Episcopal High School’s Financial Aid Program was established to provide financial assistance to deserving students and to ensure a diverse student body. Financial aid is based on need, with individual merit considered after need is established. The determination of need is based on a standard application process that requires all financial aid applicants to submit specific financial data by a specific deadline. This financial information is evaluated by a Financial Aid Committee that determines all awards.
A substantial financial aid budget provides funds for both partial and full tuition assistance. Intended as a supplement to the family’s financial resources, the awards are made not only to families whose ability to pay school costs is extremely limited, but also to those who may need only a minor subsidy to meet the tuition requirements. The underlying intent of the Financial Aid Program is that no worthy student be deterred by financial reasons from applying to Episcopal, and parents who anticipate a need for assistance are encouraged to apply for aid on behalf of their child. When financial aid is offered, the Financial Aid Program expects each recipient to make a conscientious effort to demonstrate a positive attitude in all phases of school life.
Financial aid decisions are made separately from and independently of admission decisions. The admission decision is made in advance of the financial aid review, and the Financial Aid Committee has no involvement with a candidate’s being offered a place at Episcopal. The Financial Aid Program is open to students of any race, color, gender, creed, and national or ethnic origin.
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.
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.
PRIORITIESFunds 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.
(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.
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.
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.
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.
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.
CONFIDENTIALITYFinancial 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.
All families wishing to be considered for financial assistance must complete an application through FAST by January 27, 2023. This includes returning students currently receiving financial aid, new applicants who would like to be considered for financial aid, and returning students not currently receiving financial aid who would now like to be considered for assistance.
PROCEDURES FOR PARENTS:
For questions about the FAST system, please contact email@example.com or call 1-877-326-FAST. The FAST call center is available 24 hours a day, 7 days a week.
PROCEDURES FOR EPISCOPAL HIGH SCHOOL:
The Financial Aid Committee then meets to review each family’s completed online application.
The Financial Aid Committee determines the allocation of financial aid resources for the next year and financial aid offers are sent to families.
NOTE: Financial aid awards will not be released until the entire application process, including receipt of the tax forms, has been completed. Computations based on the application will be adjusted to reflect figures shown on the tax forms.
|JANUARY 27||Submit FAST application, 2021 federal tax return, 2022 W-2s|
|LATE APPLICATIONS||Funds sometimes remain or become available after the initial awards have been offered. Families whose applications for admission have been initiated after the financial aid application deadline are encouraged to proceed. However, the School's resources cannot be guaranteed, and any amounts awarded late may be reduced if funding is available at all.|