MCS/AA strives to provide a quality Islamic education to all students regardless of their family’s financial circumstances. For that reason, need-based financial aid is provided on a limited basis. Financial aid packets are available in the school office.
2013-2014 FINANCIAL AID APPLICATION PROCESS INSTRUCTION
Alim Academy offers tuition assistance based on financial need to the incoming and current students. The purpose is to provide students an opportunity for an education which might otherwise be inaccessible
The school has very limited financial resources; therefore, in order to be eligible for any financial aid, a family must demonstrate their need for this assistance. For the 2013-2014 academic year, the school has begun to use the same standard approach that other independent schools are using for years. Those families who seek financial aid, has to directly file their application online through an independent service company for determining their financial aid by Alim.
The service center that processes the financial applications for Alim is called the School and Student Service for Financial Aid (SSS). A filed completed application with SSS would provide a comprehensive review of a family’s finances, which would lead to a recommended figure for any financial aid.
Final aid decisions are based on the Board’s committee assessment of applicants’ needs and the budgeted funds available for this purpose. There is always a greater demand for aid than there are available resources. Information reviewed by the Board Financial Aid Committee and discussions within committee meetings are strictly confidential.
The SSS standard calculation considers these factors and determines each family’s effective income. Out of this income, a portion is protected for necessities. The remaining income is defined as discretionary income. A standard percentage of this discretionary income is allocated towards education. Financial aid awards reflect the difference between this amount and the sum of tuition and fees.
Alim encourages families to fill out the Parents’ Financial Statement (PFS) online. The PFS forms can ONLY be filled out and submitted ON-LINE.
The website address is: http://sss.nais.org/parents/
SSS Subscriber Name: Alim Academy
SSS Code: 162465
It should be noted that the Parents’ Financial Statement (PFS) is the cornerstone of the financial aid process for thousands of families and more than 2,100 independent schools. It gathers in one place the relevant information about your family size, income, and expenses. Once you submit your PFS, your information is shared with the schools you have indicated on your PFS. These schools use the results as a starting point to calculate your financial need and determine the actual financial aid grant it can give you.
How is financial aid determined? Alim Academy is a member of the School and Student Service for Financial Aid (SSS) which assists independent schools in determining a family’s financial need. The Report of Family Contribution (RFC) which is computed by SSS is reviewed by the school and serves as a guideline in making financial aid decisions.
The RFC report does not bind the School to any specific award. Each financial aid is based on financial need of the student and his/her family. The aid amounts are based exclusively on demonstrated financial need. Our goal is to financially accommodate as many families as possible within the limited aid budget that the school’s Board approves annually for this purpose.
Since the School intention is to give financial aid to the families that need it the most, therefore the school has to be able to assess the financial strength of each family applying for this aid. In order to be fair to each family, many factors need to be reviewed and analyzed.
The following are some of these factors:
- Family Assets (home equity, real estate/s, car/s, savings/checking accounts, stocks/bonds, etc.)
- Indebtedness
- Annual taxable & nontaxable income/s
- Number of dependent/s in the family
- Number of children attending independent schools including Alim
The school requires that you submit certain documents as backup. As part of your supporting documents, the most recent IRS 1040 and W-2’s should be provided to the SSS.
As the final application process approaches, the SSS will send the school a financial assessment which guides the Board Financial Aid Committee for evaluating the applicant for any aid.
Below is a basic step-by-step guide for completing the application process:
- Access the Parents’ Financial Statement (PFS): To complete your PFS online click on the “Apply Now” button in the upper right corner of this website. You’ll be prompted to first “Create an Account” in the PFS Online.
Why apply online? The PFS Online is:
Fast: Submitting online instead of by mail helps schools get your information sooner.
Cheaper: If you are applying for the Academic Year 2013-14, the fees for submitting the PFS are: $35 online and $47 on paper. (These are flat fees, for as many schools as you’re applying to.)
Secure: Your information is password-protected.
Practical: You can fill out part of the PFS Online in one session and complete it later.
Convenient: The PFS Online is an interactive, adaptive application—meaning that the computer adjusts to ask only the questions that are pertinent to you.
Easy: Help Tips are available right on your computer screen.
- What is the deadline for applying for financial aid? Please complete the PFS online no later than August 31 , 2013 in order to have priority at the first Board’s financial meeting for this purpose. Please note that after August 31st, no financial application will be accepted for the next academic year.
Fill in all requested information. The PFS will ask you about family size, total income, savings, investments, indebtedness, medical and dental expenses, any unusual expenses, and other assets, such as home equity.
No financial aid award will be made until the student’s all necessary documentation has been received and process by SSS. A delay in sending the required forms may disqualify a family from receiving funds, if all available aid is previously allocated.
When you are completing the PFS online, there is help next to each question and many other resources. Follow the step-by-step instructions. You can refer to the instruction booklet for more detailed help.
If you need more answers, call the toll-free NAIS Customer Service Center at (800) 344-8328 or e-mail at sss@nais.org.
http://sss.nais.org/Parents/Apply/content.cfm?ItemNumber=152483&navItemNumber=152337
- When you are sending supporting documents to SSS, you can choose to upload them electronically within the PFS Online. This uploading document service is available to you in the PFS Online approximately 24 hours after you finish completing the PFS. Read more about uploading documents electronically.
- Or all the documents could be mailed directly to:
SSS by NAIS
Application Processing Center,
P.O. Box 449, Randolph,
MA 02368-0449
SSS securely stores this information and gives the school to which you are applying to for aid, confidential access to your documents. To ensure that your documents are properly tracked, please fill out and use a Required Documents Cover Sheet whenever sending materials to SSS.
All information related to the parents’ financial circumstances will be treated confidentially.
Please note that you cannot download the form and mail it in. Again, you only can apply on-line using a credit card for your application payment.
Again, it should be noted that the SSS’s Alim Academy code is 162465. The result of your SSS evaluation is printed on a Report of Family Contribution – School Report and will be mailed to school listed by you on your PFS approximately three weeks after SSS receive all your forms and supporting documents.
It is recommended that you complete the PFS as soon as possible in order for the school to receive the results on time for the first financial aid meeting.
Is financial aid automatically renewed each year? Alim requires families receiving financial aid to re-apply each year. Every application is reviewed annually.
If parents are requesting financial aid for more than one student at Alim, are there special instructions? Parents need to file only one Parents’ Financial Statement in the name of the oldest child attending Alim and should list the other children in the proper place on the PFS form.
Again as another reminder, please note that the SSS should have complete PFS and all supporting documents by no later than August 31, 2013 in order to have priority at the first Board’s financial meeting.