Financial Aid FAQs
- Who can apply for financial aid?
- Does financial aid have to be repaid?
- How does the school determine financial need?
- Will I qualify for financial aid?
- Do I have to apply for financial aid before I know whether my child has been admitted?
- Does applying for financial aid influence the admissions decision?
- Is my financial aid information confidential?
- Do I have to re-apply every year?
- Are there any restrictions on financial aid students?
- How will a situation involving divorce and/or stepparents affect financial aid?
- What happens if I do not have all of the required documentation?
Financial need is defined as the difference between the cost to attend St. Francis Episcopal School and a family’s ability to pay. The ISM’s FAST program provides the school with a general assessment of a family’s ability to pay for education and a recommended award based on that assessment. In order for us to allocate our resources wisely and fairly, we have enlisted the help of FAST. It does not decide whether or how much financial assistance will be awarded; rather, it provides a need-based financial assistance analysis service. FAST gives St. Francis a confidential report that includes a recommendation of what a family should reasonably contribute toward tuition. Applications are reviewed by the Financial Assistance Committee, and the committee recommends allocation of financial assistance resources for the next school year to the Head of School. Upon approval by the Head of School, financial assistance offers are sent to families.
Though it is not guaranteed, any family may apply for assistance. Major factors in determining financial need include, but are not limited to: income; assets (including home equity, college funds, investment accounts, and trust funds); family size; and the number of children attending tuition-charging institutions—excluding daycare, preschool, and graduate school. Ability to pay is based on combined salaries, business cash flow, and assets. There is no preset income figure that qualifies a family for assistance. As the school reviews applications, it differentiates between necessary expenses and lifestyle choices.
No, financial assistance files are reviewed and awards are made only after a student is admitted. However, financial assistance applications must be completed by a February deadline in order for an award to be considered. Applications for financial assistance completed after the deadline will be considered only if funds remain.
Each financial assistance recipient is expected to maintain the highest academic standards for himself or herself in a responsible and honorable manner and play an active role in the daily life of the school community. Students must abide by the rules, regulations, policies, and procedures as outlined in the School Handbook.
If you have other questions after reading through this section we encourage you to reach out to our Admissions team, who is happy to help you find the answers you're seeking.