Frequently Asked Questions About Tuition Assistance
Q. Do I apply for financial aid before or after I apply for admission at OLP?
A. Both applications for admission and for tuition assistance must be completed by the posted deadline (January 15, 2021). Applicants are first admitted by the Admission Committee. The Tuition Assistance Committee evaluates all students who have applied for financial aid for need-based awards. Tuition assistance decisions are made available at the same time as the acceptance letter in March. If your forms and documentation are received after the deadline of January 15, 2021, your request for aid will only be considered if funds are still available.
Q. What type of financial aid does OLP offer?
A. OLP offers tuition assistance and merit-based scholarships. A tuition assistance award is a grant towards tuition from the school that does not need to be repaid and is based on family need. Merit-based scholarships are available at OLP; for further information on scholarships, please visit our scholarship page.
Q. How is tuition assistance determined?
A. OLP uses the FAST system (Financial Aid for School Tuition, powered by ISM) to help us determine your family need and contribution to educational expenses. You will complete the FAST application online and submit all required documentation. OLP’s Finance Office will use the recommended results, along with your family documents (tax returns, related schedules and school-required questions), as a guide in determining your tuition assistance based on need. Tuition assistance awards are reviewed by the OLP Tuition Assistance Committee. Decisions regarding tuition assistance are made independently by the Tuition Assistance Committee within constraints of the budget.
Q. What are the deadlines?
A. Tuition assistance applications must be completed online through FAST and submitted with your tax documents by January 15, 2021. If you are a new student, tuition assistance award letters will be available at the same time as the acceptance notices in March. If you are a returning student, your tuition assistance award will be communicated to you along with your tuition agreement during enrollment in March.
Q. Do I need to apply again for aid the following year?
A. Yes. Tuition assistance is awarded year-by-year and is based on need. Families are required to complete a new application annually for tuition assistance. Tuition assistance awards may fluctuate to reflect changes in a family’s financial circumstances. Families experiencing a sudden change of life circumstances, which necessitate financial support, are encouraged to reach out to the Finance Office as soon as possible.
Q. What if I am divorced or not living with my child’s other parent?
A. OLP requires that both parents be part of the application process for tuition assistance. We are aware that circumstances differ among separated or divorced parents and urge you to contact the Finance Office if you have questions.