Financial Aid
UTS is committed to attracting the best and brightest students, regardless of financial means. The School maintains a strict merit based admission policy and students admitted to UTS enter on the strength of their performance at entrance examinations as well as past academic experience (on report cards). A student's ability to meet school tuition is not factored into the admission process. There is a generous Bursary Assistance Program in place, providing needs-based assistance to families who otherwise could not cover tuition costs. Applications for financial aid through the Bursary Assistance Program are reviewed separately from the admission process and do not impact admission decisions.
Background on UTS Bursary Assistance Program
How does a family apply for Bursary Assistance?
How does the school assess the merits of a family's request for Bursary Assistance?
How much does UTS distribute annually in Bursary Assistance?
Who makes the decision to grant Bursary Assistance requests?
If a student is granted Bursary Assistance upon entrance, does the aid automatically continue until graduation?
If the School is in good financial shape, why can't all Bursary requests be accommodated?
Can a family appeal an awards assessment?
What conditions are attached to Bursary Assistance?
Are there alternate avenues of financial assistance available to families?
What are the deadlines?
How do I get an application?
Background on UTS Bursary Assistance Program:
UTS admission policy was set in place when it was founded in 1910 as the Schools was funded by a mixture of provincial grants, financial support from the University of Toronto, and tuition fees. Until 1993, UTS was regarded as a public school, where tuition was largely affordable. By 1992-93, UTS' operating budget was funded in equal parts by a provincial grant and tuition fee revenues.
When the provincial government withdrew its funding, tuition fees nearly doubled within a year, and have continued to increase to keep up with operating costs. Recognizing that the removal of funding from UTS placed the school's mission of accessibility in jeopardy, the UTS community rallied behind the cause and raised $15 million, including matching gifts from the University of Toronto, to create The Preserving the Opportunity bursary endowment. The Bursary Fund became the mechanism that enabled UTS to meet its commitment to accessibility.
Today, UTS is one of the most generous independent schools in Ontario in awarding financial support. However, as bursary funds rely on the annual return generated from the investments of the Preserving the Opportunity fund and other bursary endowments, the pool of funds, in any given year, may not meet all financial aid requests.
Our Admission and Finance offices receive numerous inquiries each year with respect to the decision making process used to ascertain the need and level of financial support granted to families. Here are answers for some of the most frequently asked questions:
How does a family apply for Bursary Assistance?
Bursary Assistance is made available only to those candidates offered admission. A family applying for Bursary Assistance must be in receipt of a letter of acceptance notifying the family that their child has been admitted to UTS. New families may contact the Admission Office (946-7995) for a Bursary Application Package.
All families applying for Bursary Assistance must mail all completed forms to Apple Financial Services, as indicated in the bursary package. Families must provide full financial disclosure, including a Revenue Canada Notice of Assessment. Incomplete documentation may result in withdrawal of assistance.
How does the school assess the merits of a family's request for Bursary Assistance?
UTS is partnered with Apple Financial Services in processing of all applications for Bursary Assistance. Apple Financial is an organization that provides an analysis of a family's financial ability to contribute toward educational expenses. The process reviews all financial details and is completely confidential.
Once the review process is completed, Apple Financial provides UTS with its recommendations for Bursary Assistance. The recommendations include:
a) an assessment of financial merit (is the family eligible for assistance in light of its financial position and in comparison to other families in need);
b) recommendation with respect to the amount of financial award.
How much does UTS distribute annually in Bursary Assistance?
The funds used to support Bursary Assistance, rely on the annual return generated from the investments of Endowed Bursary Funds. Therefore, the amount of funds available at any given year will vary in accordance to the level of return generated.
In the past five years, UTS has been able to meet between 80% and 95% of requests recommended for Bursary Assistance by Apple Financial. In 2003, UTS awarded just under $550,000 in bursaries to 99 students, in 2009 & 2010, the school distributed approximately $800,000 in bursary funds to 122 families.
Who makes the decision to grant Bursary Assistance requests?
UTS Bursary Committee makes final decisions about the actual amounts of assistance offered based on recommendations provided by Apple Financial's analysis and on available bursary funds.
If a student is granted Bursary Assistance upon entrance, does the aid automatically continue until graduation?
Aid does not automatically continue after graduation since the financial situation of a family might change over the years. A family may be approved Bursary Assistance one year, however, if the family's financial circumstances improve, the level of Bursary Assistance extended to the family may decrease, or may be withdrawn altogether. Alternatively, if the family's financial circumstances decline, the level of Bursary award may increase.
If the School is in good financial shape, why can't all Bursary requests be accommodated?
Funding for school operations and bursaries are derived from two distinctly separate sources:
- School operations are funded through tuition fees; and
- Funds for Bursary Assistance derived from the annual return generated from the investments of the Endowed Bursary Funds.
UTS is a not-for-profit independent school, and runs on a fiscally neutral budget. This means that the school's financial condition is assessed on its ability to meet operating expenses such as salaries, rent, facilities upkeep and program requirements through regular streams of revenue.
The school reviews its operating budget annually and adjusts tuition fees to meet projected expenses. The budgeting process is careful and mindful of the need to keep tuition increases to a minimum. If the school dipped into its operating budget to fund bursary requests, whenever the bursary endowments could not meet demand, it would likely run into a deficit and jeopardize its ability to maintain a fiscally sound position. It would also have to compensate for additional financial aid expense by increasing tuition fees for all students.
Can a family appeal an awards assessment?
A family choosing to appeal an awards assessment must provide additional financial information not already submitted to Apple Financial or to UTS. Appeals may be addressed to the Director of Finance and Facilities. Appeals are reviewed by the Appeals Committee which assesses the merits of the appeal based on the additional financial information provided by the family and the school's ability to meet the request.
What conditions are attached to Bursary Assistance?
Although students must be accepted to the school in order to be eligible for financial assistance, families may want to complete the FACS application in advance to determine the potential amount of assistance recommended.
At the application stage, families must provide full financial disclosure. Failure to fully disclose financial records may result in withdrawal of assistance.
Students receiving financial assistance, must remain in good standing throughout their career at UTS, attend school regularly and abide by the Code of Conduct as stated in the UTS Student/Parent Handbook.
What are the deadlines?
In order for an application to be considered, all documentation must reach Apple Financial in December (for current families) and March (for new families). Specific dates vary from year to year.
Are there alternate avenues of financial assistance available to families?
New (Foundation 1) families may be eligible for additional tuition assistance through Children First: School Choice Trust, a foundation that provides tuition assistance up to 50%. Information about Children First is available at: www.childrenfirstgrants.ca
We hope that we were able to provide parents with enough information to allow them to better understand our financial assistance process. However, should you have additional queries regarding our Bursary Assistance Program, please feel free to email us at: info@utschools.ca
How do I get an application?
Packages for the 2011-2012 school year will be available in early September.
The following documents are samples only and cannot be used for the next school year.
OR
Call the Admission office at 416-946-7995 for a hard copy.
