Financial Aid Policy and Process
Norwood School offers tuition assistance based on financial need to current and incoming families. Norwood School's Financial Aid Program has a two-fold purpose: to provide students an opportunity for an education which might otherwise be inaccessible for them and to provide the School with a well-qualified student body reflecting economic diversity. All requests for tuition and non-tuition aid should be made directly to the Director of Admission and Enrollment Management.
To be eligible for financial aid at Norwood, a family must demonstrate financial need based on criteria established by the School and Student Service for Financial Aid (SSS). The completed application provides a comprehensive review of a family's finances. Norwood's Financial Aid Committee reviews the initial application, the SSS calculation, and a copy of the family's federal tax return (Form 1040). Final aid decisions are based on the committee's assessment of an applicants' needs and the budgeted funds available. Unfortunately, there is always a greater demand for aid than there are resources. Information reviewed by the Financial Aid Committee and discussions within committee meetings are strictly confidential.
Financial need is defined as the difference between tuition and fees at Norwood School and a family's ability to pay. Norwood, through the SSS calculation process, assesses the financial strength of each family by taking into account many factors. Major factors considered are income (both taxable and nontaxable) and expenses, assets (home equity, real estate, savings, etc.) and indebtedness, family size, and number of children attending tuition-charging schools or in full time day care. The SSS standard calculation considers these factors and determines each family’s effective income. Out of this income, a portion is protected for necessities. The remaining income is defined as discretionary income. A standard percentage of this discretionary income is allocated towards education. Financial aid awards reflect the difference between this amount and the sum of tuition and fees.
Other Fees Covered by Financial Aid
In addition to offering financial aid to defray the cost of tuition and fees, Norwood discounts After Care fees at a rate proportional to a student’s financial aid award. Likewise, activities that the School deems essential to a student’s equitable experience are also supported by financial aid funds. The fees of such essential items are either waived or discounted. Tutoring fees and psycho-educational testing when recommended or approved by the School and Annual Benefit tickets are examples of items deemed essential for an equitable experience at Norwood for a student or family. The School has made significant efforts to fold most of the fees associated with essential items into the overall figure for tuition and fees.