Financial Aid Policy
For any questions please contact the Admission Office at firstname.lastname@example.org.
Bancroft does not discriminate in the administration of its financial aid on the basis of race, color, religion, national origin, sexual orientation or gender. All information relating to applications for financial aid will be held by Bancroft in the strictest of confidence and will not be released to any third party. Documentation from custodial, non-custodial and stepparents will not be shared with other members of the student's family.
Financial aid at Bancroft School is based on a family's demonstrated financial need. Bancroft will not exceed in its offer of financial aid the amount needed to meet the difference between the resources determined to be available to the family and the student's total educational expenses. A family's financial need will be determined based on the formula suggested by the School and Student Service for Financial Aid (SSS). Bancroft routinely recalculates the "financial need" determined by SSS, compares this need to other financial aid applicants and offers as much grant assistance as its budget will fairly allow.
The purpose of the School and Student Service for Financial Aid is to establish an equitable and consistent approach to the distribution of funds for independent schools throughout the United States. Using many factors, including income, family size, assets and liabilities, an estimate is made as to how much a family can reasonably contribute towards Bancroft's educational costs. The difference between this suggested "family contribution" and Bancroft's total cost is the family's "financial need."
Bancroft makes every effort to meet as much of a family's demonstrated financial need as possible. Due to limited resources, Bancroft awards grants for no more than 90% of demonstrated need for Upper School students, 50% of demonstrated need for Middle School students, and 50% of demonstrated need for students entering Lower School. Demonstrated need is determined by the School and Student Service for Financial Aid (SSS).
Financial aid cannot be awarded until Bancroft School has received all appropriate documentation. Custodial and non-custodial parents must complete the Parents' Financial Statement (PFS) and submit it online to the School and Student Service (SSS) for Financial Aid no later than February 1, 2019. In addition, they must furnish to SSS all required W2 tax forms by this date and parent and student 1040 tax forms as soon as completed. Families with full or partial ownership of a business or farm must also complete the SSS Business/Farm Statement. Federal tax returns and W2 forms from all parties are used to verify the financial information that is used and sometimes estimated on the Parents' Financial Statement. Any significant differences between the PFS and the W2 or 1040 may result in an altered financial aid award.
Application for financial aid will not affect admission decisions. Students earn admission to Bancroft by demonstrating that they will profit from and contribute to our educational community. Ability to pay Bancroft's tuition will not be considered by the Admission Committees.
For current families applying for financial aid, re-enrollment deposits are refundable after receipt of their financial aid package. Enrollment deposit due dates may also be extended for accepted applicant families applying for financial aid.
Financial aid funds cannot be guaranteed to late applicants or wait pool students. The availability of funds after initial awards are sent out will vary from year to year.
Returning students will receive the first priority for financial aid funds. This consideration includes returning families who have not applied for prior financial aid as long as application materials are received in a timely fashion. Returning students can expect to receive the same level of aid from year to year as long as their financial need is comparable and they remain in good academic and disciplinary standing.
Students who are placed on academic probation during two consecutive marking periods may not be offered aid the following year. This expectation does not apply to students during their first marking period at Bancroft. It is also within the Headmaster's discretion to withdraw financial aid from any student who demonstrates a continuing inability to be a responsible member of Bancroft's community.
When comparing the financial circumstances of families applying for aid, Bancroft will consider the income and assets of both natural parents. If either parent has remarried, the school will also consider the income and assets of the stepparent, always bearing in mind the obligation of that stepparent to his or her own natural children. Bancroft will not be bound by the assertion that one parent or stepparent has disclaimed responsibility for a child's educational expenses.
The non-custodial parent will not be expected to submit a financial aid application only if documentation is provided stating that their location is unknown or that they provide no support and have had no contact with the family for at least two years. This documentation will be accepted from a doctor, lawyer, minister or any such person outside the immediate family. If there are any other extenuating circumstances that might waive this requirement, written requests should be sent to the Director of Admission and Financial Aid.
Awards are not changed unless new information is presented that was not available when need was initially determined. Families experiencing job loss or other substantial changes in their circumstances are encouraged to appeal their award. Families must appeal their financial aid in writing to the Director of Admission and Financial Aid, always keeping in mind that changes are subject to availability of funds.
Bancroft expects that families will consider all available family and/or other resources before requesting tuition assistance from the School. The purpose of financial aid is to supplement family resources.