How is tuition assistance determined?
Santa Fe Prep is a member of the School and Student Service for Financial Aid (SSS), which assists independent schools in determining a family’s ability to pay. The Report of Family Contribution is sent by SSS to Santa Fe Prep. This report provides us with an analysis of a family’s ability to pay for private education. The suggested family contribution is based on 2018 income and expenses and current family assets. Santa Fe Prep cannot give an award above the determined need, as identified by SSS, or to those who do not qualify.
Is financial aid renewed automatically each year?
Santa Fe Prep requires families receiving tuition assistance to reapply each year. Every application is reviewed annually. 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.
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. Both parents, as well as 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 will fill out a Parents’ Financial Statement (PFS) and submit it to School and Student Services for Financial Aid (SSS). The Committee will keep in mind the obligation of the step-parent 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 with the Tuition Assistance Coordinator.
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, $20,000 will be added to the income calculations for evaluation. Specific circumstances could exempt a family from this policy; therefore, each application is evaluated individually.
When will I be notified of our award?
If paperwork is submitted on or before February 22, 2019, and if the student is accepted to Prep, families will be notified by March 8, 2019. Returning Prep families are notified in March of their award.
What, if any, payment plans are available?
Prep offers a no interest, three installment payment plan. A deposit is due with the signed enrollment contract, 60% of the total tuition is due June 1st, and the remaining 40% is due by November 15th.
A family may also choose to finance tuition through an independent firm, Tuition Management Systems (TMS), spreading tuition out over 9, 10, 11 or 12 monthly payments. This service is interest free although there is a small administrative fee to enroll.
What if I submit the SSS form and taxes later than the stated deadlines?
If accepted to Prep, you will not be notified of a tuition assistance award and you will not receive first priority to receive an award. Late applicants are encouraged to start the tuition assistance application process at the time they submit application for admission. Although most funds are distributed by June, there is always the possibility that additional funds will become available.