1. All families will be required to furnish Santa Fe Prep a copy of their 2020 tax return (1040 with all supporting schedules), copies of W-2s and 1099 forms.
- For those having formed partnerships, limited partnerships, corporations, or other business entities, Prep will need copies of the applicable business tax returns. Prep reserves the right to request any additional financial information, such as balance sheets, cash flow statements, etc.
- All parents will be required to furnish a copy of the student’s tax return (1040 with all schedules), if applicable. Student’s assets reserved for colleges will still be included in the calculations to determine need.
- If a parent or student has assets in a trust fund, parents may be required to furnish a copy of the trust agreement and financial statement.
- All parents will be required to sign a release to allow Santa Fe Prep to obtain a transcript of their final tax return from the IRS (form 4506-T). This form is required even though copies of tax returns are furnished.
2. Santa Fe Prep will not consider most ordinary business or rental depreciation or loss while calculating financial need. Losses on second homes and hobby businesses are also disallowed.
3. Unexplained debts will not be allowed in the calculations.
4. When a parent does not have earned income, Prep will add to the income of the family imputed earnings of $20,000 per tax year.
5. If a family has children in other independent schools or college, the family is expected to apply to those institutions for tuition assistance as well.
6. Should discrepancies be discovered in the information provided in the tuition assistance application, Prep reserves the right to withdraw or revise assistance at anytime during the school year.
7. Santa Fe Prep reserves the right to review each situation on a case-by-case basis and to request additional information as considered necessary.
8. 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.