A coeducational day school serving students JK-12

How to apply for financial aid

Latin’s financial aid awards are grants, which means there is no repayment required. The Financial Aid Committee relies upon information supplied by families to FAST, our need-analysis provider. In computing the amount of the award, Latin considers factors such as family size, income, expenses, assets and liabilities and priorities for spending. Financial aid is renewed every year. Each year we require all families receiving financial aid to submit all required documents so that we can re-assess funding for the next year. Any applicant that indicates financial need and has been accepted will receive financial aid to the full extent of their assessed need.

The most important aspect of the financial assistance process is meeting the deadlines.

Financial aid application steps:

  1. Be prepared. Pull together all of your financial aid documents. If possible, file your income taxes early. Make note of all deadlines. Not adhering to the deadlines may impact your ability to receive an award.

  2. Mark the box requesting financial aid on the admissions application, then complete the FAST application online.

    • Families applying to Latin: applications due no later than January 15, 2018.
    • Currently enrolled Latin families: applications due by January 1, 2018.

  3. Complete and submit your federal and state income tax forms. Copies of your 2017 Federal Income Tax Return (1040) and State Income Tax Return, including all required schedules and W–2/1099 must be MAILED OR SCANNED AND UPLOADED directly to FAST prior to March 1. The mailing address for FAST is:

    Independent School Management
    Attn: FAST Processing
    1316 N. Union St.
    Wilmington, DE 19806

    Your financial aid award will not be finalized until FAST verifies your 2017 Federal and State Income Tax Return.
Failure to meet deadlines jeopardizes your opportunity for financial aid. In cases of divorce or separation, both parents must submit all required forms. The family’s ability to contribute is based on both parents’ income and assets.

Notification of financial aid awardIf a student is accepted to Latin, the acceptance letter will indicate the details of the award. The financial aid award is not final until the family submits their tax returns to FAST by March 1 and FAST verifies the applicants' Tax Returns.

Financial Aid Philosophy & Policy

Latin School of Chicago believes that students learn best when their peers are from a variety of economic, cultural and geographic backgrounds. Our philosophy is guided largely by Latin’s Mission Statement, which reflects our commitment to creating “a community that embraces diversity of people, cultures and ideas.” We are also guided by National Association of Independent Schools (NAIS) Principles of Good Practice, which supports ethical, transparent and supportive Financial Aid policy and practices.

Latin School of Chicago is committed to making a Latin education possible for families from socioeconomically diverse backgrounds. The Financial Aid Office strives to assist families for whom the cost of an independent school education is the only barrier to attendance. All financial aid awards offered will cover the student’s full demonstrated need.

All students, regardless of race, color, sex, gender identity, religion, disability, national origin, ancestry, or sexual orientation, are eligible for financial aid. Latin currently offers no academic, athletic or activity-based awards. Per the NAIS Principles of Good Practice for Financial Aid Administration, retention of a student’s financial aid is not based on any performance criteria, and Latin maintains the same standards of behavior and academic performance for recipients of financial aid as it does for non-recipients.

Latin awards need-based financial aid to fill the gap between what a family can contribute and total tuition and fees. All financial aid awards are based upon each family’s demonstrated financial need. Financial aid awards often take into account tuition, books, lunch, and if additional funds are available, other discretionary expenses may be considered.

Latin offers financial aid to families within a wide range of income levels. There are partial and full awards. Financial aid is available to lower, middle, and upper school students. Latin currently offers no academic, athletic or activity-based awards.

All financial aid awards are based on a family’s demonstrated need, and there is no expectation of re-payment. Continued eligibility for financial aid is based primarily on a family’s continued demonstrated need for funds. Families must re-apply for financial aid each year. The school is committed to funding families consistently each year, including any tuition increase, provided that the family’s financial situation does not change dramatically from the previous year.

Your Right to Appeal an Award

If a student receives a grant from an outside funding source, DMSF or LINK for example, these additional funds are considered part of the student’s aid award and should be disclosed as soon as possible to FAST and to Latin.
If a family believes that its award is not adequate to meet their needs, they may file an appeal. Appeals must include information that was not available at the time the initial award was made. We are happy to meet with families at any point during the financial aid application process.

NAIS recognizes that the primary responsibility for financing an independent school education rests with the student’s parents. Like many independent schools, the Financial Aid Committee reserves the right to impute an annual income of $25,000 for a non-working parent who does not have a child less than five years of age at home. Exceptions will be made if the parent is critically ill or disabled (such that the parent cannot work), or caring for their critically ill or disabled child, parent or grandparent.

Confidentiality and Information Sharing

All information received by the Financial Aid Committee is held in the strictest of confidence. Financial aid-related information is given only to Latin employees and it is restricted to only the information that is needed. When financial aid information is disclosed, those receiving the information are reminded to safeguard the confidentiality of the information. Financial information is not shared among persons who maintain separate households.

Awarding policies

No financial aid award can be made for an upcoming school year until a family’s current school year balance has been paid. We will not release a re-enrollment contract until the current year’s obligations are met. Incomplete applications will not be reviewed, and funds will not be reserved for students with late applications or outstanding balances.

Divorced/Separated/Non-Married Parents

We expect financial information from both parents in cases of divorced or separated parents, or parents who never married, regardless of their legal or personal relationship, and regardless of financial obligation as decided by the courts. We do not determine individualized parent contributions. If either parent is remarried, we also expect financial information from their spouse, bearing in mind the obligations of the step-parent to any of his or her children from a previous relationship.

In most cases, the Financial Aid Committee will make an award only after considering the financial resources of both parents, but we do look at each situation on a case-by-case basis, and we make every effort to be sensitive to particular family circumstances when finalizing an award.

In situations where couples are living together but not married, we require financial information from both parties. If the child is from a former marriage of either party, forms will be required of the current family and non-custodial parent and spouse, if applicable.

Children who are living with grandparents or other relatives will be reviewed on a case-by-case basis. If the family member with whom the student is living has legal custody, forms will be required only of the custodian. If parents are still living and are claiming the child on their tax forms, forms will be required of the parents.

Review by the Financial Aid Committee

Consistent with the Principles of Good Practice for Financial Aid Administration, and to ensure the consistent application of the Financial Aid Policy throughout all Latin divisions, the Financial Aid Committee must be involved in any funding decisions based on a student’s financial aid status, including, but not limited to:

  • Funds given by the divisions to help cover costs of school events
  • Financial aid awarded for Latin summer trips
  • Money given for student club travel
  • Money provided by a Latin-affiliated group for graduation events
  • Funds provided by the Athletics Department
  • Lower School Memory Books
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