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Financial Aid Policies


SELECTION

Applicants qualifying for admission and for need-based financial assistance outnumber those who can be supported by the financial aid budget. Although need is the first and absolute requirement for financial aid, the final selection of a recipient is based on an evaluation of the student's overall academic and personal strengths.

RENEWALS

Every tuition grant is made for one year and may be renewed subject to the parents filing an annual financial statement and the students maintaining the sound academic and high citizenship standards expected of scholarship holders. Although a family can usually expect that financial aid will be continued throughout the student's enrollment, the Financial Aid Committee will reduce awards or deny subsequent grant requests if the family's financial condition improves or if the student's academic work, effort, or conduct is deficient, even if such shortcomings in themselves do not preclude continued enrollment.

PRIORITIES

Funds are not reserved for families who do not follow the standard financial aid application process or who do not meet the stated deadlines. Consideration for budgeted dollars is given in the following order:


(1) Applications from current recipients who have completed all renewal requirements on time.

(2) Applications for first-time aid from currently enrolled students, if completed on time.

(3) Applications from candidates newly admitted by the Admission Committee.

(4) Applications (both new and renewal) completed after the specified deadlines, as long as funds remain available. Amounts awarded to this final group will be reduced as the budgeted dollars become depleted.


COMPUTATION

To allocate its resources wisely and fairly, Episcopal High School has enlisted the help of Independent School Management's FAST (Financial Aid for School Tuition) program. ISM's FAST does not decide whether financial assistance will be given or how much to give; FAST is a need-based financial aid analysis service that provides the school with a report which includes a recommendation of what a family should reasonably contribute toward tuition. All information from FAST is kept confidential. Applications are reviewed by the Financial Aid Committee and the committee recommends allocation of financial aid resources for the next year.

While no financial aid procedure can be entirely equitable—there are simply too many individual factors and extenuating circumstances—the process that has been established has served Episcopal High School well.

FAMILY CONTRIBUTION

The Financial Aid Committee attempts to meet each family's demonstrated need as closely as possible. However, the Committee expects those who apply for aid to contribute as much as they can to their children's education.

EXTERNAL RESOURCES

Any financial support that may be available beyond the parents' own income and assets should be reported to FAST for consideration by the School. These include possible resources from grandparents or other relatives, church funds, or direct scholarship grants from other sources. The Committee welcomes parents’ explanations for these potential sources of help, and correspondence with the Office of Financial Aid is encouraged.

DIVIDED FAMILIES

The Financial Aid Committee believes that the School's willingness to bear any responsibility for educational costs must come after the obligation of the student's parents, regardless of the legal or personal relationships between them. Therefore, before making any award, the Committee will consider the resources of both natural parents. If the custodial parent has remarried, the resources of the stepparent are also considered, bearing in mind the obligations of the stepparent to his or her own natural children. In the case of divorced or separated parents, both natural parents must submit separate but linked financial aid applications to FAST; both natural parents must also submit copies of their tax returns (including all schedules) for the calendar year preceding enrollment.

CONFIDENTIALITY

Financial information submitted by parents in support of aid applications is held in confidence by the Financial Aid Committee and is retained on file for only a limited time to document possible IRS or other regulatory auditing, after which the records are destroyed. Financial aid recipients are not identified at the School except as necessary to evaluate their performance and to qualify them individually for designated awards.