The EFC is an estimate calculated by the School and Student Service for Financial Aid, and this estimate is designed to be adjusted by individual schools. As a result, some families new to the financial aid process feel overwhelmed and worried when receiving their EFCs, which do not reflect any adjustments by Ridgefield Academy. For example, RA adds a Cost of Living Adjustment, which decreases the EFC. RA may also make other similar adjustments to the EFC, which is why the school asks for supporting documentation beyond the Parent Financial Statement (PFS). The additional information provides a fuller picture of a family’s financial situation. However, in certain situations, this fuller picture of a family’s ability to contribute may result in an increase in the EFC.

Families may appeal the financial aid decision by requesting an appeal in writing by mail, email, or fax. The writing should be directed to the Director of Financial Aid and should include additional information about cash flow and expenses that may not have been evident in the Parent Financial Statement (PFS). Upon receipt, the Financial Aid Committee will reexamine your request for aid.

Even after looking over the resources and information provided here, you may find you still have some questions. If so, please contact Dave Suter, Director of Admissions by email or by phone at 203.894.1800 x112. He will be happy to answer any questions you may have and guide you through this process.

PFS, EFC, COLA:

Whether it starts with calling it Financial Aid, Tuition Assistance, Variable Tuition, Flex Tuition, or something different, families should know that schools might term related concepts differently. Most independent schools offer some type of discounted tuition program, based on both a family’s needs and the school’s financial operations, understanding that a diverse socio-economic school community benefits mission fulfillment. Spending time learning about the School and Student Services (SSS), their Parents Financial Statement (PFS) and Estimated Family Contribution (EFC), a Cost of Living Adjustment (COLA), etc. helps understanding of these concepts.
 

Assets:

If a family has major assets, savings, or investments, the formula computes an income supplement that is added to the gross income. This income supplement varies, but usually net assets of $50,000 or less will have little impact on the computation. Home equity is based not on market value but on the price paid for the home and the years it has been owned. Generally, this will undervalue the equity. The income assumed to be generated by assets also takes into account parent age, leaving retirement savings intact. For most, but not all applicants, the additional income imputed from assets is a small factor. However, if the student has assets (savings, trust accounts, etc.), the formula includes them in calculating the amount the parents can pay.
 

Family Size:

Living allowance estimates are based on the number of people in a student’s household(s). Income is adjusted by expenditures for housing, food, or medical needs to obtain the available discretionary income.
 

Number of Tuitions (Preschool through Postsecondary) Currently Being Supported:

A student's financial aid grant is also divided by the number of family members (including adults) attending any tuition-charging elementary school, high school, or postsecondary institution.
 

Divorced, Separated, or Never Married Parents:

Financial Aid is based on the family's ability to pay as demonstrated by the information submitted in the Parents' Financial Statement (PFS). Both custodial and non-custodial parents (regardless of legal settlements) who are divorced, separated, or never married are required to submit the PFS. In exceptional cases where one parent cannot comply, the custodial parent should submit a written explanation. Lack of information from either parent may significantly compromise the school’s ability to make a determination.

If after looking over the resources and information provided here, you still have questions, please contact Dave Suter, Director of Admissions by email or by phone at 203.894.1800 x112.