There are several key factors in determining a family’s financial strength and, therefore, a financial assistance award. Within each category, you will find typical items.
Family assets may include: taxable wages, if self-employed, income drawn as salary but not included as business profit, taxable dividend and/or interest income, alimony received, pensions, annuities, rent, royalties, estates or trusts, household expenses paid by separated or divorced spouse in lieu of alimony, unemployment compensation, capital gains, 2021 taxable IRA distributions, profits from a business, child support received, Social Security benefits, real estate, vehicles, bank accounts, and investments.
Expenses and Debt
Typical expenses and debt include: educational expenses, medical/dental expenses, debts for investments, encumbrances against home, unemployment, prolonged illness, past business debts, uninsured natural disasters, legal fees, nursing home/assisted living care, closing costs for home purchases/refinancing, child support, costs for a child with special needs, and child care.
Filing status: divorced, separated, never married, and widowed. Awards will not be considered unless complete financial information is received from both parents or guardians. If parents are separated, divorced, or never married, both parents/guardians are required to complete the financial assistance application.
Number of Private School or College Tuitions Currently Being Supported
A student’s financial assistance award takes into account the number of family members (including adults) attending any tuition-charging elementary school, middle school, high school, or college.