Financial Aid Parent Guidelines

Near North Montessori School is committed to maintaining a diverse student body.  We believe that economic diversity contributes to a strong and healthy school community, and therefore the school has committed to providing eligible families with financial assistance.  Applications are reviewed confidentially by the Financial Aid Review Group and are considered separately from admissions.

Financial assistance is available to current families at the 3-6, 6-9, 9-12 and 12-14 levels based on need.  Financial assistance may also be made available to incoming students at these levels if funds are available.  In the past, awards for financial assistance have ranged from several hundred dollars to up to 70% of tuition costs, as needs warrant and funds permit.  Financial need is determined based on a family’s total financial picture which includes income and expenses, as well as assets, such as savings accounts, investments, home equity and real estate, and liabilities, such as mortgages, student loans and medical bills.

All families are expected to contribute some amount to tuition obligations.  Financial aid is awarded to provide monetary assistance in meeting tuition payments; however in special circumstances, the Financial Aid Review Group may also consider granting partial assistance for am/pm care and in-school remedial tutoring for students with a diagnosed learning disability or when deemed critical to the academic performance of the student by an NNMS administrator.  Families must re-apply for financial aid each school year with updated financial and family information.  Aid cannot be granted unless all outstanding financial obligations for the current school year have been paid in full.

Financial aid funding comes primarily from school fund-raising activities and generous gifts from parents, faculty, alumni and friends.  While financial aid grants are gifts to students and families that do not need to be repaid, it is hoped that, when possible, a portion of these grants will be replenished by the recipient family at some later date in order to provide opportunities for future students applying for aid at NNMS.  Families granted financial assistance are also expected to fulfill volunteer obligations, as outlined in the NNMS parent handbook.

The Application Process

For the 2008-2009 school year, NNMS has implemented a new application software program called FAST.  FAST is a web-based, user-friendly financial aid application program created by ISM, a provider of consulting services, workshops, and other assistance to private, independent schools.  FAST is accessed online from either a personal computer or a private computer set up at NNMS for this purpose and is compatible with all the major browsers on both PCs and Macs. 

To begin the financial aid process, applicants should access and complete the financial aid application by clicking on the FAST logo at the bottom of this page.  There is a $25 fee payable to ISM to complete the application.  Fees must be paid by credit card.

In addition to the online application, applicants are required to submit:

• a copy of their signed 2007 Tax Return (1040 plus all schedules and attachments and W-2’s);
• a signed copy of IRS Form 4506 (Request for Copy of Tax Return); applicants may download the form from http://www.irs.gov/pub/irs-pdf/f4506.pdf or pick it up outside the main office from February 7, 2008 until April 17, 2008; note that the $39 fee shown on that form is only payable should the Review Group need to request a copy of your tax return from the IRS; and
• a completed questionnaire entitled Additional Information.  Applicants may click to download the form, or pick it up outside the main office from February 7, 2008 until April 17, 2008. 

Tax returns, Form 4506 and the Additional Information questionnaire should be submitted to the attention of the Financial Aid Review Group at NNMS via mail or may be left with Janice in the school office.

In cases of divorce or separation, both parents should submit all required forms. The family's ability to contribute is based on both parents' finances.

In order to be considered for aid, all information must be submitted by the deadlines outlined below.  Incomplete applications will not be considered.

Questions regarding the financial aid application process or forms for the 2008-09 school year should be directed to the school’s Finance Director, Linda Rudnick, at lrudnick@nnms.org or at 773-384-1434, ext. 609.

Financial Aid Timetable

February 7, 2008- April 15, 2008:  FAST applications may be submitted online between February 7, 2008 and April 15, 2008.  The application may not be accessed after April 15.  We strongly recommend that applications be submitted before the deadline in case information needs to be clarified or incomplete applications need to be corrected.  The Financial Aid Review Group will not consider incomplete applications.

April 18, 2008:   Federal Income Tax Returns (W-2's and related schedules), Form 4506 and the Additional Information questionnaire must be completed and may be turned in at anytime between February 7, 2008 and April 18, 2008.  The Financial Aid Review Group begins reviewing applications in April.  Applicants may be contacted by the Finance Director or the Executive Director (on behalf of the Financial Aid Review Group) to answer additional questions or to clarify information on the application.

May 30, 2008:  Applicants will be notified by May 30, 2008 of the Financial Aid Review Group’s determination of financial aid.

NOTE:  If the application, tax return, Form 4506  and Additional Information questionnaire are not received at the school by the applicable dates shown above, the application may be rejected and/or financial aid funds may not be available.

Information received from you or FAST to the Financial Aid Review Group is kept confidential and cannot be released to any other person without your written authorization. No other person or committee has access to this confidential information.