Affording Summit School Financial Aid Tuition and Other Expenses Payment Plans
2013-2014 Tuition and Fees* Annual Tuition
Lunch & Snack Fee
Books & Materials
* 2014-2015 tuition will be published in March 2014 ** Junior Kindergarten snack fee does not include lunch service
Financial Aid Financial aid enables Summit School to enroll students with promise who would not otherwise have access to an independent school education because of financial constraints. The extension of this aid makes our school more accessible and affordable, thus fostering a more diverse school community. In the 2012-2013 school year, more than $1 million in financial aid was granted to students from all grade levels. A family seeking financial aid should make it known at the start of the admissions process. The deadlines for submitting the materials are listed below. Timeliness in meeting these deadlines is critical for consideration to receive financial aid. Summit financial aid is need-based. We believe the primary financial responsibility for a child’s education rests with the parents to the full extent that they are able. Grants of aid are based on a family’s ability to meet educational
expenses, not willingness or unwillingness to pay. All families are expected to contribute to the cost of their student’s education. Grants of financial aid are not intended to cover 100% of the cost of attendance at Summit School. The Financial Aid Committee at Summit uses a completed Parents’ Financial Statement (PFS) (sss.nais.org/parents) designed by the School and Student Service for Financial Aid (SSS) to help us determine your family’s contribution to educational expenses. Specifically, the Financial Aid Committee uses the standardized calculation by SSS as an initial guide in determining your child’s aid. This system considers gross taxable and non-taxable income, assets, liabilities, family size and the number of students in tuition-charging schools or colleges. After an allowance for basic necessities and required taxes, the remaining funds are considered available for education on a sliding scale.
Financial Aid Checklist Apply for admission to the school, preferably by December 1 Gather forms: • SSS application (sss.nais.org/parents) • W2 forms • Federal and state tax returns and all schedules or accompanying documents • Property tax statements • Financial statements • Trust agreements • Business tax returns and schedules (also IRS Form 4506)
No later than February 1 SSS forms due online or by mail to Summit W-2’s due to Summit (awards will not be made without 2013 W-2’s) February 17 Online re-enrollment for currently enrolled families No later than March 1 2013 Tax Returns due to Summit or uploaded to SSS March 14, April 14 and May 12 Enrollment contracts and notification of financial aid awards mailed to new families
November 1 SSS online system opens to current families and new families that have made a request *If you need help in completing any part of the financial aid process, please call Director of Finance Carter Sturkie, at 336-722-2777, x185 or email firstname.lastname@example.org
Case Study: Three Families Apply for Aid at Summit School This case study shows how different family circumstances lead to different determinations of financial need/financial aid eligibility at Summit School. Before you review the case study, keep in mind: • When the SSS By NAIS process evaluates an aid application, the result is only a • recommendation. Schools are then encouraged to apply additional review and consideration to the evaluation before making a final decision • When determining ability to contribute, the SSS by NAIS process considers many factors that are based on national averages and trends in family expenses. The examples here reflect those national averages. Any given school may make an additional consideration for localized cost-of-living factors and revise the SSS recommendation to be more in line with local conditions At Summit School, tuition for 1st grade including lunch, snack, and books is $19,130. The three families below, all with different financial circumstances, apply for aid at Summit School. The school (using the SSS by NAIS assessment as a start) determines that each family can contribute a different amount to its educational expenses. For a single tuition, a 15 percent guideline has worked in the past (take 15 percent of gross income and compare to tuition— if 15 percent is lower, then apply for financial aid) The Rodriguez Family Summary of Family Circumstances: • Married couple, mom works part time, moderate assets • Mom’s income $30,000 (part time) • Dad’s income: $70,000 • Children: one, first grader • Home value: $400,000 • Mortgage debt: $250,000 • Non-retirement savings: $30,000 Family’s estimated ability to contribute to tuition: $19,730 Financial aid eligibility: $0 Contribution exceeds tuition
The Matthews Family Summary of Family Circumstances: • Single parent, small family, few assets • Dad’s income: $60,000 • Children: two, with one attending college • Home value: $120,000 • Mortgage debt: $80,000 • Non-retirement savings: $8,000 Family’s estimated ability to contribute to tuition: $3,190 Financial aid eligibility: $15,940
The Rogers Family Summary of Family Circumstances: • Married couple, big family, high assets • Dad’s income: $48,500 • Mom’s income: $102,000 • Children: four total — two at Summit (2nd and 5th grade), one in college, one at public high school • Home value: $465,000 • Mortgage debt: $210,000 • Other real estate value: $165,000 • Non-retirement savings: $40,000 • Investments: $22,000 Family’s estimated ability to contribute to tuition: $12,369 (per child) Financial aid eligibility: $6,761
Important: Being eligible for financial aid does not guarantee that a given school has enough financial aid available for your family. Be sure you understand the degree to which the school is able to meet any or all of the financial need you might demonstrate.
Payment Plans Summit School administers student account payments through the FACTS Management Company. There is a nominal convenience fee associated with the various payment plans listed below. The convenience fee is waived for those choosing the single payment plan. Single payment: full tuition and fees due upon receipt of the July 1, 2014 statement. Those who return enrollment contracts by the due date will receive a credit of 1% of tuition as a discount against overall tuition and fees. Credit will be reflected on the July billing statement. The annual FACTS tuition management fee will be waived for this option Two payments: half of tuition and fees due upon receipt of July 1, 2014 statement and half of tuition and fees due upon receipt of December 1, 2014 statement, plus the annual FACTS tuition management fee of $20 Four payments: one quarter of tuition and fees due upon receipt of each of the following statements: July 1, 2014; September 1, 2014; December 1, 2014; March 1, 2015; plus the annual FACTS tuition management fee of $41 Monthly Installments: ten monthly payments plan administered by FACTS. Payments will be automatically drafted on the designated payment due date, plus the annual FACTS tuition management fee of $41 Tuition Refund Plan: A Tuition Refund Plan is available and will be billed in the first semester statement. Parents may opt out of that coverage if they notify the school in writing prior to September 1. The premium rate will be 1.4% of tuition. The school is authorized to collect any claim payment entitled under the Tuition Refund Plan and credit it to the student account, paying any excess to the parent(s). Tuition Loan: You can finance all or part of your tuition through Your Tuition Solution. Your Tuition Solution offers fixed rate loan agreements of 24â€“84 months. To arrange financing through Your Tuition Solution, you may call (800) 920-9777 or apply at www.yourtuitionsolution.com.
Frequently Asked Questions What is the least amount of aid a family receives and what is the most? We have families getting as little as a few hundred dollars in aid, to some receiving more than $18,000. Receiving financial aid, even at a low level, opens access to interest-free, monthly payments, which can be very helpful in terms of a family’s budget. Is it true that a family of four must earn less than $150,000 to qualify for financial aid? Not necessarily. It depends on many factors, notably how many tuitions/childcare costs are being supported and what other aspects there are to the family. For a single tuition, a 15 percent guideline has worked in the past (take 15 percent of gross income and compare to tuition— if 15 percent is lower, then apply for financial aid). If a family earns more than $150,000, it is unlikely they will qualify for more than a small award, if at all.
I am divorced, or no longer living with my child’s other parent. Will Summit still expect that person to be part of my application for financial aid? Yes. We require that both parents complete a financial statement to provide a realistic picture of family resources, and we will request current contact information from you for the other parent if it does not appear on the application for admission. We are also aware that circumstances differ widely among separated or divorced parents and urge you to contact the Financial Aid Office if such information cannot be provided. I may remarry or establish a permanent relationship with another adult. Will that person’s financial circumstances be considered in the financial aid allocation for my child? Yes, the addition of another adult into a household generally changes its financial picture to a considerable extent. In the school’s view, your resources and expenses, including those for education, become family resources and expenses, just as those of your new partner become part of the family financial picture. We will ask you to complete the Parents’ Financial Statement together, providing information pertinent to the new family unit and appropriate tax documentation, realizing at the same time that change of this sort can be emotionally difficult and require a period of adjustment. Only one parent works outside the home. Must both parents be employed to receive financial aid from Summit? In general, yes, if all children in the family are in school. However, if one parent is unable to work, that is not held against them. In cases where there is no clear reason for a parent not working, then the committee will ascribe income for that parent.