Financial Assistance
Expectations and Our Commitment
The McLean School expects parents to give their children’s education a very high priority in their financial planning. Every family will need to scrutinize their own resources and explore all possible sources of support. Given the current economy, some families will need financial assistance no matter how carefully they manage their finances. We have therefore established a modest program of financial assistance to support families as best we can in their pursuit to offer a McLean education to their children.
Policy and Procedure
At McLean School, financial assistance is need-based. Financial need is determined through the careful analysis of a family’s financial resources and the ability to contribute to their child’s education. Grants are determined with the guidance of the financial analysis provided by Financial Aid for School Tuition (FAST) . Final decisions are the sole discretion of the Financial Assistance Review Committee, recognizing that limited resources may prevent full funding of demonstrated need.
- All applicants must complete an online Financial Statement with the Financial Aid for School Tuition (FAST) program . Families can access the program specifically for McLean applicants through the link found on our website under Financial Aid.
- The FAST online Financial Statement and all required supporting documentation (see online checklist) must be submitted no later than February 10, 2011. Families are encouraged strongly to complete and submit their 2010 taxes as early as possible as no award will be finalized until this information has been received by FAST.
- There is a $34.00 application processing fee that must be paid to FAST via credit card at the time the application is submitted. Qualifying families may be considered for application fee waivers by directly contacting Bobby Edwards, Director of Financial Aid.
- Until you click upon the “Submit” button, you have not released your application and you may continue to enter information. Clicking the “Submit” button completes the online process.
In addition to completing the application, you must submit the following to FAST:
- A signed copy of your 2010 tax return (IRS Form 1040) including all schedules.
- Year-end income documentation (W-2 forms, Form 1099, pay stubs, etc.) supporting your estimate of current year income.
- Schedule C, should you own a business or farm.
- 4506-T Request for Transcript of Tax Return. (Available online via FAST)
- Divorced or separated parents are both required to provide financial information on separate but linked applications. Special instructions are found online.
Information should be mailed directly to:
Independent School Management
Attn: FAST Processing
1316 North Union Street
Wilmington, DE 19806-2594
Include the school’s name on the outside of the envelope to ensure faster processing of your application.
- Family information detailing extenuating circumstances not included on required forms may be forwarded in letter form to: Financial Aid Assistance Review Committee c/o Bobby Edwards, Director of Financial Aid (optional).
Application Timetable
| November, 2010 | Financial Aid information mailed to parents |
| February 10, 2011 | Deadline for completed FAST online application and submission of all supporting documents |
| Mid-March 2011 | Notification letter mailed to admitted applicants who meet February deadline. |
Please be aware that failure to abide by the application timetable may preclude you from receiving financial assistance. If funds remain in the Financial Aid budget, late applications will be reviewed as they are received.
Currently enrolled students in good standing, who have submitted all of the necessary materials by the February 10 deadline, will receive priority in the award process.
Applications may be accepted after the deadline based on the availability of funds.
Frequently Asked Questions:
What is the source of Financial Aid funds?
Financial aid funds are drawn directly from the school’s operating resources, specifically, tuition revenues, the Annual Giving Campaign, Parent Association gifts, and other fund-raising activities.
Will applying for Financial Aid influence the Admission decision?
Admission and financial aid decisions are made independently from one another. The Admission Committee makes its decisions without regard to financial matters.
What about confidentiality?
All applications for Financial Aid are held in the strictest confidence. Only the Financial Aid Committee members have access to those records submitted.
What does the award cover?
Financial Aid is designed to defray expenses related to tuition and fees. However, families may also need assistance with other school related expenses. McLean may, upon request, provide additional financial support until, or unless, budgeted funds are exhausted. Please contact Bobby Edwards, Director of Financial Aid, should you have specific questions concerning these matters.
What if my financial situation changes?
Each year, a family must reapply for financial aid and their individual circumstances will be revisited by the committee. Adjustments to the award may be made, as warranted. Assuming a family’s circumstances remain unchanged, every effort will be made to continue supporting that family at a level consistent with the prior year. Family information detailing extenuating circumstances not included on required forms may be forwarded in letter form to the Director of Financial Aid c/o the Admission Office (optional).
What effect does Financial Aid have on the Enrollment process?
New Families
Applicants who receive an offer of placement at McLean may be asked to complete an enrollment contract before they have heard the outcome of their Financial Aid application. Under these circumstances, the new student registration fee is temporarily reduced from $1,200 to $100 until the Financial Aid Committee completes its deliberation. If a grant is offered by McLean and accepted by a family the remaining portion of the registration fee will be required. Each family will be given the option of paying the remainder of the registration fee in one payment or may elect to spread the cost out by incorporating it into the fixed ten month term of their payment plan. If a family is unsuccessful in securing aid or if the award offered is insufficient thus preventing acceptance of the offer of admission, the $100 will be refunded and the contractual obligation canceled upon written request to the school.
Returning Families
The re-enrollment deposit for returning families applying for financial aid is temporarily reduced from $1500 to $100 until an award offer is granted. Once an award has been offered by McLean and accepted by a family, the $100 is applied to your account and the remaining portion of the re-enrollment deposit is required. Each family will be given the option of paying the remainder of the deposit in one payment, or may elect to spread the cost out by incorporating it into the fixed ten month payment term. If a family is unsuccessful in securing aid or if the award is insufficient thus preventing re-enrollment, the $100 will be refunded and the contractual obligation canceled upon written request to the school.
How do I pay my share of tuition and fees?
All McLean families who utilize a multiple payment option are asked to authorize direct withdrawal of funds from a bank account on a monthly basis. This provides a safe and convenient method of payment for our families.
