Due to the economic situation and the increase in financial aid requests from families, there is a limited amount of money available for financial aid. All monies are awarded on a first come first serve basis. This could mean that, depending on when you apply and the amount of requests previously approved, funds may not be available even if you would otherwise qualify. In order to guarantee funds are available should your application be approved, we strongly suggest having your financial aid package submitted together with your YULA application. Applicants who submit their financial aid form together by December 31, 2016 and are accepted to YULA, will, in most cases, receive a letter indicating the amount of tuition assistance at the time of acceptance (in late February). If that is not possible, financial aid packages will be accepted and reviewed on a rollin basis until May 1, 2017. Once again, since we have a limited amount of funds designated for scholarships, we strongly encourage you to apply early.
Financial Aid Application Process
YULA uses FAST, an independent, 3rd party financial aid analysis service, to help YULA evaluate financial need. FAST ensures that our system for establishing financial need adheres to nationally established standards of best practice. All information from FAST is strictly confidential, as is all information pertaining to a family's financial aid request.
Financial Aid grants are made for one year only and, therefore, you will need to reapply each year. The application process is self-guided. You may navigate in and out of the program, allowing you to partially complete an application and go back to it at another time. Online, e-mail and a 24/7 helpline are provided. The charge for the application is $41.00, to be paid by credit card at the end of the online application session.
To begin the financial aid application process, please go to www.yula.org/fast
Below is a list of required supporting documentation that must be submitted along with your application. All supporting document should be uploaded or mailed directly to FAST.
• Personal tax returns: Your full and complete Federal and State tax returns must be submitted (2014 and 2015, or two most recent).
• K-1 income: If you report income reported to you on Form K-1, the full, uncondensed K-1 must be provided. If you own, or substantially own the business from which the K-1 income is derived, the full tax return is required for each year.
• Business tax returns: If you own your business, full copies of the business tax returns are required for any and all years indicated above.
• Other income: Documentation of all other sources of income (social security, welfare, food stamps, unemployment, child support, workers compensation, etc.).
• Loan applications: If you have refinanced your home in the last eighteen (18) months, a full copy of the application must be provided.
• Mortgage statement: If you own your home, you must submit mortgage statement copies for January 2016, June 2016, and December 2016 prior to submitting this financial aid application.
• Investment accounts: copies of all investment account monthly statements for 12 months (most recent). Please organize your statements in chronological order prior to submission.
• Bank statements: Full copies of all bank account statements for 12 months (most recent). Each statement must be complete, with ALL pages for each statement. Please organize your statements in chronological order prior to submission.
• Credit card statements: Full copies of all statements for 12 months (most recent). Each statement must be complete, with ALL pages for each statement. Please organize your statements in chronological order prior to submission.
• Lease/ rent agreement: Please provide a copy of your current lease or rent agreement.
• Automobile information: Please provide a copy of your current auto insurance policy. This must show all covered cars, coverage period and premium.
• Current tuition obligations: Please provide proof of all current tuition obligations and proof of payment for the 2016-2017 school year, for all children.
• Copy of driver’s license and social security card from both parents.
PLEASE DO NOT BRING YOUR DOCUMENTS TO THE SCHOOL. THEY MUST BE SENT TO FAST FOR PROCESSING.
ATTN: FAST PROCESSING
Independent School Management
1316 North Union Street
Wilmington, DE 19806
(Please write "YULA" on the envelope.)
All financial aid will be on a first come, first serve basis. Because financial aid funds are limited and demand is high, late filing of materials may result in non-renewal of a financial aid grant. Please plan early to ensure financial aid will be available. Please also know that all accounts must be current before financial aid for the following year will be considered.
FINANCIAL AID APPLICATION DUE DATES
If you would like to receive your financial aid allocation with your decision letter, your FAST application must be completed by December 31, 2016. This includes the submission of all required documents.
If you need more information or assistance, please contact Judy Posner at 310-203-3182 or firstname.lastname@example.org.