Financial Aid

/files/Site Images/IMG_4464.JPGThe costs of operating a school with a specialized mission and small class size like The Bodine School are quite high. The school must rely on a combination of tuition and fundraising to fund its operations. Families are strongly encouraged to apply for financial aid if financial need exists. For more information about the financial aid program at The Bodine School, contact our Business Office at (901) 754-1800, extension 303. Please note that a request for financial assistance information does not influence the decision to accept or decline a student for admission to The Bodine School: we offer a "need-blind" admission policy.

Introduction

The Bodine School is a member of the Financial Aid for School Tuition (FAST) which assists schools in making financial aid decisions. A financial aid program provides financial assistance to students who cannot afford to enroll otherwise. This assistance is offered without regard to race, color, nationality, or ethnic origin.

Basic Principles

  1. Once a student becomes a candidate for admission, the amount that his/her family is expected to pay is determined by financial need and the availability of funds.
     
  2. The fairest way of determining the financial need of a family is to require the parents of each applicant to submit a detailed financial statement.
     
  3. Financial aid at The Bodine School is awarded year by year. Each year the Scholarship Committee asks the parents of students on scholarship to fill out a new confidential statement if they wish an award for the coming year. The committee then recomputes what the family should pay according to the new financial data presented.

Procedure

  1. The Parents' Financial Statement is used to determine financial need, if any. Parents who wish to apply for Financial Aid should complete a FAST application online.  Parents must send a  copy of the most recently filed Federal Income Tax Return to FAST in the envelope provided by the School's Business Office.  Please refer to The Bodine School's Financial Assistance Policy Manual for more information or the FAST User Guide.
     
  2. Delays in filing a financial statement can make a considerable difference in the amount awarded due to the scarcity of funds at later dates.

Computation of Aid

In processing the application, FAST takes into account many factors, including income, assets, expenses, indebtedness, family size, age of parents, and the number of children attending tuition-charging schools.  FAST considers these factors and provides every family with a living allowance based upon family size. This allowance protects a certain amount of income after a variety of expenses are subtracted from a family's income. This process helps determine a family's discretionary income. A portion of this discretionary income is then suggested as the family contribution for education. The more discretionary income a family has, the higher the family's contribution.

Funding the Program

Since approximately one out of three students admitted each year receives aid, there is a great need for contributions to our financial aid program. Because of the generous support of our donors, we have been able to meet the need of a large number of children who would not have otherwise been able to attend the school. However, more support is needed each year as tuition and enrollment increase.

You can Sponsor A Student with a donation to our Financial Aid Program. Your gift will help to ensure that all students in need of the special services provided by The Bodine School can receive the education they deserve. Donations to this fund will be used exclusively for student assistance. Contributions are tax deductible, as allowable by law.