Financial Aid Guidelines 2017-2018
FINANCIAL AID GUIDELINES
ST. ANDREW’S EPISCOPAL ACADEMY FINANCIAL AID PHILOSOPHY
St. Andrew’s Episcopal Academy recognizes the need to retain current families as well as attract new students of differing cultural, religious, racial, and socio-economic backgrounds to enrich our diverse community. St. Andrew’s Episcopal Academy awards financial aid on a financial need basis.
FINANCIAL AID BUDGET
Financial aid is funded through the general operating budget. The St. Andrew’s Episcopal Academy Board of Trustees determines the total funds available for financial aid on a yearly basis.
ADMISSIONS AND FINANCIAL AID
The admissions and financial aid process are separate and distinct. No decisions regarding financial aid are made until the student is accepted. To be considered for financial aid, a student enrollment contract and registration fee must be filed at St. Andrew’s Episcopal Academy by the financial aid deadline (May 1, 2017).
St. Andrew’s Episcopal Academy gives out financial aid using an independent service called FACTS Grant & Aid (FACTS). FACTS evaluates the necessary documentation to make a recommendation on the maximum amount of financial aid that may be awarded. St. Andrew’s Episcopal Academy may choose to designate a lesser amount based on the availability of funds and/or the financial aid guidelines established by the St. Andrew’s Episcopal Academy Financial Aid Committee.
Current families applying for financial aid are required to be up to date financially and with service hours during the present school year to be eligible to apply.
Faculty and Staff members of St. Andrew’s Episcopal Academy are not eligible for financial aid.
Financial aid is only applied to tuition and not to any of the fees.
FINANCIAL AID PROCESS
o Families new to St. Andrew’s Episcopal Academy should first complete the admission process.
o The distribution of financial aid is contingent upon the student/family’s academic, attendance, behavioral, and financial record(s) (reviewed on a quarterly basis).
o Complete an enrollment contract and submit the registration fee.
o Go to the FACTS website to complete the Personal Financial Statement online before the deadline of May 1, 2017. Provide all needed support documentation online to FACTS, including copies of current (most recently filed) and prior year tax returns.
O Notification of the financial aid awards will be sent out in late May 2017.
O Applicants have five (5) business days to respond to the notification. Families choosing not to accept the award must notify the Academy of their decision to decline the financial aid award within this 5 day window. If a family declines the financial aid award within the 5 day window, their registration fee will be refunded and the family will be released from their enrollment contract.
O After five (5) business days, if a family has not notified the Academy that they decline the financial aid award, it will be agreed that the family has accepted the financial aid award. In this case, the registration fee is non-refundable and the family will be held to the terms of the enrollment contract.
o The distribution of financial aid is contingent upon the student’s/family’s academic, attendance, behavioral, and financial record (reviewed on a semester basis for families receiving more than $1500).
RESCINDING FINANCIAL AWARD
Financial aid awards are based on the information provided by the family and the financial resources allotted by the Board of Trustees of the Academy. At any time, if the Academy determines that information submitted was materially inaccurate or in any way misleading, the Academy reserves the right to rescind the award. Students/Families must adhere to policies and procedures set forth in the Student and Family Handbook. Students’ performance will be reviewed on a quarterly basis, while previously enrolled families will be reviewed by semester. Should a student receiving financial aid be placed on probation for any reason, financial aid will be rescinded.
Parents are expected to complete the Personal Financial Statement online with FACTS prior to the deadline of May 1, 2017. Failure to complete the Personal Financial Statement with FACTS by the deadline will be deemed a waiver of the family’s request for financial aid. In this case, the enrollment contract will be deemed complete without financial aid and families will be held to the terms of the contract.
If a family has additional stressors that may not be included on the financial aid application or verification documents, a letter of explanation with appropriate documentation must also be submitted to the committee.
Parents must respond to the offer of financial aid within five (5) business days of the offer being made by the Academy.
Those receiving financial aid are expected to donate 20 service hours in addition to the standard 20 hours for a total of 40 service hours.
St. Andrew’s Episcopal Academy safeguards the confidentiality of all financial aid information supplied by applicants and does not publicly identify recipients of financial aid.
St. Andrew’s Episcopal Academy admits students of any race, color, national and ethnic origin to all the rights, privileges, programs, and activities generally accorded or made available to students at the school. It does not discriminate on the basis of race, color, nationality, and ethnicity in administration of its educational policies, admissions policies, scholarship and loan programs, and athletic and other school-administered programs.