Lake Country School is committed to an economically diverse student body and welcomes the opportunity to provide financial support where needed to partner with families. In 2014-2015, Lake Country School made tuition assistance awards to 30% of the student body meeting 70% of a family's proven need.
What kind of tuition assistance is provided?
Lake Country School awards grants that do not need to be repaid to families who demonstrate financial need, as funds are available. The school expects families to finance their children's education to the extent they can. Priority is given to re-enrolling families. Grants are awarded annually and families must reapply each year.
How can I tell if my situation demonstrates financial need?
If you feel that you are unable to afford full tuition, you are encouraged to apply for tuition assistance. In 2013-14, 50% of the families receiving assistance had a gross income of less than $75,000 and 50% had incomes over $75,000. Every family's financial situation is unique. Therefore, income alone does not determine need. Other assets, family size, and unusual expenses are all additional factors, which affect the decision-making process.
If my family has been in the school but never applied for assistance, may I apply now?
We hope that families who begin by paying full tuition to the school will continue to do so unless unforeseen circumstances make that impossible. We advise families not to go to extraordinary lengths to pay full tuition their first year in hope of receiving tuition assistance the next year. However, if your financial situation has changed significantly since you joined the school, you should apply for assistance.
How are decisions made?
The Tuition Assistance Committee makes decisions that help the school honor its commitment to building an economically diverse and inclusive community. Criteria considered include families who are receiving assistance who continue to demonstrate need, siblings of current students, returning families who demonstrate need for the first time, and new families. All information is confidential.
How is the amount of an award determined?
We use information from the School and Scholarship Service for Financial Assistance (SSS), along with materials each family sends directly to us as the basis for calculating the size of the award. SSS makes a need assessment using information that families provide through a standardized form. The school and SSS consider the family primarily responsible for financing a child's education.
If I am eligible, will I receive a Lake Country School Grant?
The amount of tuition assistance requested sometimes exceeds the amount we have to offer. If we do not have assistance available when awards are made, you will be placed on a waiting list. If money becomes available later, you will receive notification of your award.
How much money will I receive and will I receive the same amount every year?
The amount of money you receive depends on your need and the number of other families requesting assistance. If your financial circumstances remain the same, you can generally expect to receive approximately the same size award each year. For example, if you initially received half the total tuition and there is no change in your financial situation, you will most likely receive half of the total tuition again the next year that you apply.
How do I apply for tuition assistance?
- Complete the Parents Financial Statement (PFS) online by March 1. Our school code is 2988.
- Mail a paper copy of your PFS application along with a copy of your IRS Form 1040 to Lake Country School by March 1.
The school expects financial support from a child's biological parents as well as from the adults a child lives with (stepparents and partners). Tuition assistance applications will be processed only when complete information is received from all those parties, regardless of marital status. Please be aware that we also believe that unmarried, divorced, or separated parents have an ethical obligation to contribute to their children's educational expenses whether or not they have a legal obligation to do so. Although a divorced parent may have a court-ordered agreement that s/he is not responsible for paying school tuition, Lake Country School still requires financial information from that parent.
When should I apply?
The application and related forms are available online by February 1. Both items listed in the previous section must be completed and submitted by March 1. Applications that are submitted by the March 1 deadline are considered before those that are turned in late.
When do I find out if my child received a grant?
Award letters are sent in early May indicating either the amount of your award, that you are on a waiting list for an award when funds become available or that you do not qualify for an award. If you are on a waiting list, you will not be asked to make a commitment to enroll unless you receive an award.
What can I do to make the process as smooth as possible?
File your income taxes by March 1. Submit complete forms by the deadline. If you have not provided information that is required, your request cannot be processed. If your completed application arrives after the deadline, you will be placed on a waiting list for consideration after initial awards are made.
If you have any questions that are not answered here, please call Lucinda Anderson (ext. 114), Paul Petroski (ext. 116) at 612-827-3707 or School and Student Services (SSS) at (800) 344-8328.