1120S fr S-Crp and Frm 1065 fr Partnership) By checking "Yes, yu will be asked t cmplete Sectins fr each business activity reprted n Schedule C r Schedule E (detailed infrmatin abut yur Schedule C incme, expenses, assets and debts). These PFS sectins will nt be visible unless yu check "Yes" in bx 6h. Sectin 7 Taxable Incme On lines 7a and 7b, enter taxable incme frm yur 2017 W-2 nly. Any incme frm Schedules C r E (independent cntractr incme, partnership incme, S-Crp incme) will be entered in ther sectins. Elect "Yes" in bx 7k if yu reprted any ther taxable incme/lss in This incme can include capital gain/lss, refunds, scial security, rental incme, partnership r S-Crp incme, r any ther taxable incme included n yur tax return. 5

6 D NOT include taxable incme/lss reprted n Schedule C. This incme/lss will be reprted in sectins Include Schedule E Part II net incme/lss n line 7q (fr S-Crp r Partnership incme/lss where wnership interest is 25% r abve, please reprt as business incme in Sectin 6 instead). Only Schedule E incme/lss fr rentals, trusts r S-Crp/Partnership interests less than 25% shuld be reprted n line 7q as Taxable Incme. Sectin 8 Nntaxable Incme If yu have any nntaxable incme, please select "Yes" in bx 8c. The mst cmmn types are amunts yu have withheld frm yur paycheck fr things such as: Retirement savings (401K, 403b, etc.) - enter n line 8d Dependent r Medical Flexible Spending Accunts ( FSA ) enter n line 8e Health Savings Accunts (HSA) - enter n line 8e Premiums fr medical, dental, r visin insurance - enter n line 8e If these amunts are nt n yur W-2, they will be listed n yur final 2017 pay stub if applicable. Child Supprt enter n line 8a Emplyer cntributin t HSA enter n line 8e Nn-taxable wrker s cmpensatin, scial security, disability incme enter n line 8b r 8j Cash supprt received frm family members r thers and/r nn-cash supprt (fd, husing, etc.)- enter n line 8f (including any amunt paid by family r thers fr student s tuitin) Nn-taxable husing and ther incme received by members f the clergy enter n line 8h Earned Incme Tax credits enter n line 8i Welfare r Veteran s benefits enter n line 8j 6

7 Sectin 9 Applicant Incme (Student) Sectin 9 is nly fr student assets. Any 529 r ther cllege savings accunts held n behalf f the student shuld be included in investments reprted in questin 12b as parent investments. Sectin 12 Assets and Debts Any 529 r ther cllege savings accunts held n behalf f the student shuld be included in investments reprted in questin 12b as parent investments, nt in sectin 9 as student assets. Debts at December 31, 2017 included in line 12g shuld be cnsidered unavidable in nature (e.g. legal fees, medical, parents educatinal lans fr Bachelr r Assciates degrees, funeral expenses, etc.). D NOT include credit card debt, mrtgage debt, business debt fr any activities reprted n Schedules C r E, etc. Please itemize this debt n line 12h alng with the amunt f each debt yu paid ff during 2017 n line 12i. Credit card debt, debt fr rutine hme repairs, etc., is cnsidered discretinary and shuld be reprted n line 12j and itemized n line 12k. Sectin 13 Educatin Expenses Please include any merit schlarships, athletic schlarships, r ther nn-need based schlarships n line 13m as funds received frm ther surces and explain. Sectin 14 Other Expenses On line 14a please nly include amunts actually paid fr new medically necessary prcedures incurred during Payments n past year s debts shuld be included in questin 12g. D NOT include any amunts paid fr premiums n line 14a; this amunt shuld be entered n line 14c. If yur premiums were withheld frm yur paycheck please enter as nntaxable incme n line 8e (see abve) and als n line 14c. 7

8 Enter n line 14d any 2017 unavidable amunts and ut f the rdinary expenses (repairs due t natural disaster, funeral expenses, legal csts, etc.). Payments n past years debts fr such csts shuld be included in questin 12i. Enter ttal amunt f 2017 child supprt paid in line 14d (instructins say enter amunt > $5,000; please enter ttal amunt even if less than $5,000). Fr 2017 expenses entered in line 14a 14j, please prvide a detailed itemizatin f the csts and uplad any dcumentatin yu feel may be necessary fr us t verify yur entry. Expenses nt itemized may nt be cnsidered. Sectin Business Incme and Net Assets Yu will need t cmplete these sectins if yu reprted incme r lss n Schedule C fr 2017 and/r if yu reprted incme r lss n Schedule E fr a S-Crp r Partnership in which yur interest is 25% r mre in These sectins will nly be visible if yu selected Yes in bx 6h. Sectin 20 Other Cnsideratins Please use this sectin t let us knw any infrmatin that yu think we shuld cnsider in reviewing yur applicatin. This can include a change in yur emplyment situatin, medical situatin, marital status, etc. 8