Financial Aid Policy

Building a Financial Aid Budget

The Admission and Business Offices work together each fall to determine both enrollment and Finacial Aid projections for the following school year. These projections are part of long-range projections comprised of current data. Once enrollment and financial assistance budgets are set, they are reviewed with the Head of School and the Board of Trustees Finance Committee.

 Allocating Assistance

The Financial Aid Committee meets to consider new and existing Financial Aid allocation. The Financial Aid Committee considers late applications after processing all on-time applications, and only if funding remains.

Financial Aid Grants

Far Hills strives to provide financial aid to families in the range of their demonstrated need. Demonstrated need is the difference between what a family can afford to pay as determined by a completed financial aid application and the estimated total cost of attendance.

Meeting Financial Need

The Financial Aid Committee strives to meet the needs of as many families as possible, enabling them to enroll without great hardship while recognizing that tuition payments may stretch their family financially. All families receiving financial aid contribute to some portion of their education expenses.

Commitment to Financial Aid Families

Far Hills requires enrolled families to reapply and complete the financial aid application and process annually. Far Hills is committed to assisting families that qualify for assistance each year as long as they are in good academic and financial standing at the school. 

Financial Aid Appeal

The Financial Aid Committee thoughtfully and diligently reviews each family’s application. However, if extraordinary circumstances make it such that a family chooses to appeal their financial aid award, then they must submit a request in writing to the Financial Aid Committee, which provides additional information about circumstances that might impact the calculation of their need. Even if there is a demonstration of further need through an appeal, there is no guarantee that additional funding will be available after initial award decisions are made.

Wait Pool

If Finacial Aid funds are not available for admitted students, then they are placed in a Financial Aid wait pool. If funding becomes available, then the Financial Aid Committee reviews the wait pool for possible awards.

Household and Family Structure Policies

In cases of divorce, separation, or unmarried couples, Far Hills requires information from both custodial parents/guardians. Each parent/guardian must submit and complete the Financial Aid application process for their student(s) to be considered for an award.

Unemployed Parents

In the interest of equity, if one parent elects not to seek employment, the Committee will impute a net after-tax income of $30,000 to that parent. (Exceptions include if the parent is at home caring for a non-school age child or elderly/disabled parent.)

If one parent is temporarily unemployed and not disabled, the Committee will review past years of employment history. If awarded a financial aid grant, then the unemployed parent must participate in as-needed financial aid reviews to report on and demonstrate a continued job search.

If a parent elects to return to school or to change jobs, or a sibling elects to enroll in a 5–year advanced degree program resulting in a decrease in family financial resources, Far Hills cannot underwrite this family choice with additional financial assistance.

Unusual Family Circumstances

Far Hills will consider significant financial setbacks on a case-by-case basis. We expect a family in this situation to make other adjustments to their expenditures in addition to seeking financial aid to help cover the costs of independent school education. Likewise, when a family’s financial situation improves significantly, the annual grant will be adjusted or eliminated to reflect the return to financial stability.

Family-Owned Farms or Businesses

If a parent is self-employed or owns a farm, Far Hills requires additional tax information (all additional schedules) to support the 1040. In calculating a grant, depreciation is added back into the calculation to adjust income as appropriate.

Multiple Children in Tuition Charging Schools

If a family applies for Financial Aid at Far Hills, then they must also apply for assistance for other children enrolled in schools with tuition fees.

Privacy/Confidentiality

Far Hills maintains confidential financial aid records for all. All Financial Awards are confidential agreements between the recipient family and the school; Far Hills does not share information with any other party. Families may not discuss assistance information with anyone other than a member of the Financial Aid Committee. Awards can be withdrawn for breach of this expectation.