FINANCIAL AID

FINANCIAL AID

The International School of Minnesota does not receive funding for educational expenses and operational costs from the government. To cover the educational expenses and costs of operation, ISM charges tuition for each student. In order to promote ISM's commitment to economic diversity, ISM offers families with children in grades 1-12 the opportunity to apply for financial aid.  Financial aid awards at ISM are based on careful review of demonstrated financial need as established in the financial aid application.  All families may apply for financial aid.

Financial aid awards at ISM are based on careful review of demonstrated financial need as established in the financial aid application, an application that considers a family's complete financial situation.

Financial Aid Inquiry 2017-2018

 

Frequently Asked Questions


What is financial aid?

Financial aid consists of need-based tuition grants which do not need to be repaid.

What are the academic criteria for awarding financial aid?

For an initial award, the student must agree to conduct her/himself in a mature and responsible manner, maintain an appropriate level of academic standards (which includes having maintained and continuing to maintain an 80% or better grade average), and participate in the Student Life Organization® at The International School of Minnesota. Continuation of financial aid is evaluated on a yearly basis and is contingent upon financial need.

What does financial aid cover?

Financial aid covers all or portions of the ISM tuition.

The following are not covered as part of financial aid: hot lunch or meal expenses; uniforms; books; school supplies or materials needed for classes; private music lessons; fees to rewrite tests if not taken on schedule; participation fees (as applicable) for sports teams, choir, drama, field trips, retreats, and other extracurricular activities; the nonrefundable registration fee and other expenses; transportation to and from the school.

How is financial aid determined?

Financial need is determined by assessing the difference between the amount a family can be expected to contribute to the cost of the student's education and the amount of annual tuition at ISM. To assess this financial need, every family applying for aid must complete ISM's financial aid application process. An assessment of financial need as reflected in tax documentation supplied by the family is also completed, and a calculation of financial need is then reviewed by ISM.

Because several factors contribute to determining financial need, it is not possible to specify minimum income levels to qualify for financial aid. Income, assets, taxes, family size, unusual expenses or debts, and number of family members at tuition-paying schools are all figured into the financial aid equation to determine need.

Will we receive aid every year?

Re-application for financial aid is required each year.  There is no guarantee of financial aid awards, regardless of need.

How do I apply for financial aid?

Financial aid application materials become available by March of the current school year and are mailed to families that have a student currently receiving financial aid. All other families may contact the ISM Admissions Office to request financial aid application materials. Those applying for financial aid must complete the following each year:

(1) Provide financial information to TADS, the outside processing service utilized to provide ISM with financial need evaluation services. TADS does not make decisions or provide financial aid funds to the school. It makes an indication only as to the amount of need possible, based strictly upon financial information the family has provided.

(2) Submit a Pre-Enrollment Agreement - Intent to Apply for Need-Based Financial Aid form to the ISM Office.

(3) Provide to TADS completed income tax returns and all supporting financial documentation, including all applicable schedules and copies of W-2s and 1099s from all adults who are responsible for the welfare of the child. If the child has also filed Federal and State income tax returns, a copy of these documents must be provided as well.
 

* ISM expects financial support from the child's parents/legal guardians as well as from the adults a child lives with (stepparents and partners). Financial aid applications will be processed only when complete information is submitted by all parties, regardless of marital status.

In the case of a divorce or separation and although a divorced or separated parent may have a court-ordered agreement that s/he is not responsible for paying school tuition, ISM still requires financial information from that parent.

If either parent has remarried, the needs analysis considers the assets and earnings potential of the stepparent as well, keeping in mind the stepparent's responsibility to his or her own children. As a result, a separate financial aid application is required from each parent (both custodial and non-custodial) every year and must be completed by each parent for his/her own household. This separate financial aid application will be treated and evaluated in the same manner, with a financial determination made of the ability for both parents to pay education-related costs. If one of the parents fails to complete the financial aid application process, ISM cannot arrive at a financial aid decision; therefore, no award of financial aid can be made. Income is imputed for non-working parents.

Financial aid consideration will be made by ISM's Financial Aid committee on a a monthly basis during the months preceding the start of the academic year. Financial aid awards cannot be considered until the financial aid application (including submission of all required information) is complete. Additionally, no financial award may be made until an offer of admission to ISM has been made.

Private Schools in Minneapolis l International School of MN

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