FINANCIAL AID POLICY
Statement of Nondiscrimination
St. Peter’s Episcopal School values the educationally rich environment that intrinsically thrives when a student body is economically and culturally diverse. In keeping with this ideal, St. Peter’s offers financial aid to relax and reduce the burden of tuition for families who have a demonstrated need. Therefore, St. Peter’s Episcopal School adheres to practices of high standards and equitable consideration for all requests for financial aid. St. Peter’s Episcopal School manages the financial aid process as a program that is independent of the admission program and awards financial aid without regard to race, color, religion, nationality, ethnic origin, gender, or disability.
Eligibility
Families of students enrolling in kindergarten through 5th grade are eligible to request and receive financial aid. St. Peter’s does not offer financial aid to families of preschool students.
Selection
St. Peter’s Episcopal School adheres to practices of high standards and equitable consideration for all financial aid applicants and does not discriminate on the basis of race, color, nationality, ethnic origin, gender, or disability. However, the amount of financial aid the school can offer is limited; therefore, the school must carefully evaluate each application on its individual merit.
Renewal of Financial Aid Awards
Financial aid is an annual award. Parents wishing to continue to receive financial aid must submit a new financial aid application each year.
Priorities
St. Peter’s budgets a specific amount for financial aid. The school makes financial aid awards on a first-come, first-served basis. The financial aid committee only reviews completed applications. The committee reviews completed applications in the order noted below.
- Applications submitted by current parents who have previously received financial aid.
- Applications submitted by current parents who have not previously received financial aid.
- Applications submitted by new parents who have submitted an admission application and paid the $70 admission fee.
Application Review
St. Peter’s partners with FACTS Grant and Aid to conduct objective, confidential reviews of all financial aid applications. By using a third party service such as FACTS Grant and Aid, St. Peter’s is able to assure families that the information submitted remains confidential and that every financial aid request receives neutral, fair consideration. Furthermore, the financial aid review process is an independent, autonomous program, operating separate from the admission process. Submitting a request for financial aid will not interfere with or influence admission decisions.
Based on the information submitted in the financial aid application, FACTS creates a financial analysis, which is forwarded to St. Peter’s. These individual reports are a point of reference for members of the financial aid committee. However, the committee will only consider offering financial aid to parents who have fully complied with the financial aid process and who have expressed a sincere commitment to enrolling their child at St. Peter’s Episcopal School.
Evaluating Need
The FACTS calculation process assesses the financial strength of each family by taking into account many factors. Major factors considered are:
- The incomes, taxable and nontaxable, earned by both parents/guardians;
- The assets (home equity, real estate, savings) and liabilities held by the family;
- The family expenses;
- The number of dependents;
- The number of children enrolled in tuition-charging schools and/or daycare.
The FACTS standard calculation considers these factors and determines each family’s effective income, of which a portion is protected for necessities. The remaining income is defined as discretionary income.
The financial aid committee reviews and considers the assessment provided by FACTS. However, the result of the FACTS analysis does not indicate the amount of a financial aid award.
External Incomes and Resources
Parents/guardians must report any financial support that may be available beyond the their own income and assets.
Divided Families
In relation to divided families, the financial aid committee will consider the financial resources of both natural parents or both legal guardians. If the custodial parent/guardian has remarried, the resources of the step-parent/guardian will be considered during the decision determination process. However, the committee does not overlook the obligations the step-parent/guardian has to his or her natural children. All information will be held in confidence.
Non-Working Parents/Guardians
In relation to a parent/guardian who chooses not to work, the financial aid committee may recalculate need using an imputed, minimum income for the non-working parent/guardian. Note that this policy does not require the parent/guardian to work. It only attempts to adjust the level of need by accounting for the minimum income that the parent/guardian could earn if he or she chose to return to work. If a parent/guardian can document that he/she is disabled or otherwise unable to work (caring for an aged parent, for example), this policy would not apply.
All financial information submitted through the financial aid application process is strictly confidential and available only to FACTS and the members of the financial aid committee.
