Frequently Asked Questions
What type of financial assistance does Lake Ridge Academy offer?
Are there different guidelines for awards based on the age of the students?
How is tuition assistance determined?
Should I apply for aid?
Are decisions regarding admission and financial aid related?
How do I begin the process?
What deadlines do I need to be aware of?
I have other children applying to or attending tuition-charging
institutions. Must I also apply for financial aid from those schools?
Only one parent works outside the home. Must both parents be employed to receive financial aid from Lake Ridge Academy?
I have decided to attend college/graduate school while my child is at Lake Ridge Academy. Will it affect my tuition assistance?
Our family could experience a major financial emergency while our
child is enrolled at Lake Ridge Academy. Would the tuition assistance
program help us?
I am divorced, or no longer living with my child's other parent.
Will Lake Ridge Academy still expect that person to be part of my
application for financial aid?
I may remarry or establish a permanent relationship with another
adult. Will that person's financial circumstances be considered in the
tuition assistance allocation for my child?
We simply can't pay the tuition you expect of us. Is it possible to appeal our Lake Ridge Academy financial aid allocation?
If I sacrifice to pay tuition at Lake Ridge Academy, I'm utilizing
resources that could be set aside for college. How can I justify such
sacrifices?
How confidential is this application?
When will we be notified if we have received an award?
How can I get help with the paperwork if I need it?
What type of financial assistance does Lake Ridge Academy offer?
Based on family need, we offer annual financial aid to meet the difference in tuition and family ability to contribute to tuition. Founders Scholarships are available and are based on financial need.
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Are there different guidelines for awards based on the age of the students?
Lower, Middle and Upper School students are eligible to apply for tuition assistance. Awards range upwards from $500.
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How is tuition assistance determined?
Need is determined by the Lake Ridge Academy Tuition Assistance Committee, which uses confidential statements, tax returns and the School and Student Service (SSS) for Financial Aid as a guide. Through all submitted materials, the committee then determines who receives aid and how much aid to grant. While Lake Ridge Academy has a substantial tuition assistance budget, we are unable to assist all families who apply. www.nais.org/financialaid/sss
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Should I apply for aid?
Some families find it a challenge to pay an independent school tuition. Most adjust their spending priorities, maximize both parents' earnings, and carefully manage assets to do so. Some will need financial assistance no matter how carefully they fine tune family finances. We would like to provide firm guidelines to help you decide whether to apply for aid, but we have found that each family's combination of circumstances is unique. The most helpful guideline comes from personal knowledge of your family's finances. Family assets, the number of children in the family, the number of children in tuition charging schools, and many other factors will influence the likelihood of receiving aid and the actual size of the allocation.
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Are decisions regarding admission and financial aid related?
Lake Ridge Academy’s admission committee initially makes its decisions among all applicants for admission without regard for financial matters. After admission, students can apply for and may be awarded aid within the limits of the budget.
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How do I begin the process?
Check "yes" in response to the question, "Is the applicant a candidate for tuition assistance?" that appears on the Lake Ridge Academy application. This will alert us to send you the SSSFA forms, instructions, and details of the application process. You can also begin the application directly with SSS by completing the application online at www.nais.org/financialaid/sss
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What deadlines do I need to be aware of?
Send your completed Parents' Financial Statement to the School and Student Service for Financial Aid by March 1. Be sure that you make a copy of it to send to Lake Ridge Academy along with your previous year's income tax return, W-2s, the IRS Form 4506, and business documentation, if any.
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I have other children applying to or attending tuition-charging institutions. Must I also apply for financial aid from those schools?
Yes. We assume that a family applying for aid from Lake Ridge Academy will apply for financial aid from all tuition charging institutions their other children may be attending. If another school does not have a financial aid program, please note that on your Parents' Financial Statement.
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Only one parent works outside the home. Must both parents be employed to receive financial aid from Lake Ridge Academy?
In general, yes, if all children in the family are in school. We also realize, however, that circumstances may make it impossible or very difficult for both parents to work outside the home in specific cases. Explaining such circumstances on your financial aid application, and describing the non-working partner's plans for eventual employment, are important. The school may impute income for a non-working parent.
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I have decided to attend college/graduate school while my child is at Lake Ridge Academy. Will it affect my tuition assistance?
We assume that a parent who is enrolled in school will continue to earn income and has arranged to fund his or her education without taking away from their family's obligation to Lake Ridge Academy.
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Our family could experience a major financial emergency while our child is enrolled at Lake Ridge Academy. Would the tuition assistance program help us?
We will do our best to help. Naturally, we assume that parents who are recovering from a job loss, business failure, or other financial dislocation that has compelled them to request financial assistance or additional aid are also actively addressing their own situation in various ways.
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I am divorced, or no longer living with my child's other parent. Will Lake Ridge Academy still expect that person to be part of my application for financial aid?
Yes. We will ask your child's other natural parent to complete a financial aid statement to provide a realistic picture of family resources, and will request mailing information if it is not provided. We are also aware that circumstances differ widely among separated or divorced parents and urge you to contact the school if such information cannot be provided.
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I may remarry or establish a permanent relationship with another adult. Will that person's financial circumstances be considered in the tuition assistance allocation for my child?
Yes. The addition of another adult into a household generally changes its financial picture to a considerable extent. In the school's view, your resources and expenses, including those for education, become family resources and expenses, just as those of your new partner become part of the family financial picture. We will ask you to complete the Parents' Financial Statement together, providing information and appropriate tax documentation pertinent to the new family unit.
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We simply can't pay the tuition you expect of us. Is it possible to appeal our Lake Ridge Academy financial aid allocation?
Yes. What we need is new information in writing. If you feel that you have omitted or not appropriately clarified specific information, mention this first in your appeal for reconsideration. It often helps to include copies of recent pay stubs from both earners, a detailed list of family monthly expenses, or other specific and telling documentation that will allow the financial aid committee to understand your situation more completely.
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If I sacrifice to pay tuition at Lake Ridge Academy, I'm utilizing resources that could be set aside for college. How can I justify such sacrifices?
Our hope is that students will emerge from Lake Ridge Academy with greater college choices as well as maturity and motivation to take full advantage of what colleges have to offer. Colleges attended by Lake Ridge Academy graduates typically have extraordinarily strong financial aid programs to assist families in financing their child(ren)'s education.
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How confidential is this application?
All applications for tuition assistance are held in the strictest confidence. Only the members of the committee have access to the records.
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When will we be notified if we have received an award?
Financial aid decisions are sent to the parents beginning in early spring.
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How can I get help with the paperwork if I need it?
If you need help completing your Parents' Financial Statement, or with any part of the financial aid process, call the Admission Office at 440.327.1175, ext. 104.
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