Frequently Asked Questions
Financial Aid FAQ's from the Financial Management Community of Practice.
Tools
Tuition Assessment Models
Three financial aid assessment models are presented by Rheua Stakely in order of most to least desirable.
Ideal Internal Tuition Assessment Calendar
This calendar, developed by Rheua Stakely, outlines a calendar to guide the financial aid process.
Relevant Reading
Moral Complexity and Financial Aid
This article by head of school Steve Lorch discusses how Solomon Schechter School of Manhattan aligns its financial aid program with the school's mission statement commitment to menschlichkeit through a professional process that minimizes intrusiveness, reduces anxiety, and provides as much peace of mind as possible.
Jewish Day School Affordability in Perspective
This PEJE publication provides a framework for understanding affordability issues and also helps to make the case for day school.
Setting Tuition and Delivering Financial Assistance
This two-part PEJE publication, addresses questions on tuition and affordability. Scott Looney, formerly of the Cranbrook Schools, answers questions on tuition setting. In part two, tuition-setting practices from PEJE grantee reports are summarized.
Creating and Using Endowment Funds
Endowment funds can relieve the pressure on tuition and also provide the resources to fund the fullest extent of need demonstrated through the financial aid process. This PEJE publication contains FAQ's on endowments and a self-assessment that helps to determine readiness to begin an endowment campaign.
Why Have an Endowment?
This document by Sorrel Paskin lists seven key reasons for a school to have an endowment.
How Much Endowment Is Enough?
This paper by Sorrel Paskin discusses whether there is an optimum level of support that a school's endowment should provide to the operating budget and, if so, what level of endowment assets will provide that optimum level of support.
Pricing and Affordability
This ISACS monograph describes the differences between Independent School Management and National Association of Independent Schools on the related issues of pricing and affordability.
Bassett Blog - Affordability and the Family Ford
This short vignette discusses NAIS affordability benchmarks.
Affordability Challenges in the 21st Century
This data-rich PowerPoint presentation from NAIS discusses some affordability challenges faced by independent schools and offers pointers to help schools think strategically and critically about their financial aid programs.
Spotlight: Financial Management: What Does Your Student Body Look Like, Economically?
This PEJE e-newsletter takes a strategic look at financial aid and provides an ideal tuition assessment calendar developed by Rheua Stakely.
Timely Tuition Assessment Processes and Financial Aid in an Under Enrolled School: Possibilities and Pitfalls
These notes, developed from a Financial Management Community of Practice discussion with Rheua Stakely, address such substantive issues as how to get more compliance from families to deadlines; important tuition related tips, how to set the financial aid budget, and the judicious use of financial aid in an under enrolled school. FAQ's follow.
The Impact of Budget on Financial Aid Policy and Procedure
This NAIS article advises how schools can best meet financial aid goals over time.
Financial Aid Administration for Schools, Second Edition by Patricia P. Jamison and Rachel Countryman
Financial Aid Programs
Many Jewish day schools use outside services to help them calculate financial aid awards. Schools typically perform additional customization after the service has completed its calculation. FACTS and SSS are two of the many services available.
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