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Frequently Asked Questions
Q. How do I apply for financial aid?
Follow these steps:
1. Complete WRA's Preliminary Financial Aid Application and mail it to the school. A financial aid packet containing the Parents' Financial Statement (PFS) will be mailed to you.
2. Complete the Parents' Financial Statement (PFS) by January 15th and send the original to School and Student Service (SSS) in Princeton, N.J. (Keep a photocopy for your records.)
3. Send a signed copy of current IRS 1040, W-2s and 1099s (for parents and stepparents) to Western Reserve Academy by February 15th.
Q. What about merit scholarships? Are they available?
Western Reserve Academy’s Merit Scholar Program offers two full boarding and two full day
scholarships to students who have distinguished themselves as outstanding scholars and
displayed additional talents in their extracurricular areas (e.g. leadership, dance, music, athletics,
acting, art, volunteerism, etc.). Annually, the top ninth grade boarding and day boy and the top
ninth grade boarding and day girl candidate will be awarded this prestigious award. Each scholar
will be given this scholarship for the entire tenure of his or her enrollment, as long as the student
annually functions at a high level of achievement academically and in his or her extracurricular
endeavors. Some smaller merit awards will be offered to distinguished ninth grade boarding and
day students.
In order to be considered for the Merit Scholar Scholarship, candidates must meet all
requirements for admission to Reserve in addition to completing an application. The
Merit Scholar Scholarship application must be submitted along with the regular application
materials by our deadline (for day students: January 15th and for boarding students: February 1st).
If you have additional questions, please contact the Admission Office at admission@wra.net.
Q. Will applying for financial aid affect my child's chances for admission?
No. Financial aid decisions and admission decisions are made separately; applying for aid will not impact your child's chances for admission. However, when the demand for financial aid exceeds the available budget, some admitted students are placed on a financial aid waitlist, and are notified of an award if funds become available.
Q. How are financial aid awards determined?
Once a student has been accepted for admission, the Financial Aid Committee considers families who have completed the financial aid application process. Reserve subscribes to the School and Student Service for Financial Aid (SSS), which assesses a family's need for assistance based on income, assets and reasonable expenses. After determining a manageable family contribution, the committee determines a financial aid award.
Q. Will our financial aid change from year to year?
Possibly. Financial aid need and awards are recalculated every year using up-to-date information. If there is little change in a family's circumstances, one can expect that grants will be renewed at similar levels. If there are significant changes in a family's situation, adjustments may be made.
Q. Who qualifies for financial aid?
There are many factors that affect award decisions, including a family's income, assets and the number of children in tuition-charging schools. Qualification for financial aid from Reserve can only be determined after a family has completed all steps in the financial aid application process.
Q. What about cases of divorce, separation or single parents?
In cases of divorce or separation, WRA requires information from both natural parents and any stepparents. Each parent must complete and submit a Parents' Financial Statement (PFS) and submit to Reserve a copy of their current IRS 1040, W2s and 1099s. The family's ability to contribute is based on both natural parents' and any stepparent's income and assets, bearing in mind responsibilities that stepparents may have for their own biological children.
Q. Does WRA offer financial aid to international families?
Reserve has a limited budget for financial aid for international families. Please contact the Director of Financial Aid if you are interested in applying for financial aid.
Q. What types of payment plans are available?
Reserve offers two convenient payment plans. The standard option allows for payment in three installments as indicated on the enrollment contract. The second option is our monthly payment plan, offered through Key Education Resources, which allows you to pay annual expenses in 10 interest-free installments. For details contact Key at 1-800-KEY-LEND or visit their website (www.key.com/educate). Applications are also available though our Admission Office.
Q. Are there loan programs available?
Yes. An excellent resource for information on these programs can be found on the National Association of Independent Schools (NAIS) website: www.nais.org/financialaid/parents/loanprograms.
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