Financial Aid PoliciesRev. Oct. 19, 2012 - Parents must apply
for admission to Bachman Academy, and the student must be accepted
before the Financial Aid Committee can consider any awards.
- Financial aid is not automatically renewable. Families must apply for financial aid each year.
- Families
currently not on financial aid and who have experienced unexpected
financial difficulties may apply for financial assistance.
- All
parents will be asked to complete the online application through ISM’s
Financial Aid for Student Tuition (FAST) service. FAST requires a non-refundable
online processing fee of $38 to complete the application.
- All parents
will furnish the FAST service/Bachman Academy with a copy of their
current tax return (1040 with all schedules) and copies of W-2s, before a
financial aid award is credited.
- All tax returns must be signed. Parents should submit a complete tax return and not an electronic return.
- All
parents who own a business/farm will be required to furnish a copy of
their current business tax return. They will also be asked to furnish an
SSS Business Farm Statement, cash flow statements, balance sheets, and
any other information relevant to the business.
- Military families should furnish a copy of the Leave and Earning Statement.
- All parents should furnish a copy of the student’s tax return (1040 with all schedules), if applicable.
- Ordinary business or rental depreciation or loss is not considered when calculating financial need.
- If a student has assets in a trust fund, parents must furnish a copy of the trust agreement.
- If
parents fail to submit the necessary information to the Financial Aid
Office, the application for financial aid may not be processed. The
Academy reserves the right to review on a case-by-case basis.
- Families should submit forms and tax returns by the specific deadlines or the request for financial aid cannot be processed.
- All
Bachman Academy Day Scholars are required to complete a specific amount
of volunteer time on campus each semester. Failure to complete the
required number of volunteer hours will result in the family not being
considered for future financial aid awards.
- Financial aid
awarded to students includes a $500 loan at a rate of 4% simple interest
for each academic year financial aid is awarded. Interest rates accrue
from the date the scholarship is awarded. The repayment of this loan
does not begin until the student leaves from Bachman (i.e. graduation or
begins attending another school/program). During a student’s first four
years after graduation, quarterly interest payments are due. In years
five through eight, interest plus principal are due. The loan policy
represents a very important part of Bachman’s financial aid program.
While loans help those who are currently receiving assistance, they also
replenish Bachman’s financial aid funds for future students.
- Families
and students that accept financial aid from the Academy understand that
the Academy requires the student to maintain a minimum of 2.5 GPA and
that if a student is placed on disciplinary probation their financial
aid could be revoked.
- Should discrepancies be discovered in the
information provided to Bachman’s Financial Aid Office, we reserve the
right to withdraw financial aid assistance at any time during the school
year.
- Bachman Academy reserves the right to request additional financial information at any time.
- Maximum financial aid awards are limited to 30% of full tuition, dependent upon eligibility.
- Students receiving financial aid are not eligible for further discounts on tuition.
| To Apply for Financial Aid, click on the image below:
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