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FAQs

How does Madeira determine the amount of a financial aid grant?

The Financial Aid Committee determines the amount of the grant considering the following:

  • The recommendation of SSS based on information provided from the Parents’ Financial Statement (PFS)
  • The total amount of financial aid available to the School
  • The total number of applicants for financial aid
  • Adherence to designated deadlines in evaluating the above information

Madeira’s Financial Aid Committee takes into account the number and ages of the children in the family, parent ages (for purposes of estimating retirement needs), other educational expenses, additional dependents, all sources of income and assets, a family’s priority of spending, and debts and expenses such as number and age of cars, club memberships, travel, medical expenses, legal fees, and other obligations. 

Why are the deadlines important?

Every year we have a growing number of families applying for financial aid. For that reason, we ask that all applicants for financial aid work to complete their Parents' Financial Statement (PFS) by the given deadlines. For returning families, the PFS and 2015 tax documents are due by December 15, 2016. For new families, the PFS and 2015 tax documents are due by February 1, 2017.

 

A signed copy of the 2016 Federal Tax Return, including all schedules, W-2 and 1099 forms must be submitted to SSS by April 15, 2017. Financial aid awards are not considered final until all materials have been uploaded in the SSS portal.

 

 

If I currently receive a financial aid grant from Madeira, is it necessary for me to reapply?

Yes, you must reapply for a financial aid grant every year that your daughter is enrolled at Madeira. You must also adhere to the deadlines outlined in this packet in order to be considered. Financial aid awards are granted on a yearly basis and are renewed subject to continued demonstrated financial need and the review of the academic performance and evidence of good citizenship of the student. If you currently receive financial aid from Madeira, your family will be the first to be considered for financial aid grants for the upcoming year.

Do both parents have to work to qualify for financial assistance?

The Financial Aid Committee considers it reasonable to expect both parents to be employed if they are asking the School to assist with tuition costs. Should a family choose to have a parent not employed, the committee may impute an income equal to the cost of a boarding tuition. Consideration will be given to families with preschool children or other extraordinary circumstances that preclude a parent from working. 

Does the Admission Committee consider my financial aid request at the same time application for enrollment is being considered?

No, financial aid grants are determined following the review and decision on admission applications. Admission decisions and financial aid decisions are made at two different times by two separate committees. There is no consideration of financial need at the time admissions are made.

If my family does not qualify for a financial grant, may I automatically be considered for a loan?

The Madeira parent loan program is based on an analysis of financial need, but is an attractive option for families who may not qualify for aid but who need assistance in affording tuition and fees.

Can a student work off part of her tuition?

Students find that balancing their time between academics and extracurricular activities is sufficiently challenging. Some students babysit for faculty families to earn spending money. 

When will I be notified of the Financial Aid Committee’s decision?

We will include the financial aid grant, if any, with the admission acceptance letter and enrollment contract.

Are there any merit awards available at Madeira?

Yes. Prospective students may apply for the Madeira Merit Scholarship

Is the financial aid program confidential?

Yes. The Financial Aid Committee holds in confidence financial information submitted by parents in support of aid applications. Financial aid recipients are not identified at the School. We ask that financial aid recipients maintain the same confidentiality. 

If I am single, divorced, or separated, what information will the Financial Aid Committee require from the other parent in order to determine an award?

The Financial Aid Committee expects that both parents will contribute financially to their daughter’s education. That means that both parents must submit financial aid forms in every circumstance. Parents who fail to both file for financial aid put in jeopardy their daughter’s chances of receiving a financial aid grant.