THE TRANSITION TO CLARITY
Why did Santa Fe Prep switch to Clarity?
We have chosen Clarity as our financial aid application provider in order to better serve both our current and prospective families. We are confident that this change is going to make the process of applying for financial aid easier for families. Clarity offers a streamlined, mobile-friendly application that can be completed in as short a time as 20 minutes. Additionally, Clarity removes the need to upload your 2023 W2 and 1040 by transferring them directly from the IRS. This reduces the amount of information you will need to enter manually and makes it possible to complete the application quickly and efficiently.
Is my information secure with Clarity?
Santa Fe Prep takes the privacy and security of your personal information very seriously. Clarity is certified for both GDPR and SOC2 and uses enterprise-level security standards, including end-to-end encryption of all personally identifiable information. For more information, please refer to Clarity’s Privacy Policy.
Will the switch to Clarity impact my award?
As in prior years, if your financial circumstances have not changed, you will not see significant changes to your award. If you have any questions about your individual circumstance, please reach out to Summar Aubrey or Bruce Sachs.
Will I still need to apply every year?
Yes, you will need to submit a Clarity application each year in order to qualify for tuition assistance. As long as the student remains at Prep, tuition assistance will be renewed each year according to demonstrated need. Changes in income or family circumstances may result in increases or decreases in awards. Tuition assistance grants will not be awarded to families who no longer demonstrate need. Should discrepancies be discovered in the information provided in the tuition assistance application, Prep reserves the right to withdraw or revise assistance at any time during the school year.
POLICIES
How is tuition assistance determined?
Clarity provides Santa Fe Prep with an analysis of a family’s ability to pay for private education based on assets, income, expenses, and debts. The suggested family contribution is based on 2023 income, expenses, and current family assets. Santa Fe Prep cannot give an award above the determined need, as identified by Clarity, or to those who do not qualify.
What tax forms are required?
Your 1040 and W2 documents from 2023 will be automatically transferred from the IRS when you complete the verification step through Clarity. For those who have partnerships, limited partnerships, corporations, or other business entities, Prep will need copies of the applicable business tax returns. These can be uploaded into your Clarity application. Santa Fe Prep reserves the right to request any additional financial information, if applicable, which could include the student’s tax return, trust agreement or trust financial statement, balance sheets, cash flow statements, etc.
What happens when parents are divorced, separated, or were never married?
The Tuition Assistance Committee will consider the income and assets of both the natural parents. Parents and spouses of remarried parents or other adult wage earners living in the house should provide financial information as part of the tuition assistance application. Each family should complete the application through Clarity. The Committee will keep in mind the stepparent’s obligation to his or her natural children. Prep cannot be bound by the assertion that one parent has disclaimed responsibility for educational expenses. All information submitted is confidential and will not be shared with either family. Santa Fe Prep will not be able to review an application until all required information is complete. Naturally, each case is unique and may require further clarification. Please contact Summar Aubrey to discuss unique circumstances.
My spouse does not work. Will that affect my tuition assistance award?
We believe that it is primarily the family’s responsibility to finance the education of their children, and we expect both parents to contribute financially. If a spouse chooses not to work, $25,000 will be added to the income calculations for evaluation. Specific circumstances could exempt a family from this policy; therefore, each application is evaluated individually.
I have other children in tuition-charging schools. How will this affect my award?
If a family has children in other independent schools or colleges, the family is expected to apply to those institutions for tuition assistance as well. The amount the family pays at these schools will be taken into consideration when determining the family’s ability to pay tuition at Santa Fe Prep.
How does the application consider business or rental depreciation?
Santa Fe Prep does not consider most ordinary business or rental depreciation or loss while calculating financial need. Losses on second homes and hobby businesses are also disallowed.
Is all of this confidential?
All information related to the parents’ financial circumstances will be treated confidentially and is used only to arrive at a fair determination of financial need. We do not share your child’s tuition assistance status with teachers, other administrators, or other families.
TIMELINE AND PAYMENTS
When will I be notified of our reward?
If paperwork is submitted on or before January 24, 2025, and if the student is accepted to Prep, families will be notified by March 7, 2025. Returning Prep families are notified of their award on March 6.
What, if any, payment plans are available?
Your balance (after tuition assistance) can be paid in 1, 2, or 12 payments. For families receiving tuition assistance, a deposit of $500 is due at the time of enrollment, plus $200 for tuition insurance if a payment plan is selected. For those selecting the 12-payment option, the first payment is due in April. Please contact Ashley Smith in the Business Office for additional information about payment plans.
What if I submit my application later than the stated deadline?
Late applicants are encouraged to start the tuition assistance application process at the time they submit an application for admission. Although most funds are distributed by June, there is always the possibility that additional funds will become available.