Financial Aid Process
FINANCIAL AID PROCESS
Galloway uses School and Student Services (SSS), sponsored by the National Association of Independent Schools (NAIS), to process financial aid applications. SSS calculates an estimated amount a family can contribute to educational expenses, which is used as a starting point in making fair and objective financial decisions. To be eligible for consideration for financial aid, families must complete the Parents' Financial Statement (PFS) and must supply all requested information and supporting documentation by the deadline. The PFS and required documents can be submitted anytime after October 1, 2018. Families must apply for aid annually.
How decisions are made:
Financial aid decisions are determined by the Financial Aid Committee comprised of the Head of School, Chief Financial Officer and Director of Admissions. Guidance is provided as needed by the Executive Committee of the Board of Trustees. The Financial Aid Committee keeps all financial information supplied by families strictly confidential and asks that families do the same. The Financial Aid Committee will communicate financial aid decisions in April.
Income of all parents considered:
When a student of a single parent or blended family applies for aid, financial information from all parents including non-custodial parents and their spouses must be provided. All household income is considered when determining financial need.
In a sole custody situation, the school may consider the income of only the custodial parent if the other parent has no contact with the child (no phone calls, emails, visits, etc.) and does not participate financially (no gifts, etc.).
Please complete the noncustodial parent petition form (available here) even if you previously have submitted this form, and upload the completed form along with third-party confirmation to the SSS website by the financial aid deadline.
Account must be current:
Family accounts with the school must be current in order to be considered for an award for the following year.
Tax forms required/Deadlines:
For the 2019-20 year, the PFS and supporting schedules (2018 1040s, K-1s, business returns, state tax returns, etc.) are due no later than February 17, 2019. If you are unable to furnish all the supporting schedules by February 17, you may furnish previous years' (2017) schedules but applications with 2018 tax returns and supporting schedules will be processed first. 2018 returns and supporting schedules must be received by March 1, 2019.
All families that report income from an S-Corp or Partnership must furnish a copy of all K-1s. All parents who hold at least a 25% share in an S-Corp, Partnership or Farm must provide a copy of their business tax return, including all schedules.
In addition to furnishing copies of the returns to the school through SSS, families must sign a release to allow Galloway to obtain a copy of their tax return directly from the IRS (Form 4506-T). A partially completed Form 4506-T to authorize release of 1040 tax returns may be downloaded here. Please complete the top section and the signature block, leaving the date blank, then upload the completed form to the SSS website. Families will need to upload to the SSS website a separate signed but undated Form 4506-T for any business tax returns, such as the 1065 and 1120S.
Click here and follow the Steps to Apply for Aid.