Signed copies of the required documents should be submittted online or mailed to SSS by NAIS, P.O. Box 449, Randolph, MA 02368. By Feb. 28. All applicants must submit signed copies of the following required documents to SSS by NAIS: • IRS Form 1040 for 2013 • All IRS Schedules for 2013 (if applicable) • W-2 and/or 1099 forms for 2013 • IRS Form 4506-T (sign, but do not date – available on the EHS website) • Business/Farm Statement (if applicable – available on the EHS website)
GRANT DETERMINATION
The Financial Aid Committee is chaired by the Financial Aid Director and ultimately reports to the Admissions Director. Other members of the committee include the Chief Financial Officer, an Admissions Officer, and at least two members of the teaching faculty. Both returning students and admissions candidates are notified of financial aid decisions in March. The financial aid decision is mailed to parents along with the invitation for enrollment. Parents are required to reply within 30 days.
For students whose parents are divorced or separated, both parents are required to submit signed copies of the required documentation, regardless of custodial arrangements.
ANNUAL RENEWAL: TUITION GRANTS ARE MADE FOR ONE YEAR. PARENTS MUST COMPLETE A PFS EACH YEAR AND SEND IT TO THE SSS IN ACCORDANCE WITH THE APPLICATION SCHEDULE OUTLINED ABOVE. UNLESS THERE IS A SIGNIFICANT CHANGE IN ANNUAL INCOME OR AVAILABLE ASSETS, PARENTS CAN NORMALLY EXPECT THE LEVEL OF ASSISTANCE TO BE CONTINUED FROM YEAR TO YEAR IF THE STUDENT’S PERFORMANCE AT EPISCOPAL MEETS THE EXPECTATIONS OF THE FINANCIAL AID COMMITTEE.
FREQUENTLY ASKED QUESTIONS
AND NOTIFICATION
How long does it take to complete the Parents’ Financial Statement (PFS)? It takes approximately two hours. The information provided must be complete and accurate. Referencing the Federal 1040 tax return of the previous year can be very helpful in completing the PFS. Because timeliness in the application process is important, estimated numbers may be used with the Federal 1040 for validation at a later date.
Are other scholarships that are not based on financial need available? Each year between five and 10 merit scholarships are awarded to new students on the basis of academic and extracurricular merit. They range in value from $5,000 to $15,000 and are renewed annually. There is no separate application process, as all financial aid applicants are automatically considered and awards determined by the Admissions Committee.
Does the non-custodial parent need to file a PFS and submit a tax return? Yes. The non-custodial parent is required to complete the PFS and return it, along with a photocopy of the signed Federal 1040 form and supporting schedules and wage and tax statement(s).
Is financial aid available to international students? In special situations, it is possible for international students to receive financial assistance. However, priority in the funding process is given to United States citizens.
Is it possible for a family with over $180,000 in income to qualify for financial assistance? Yes. This is very likely if the family is also paying tuition for other children attending educational institutions. How much will I have to contribute? The primary factors that determine a family’s contribution are: household income and expenses, assets and indebtedness, and the number of children attending schools and colleges that charge tuition. Although individual family financial circumstances differ, the following table illustrates the average family contribution by income level of students enrolled during the 2013-14 school year. GROSS FAMILY INCOME
Under $39,999 $40,000 - $69,999 $70,000 - $99,999 $100,000 - $139,999 $140,000 - $179,999 Over $180,000
NUMBER OF FAMILIES
28 25 16 18 16 28
Affording Episcopal High School
Are financial aid recipients limited in the activities that are available to Episcopal students? No. School-sponsored cultural and recreational activities are a part of the Comprehensive Fee, and they are made available to everyone along with the tickets, transportation, and supervision that is provided. Does applying for financial aid affect my chances for admission? Some years, the collective need of those students deemed admissible by the Admissions Committee exceeds the financial resources available to new students. However, in most years an application for financial aid does not negatively impact the admission decision.
AVERAGE FAMILY CONTRIBUTION
$ 1,039 $ 3,672 $ 3,850 $ 9,719 $17,579 $23,297
1200 North Quaker Lane Alexandria, VA 22302 Telephone 703-933-4062 Toll-free 877-933-4347 admissions@episcopalhighschool.org
Financial Aid Tuition and Other Expenses Payment Plans Frequently Asked Questions
Episcopal High School seeks applications from talented and motivated students, regardless of family financial resources. To make the School affordable to more families, Episcopal provides several financial options. The School’s financial aid program helps close the gap between the cost of attending and a family’s ability to pay, as determined by needs methodology used by the School and Student Services for Financial Aid (SSS). Awards to qualified students are made in the form of grants and are based upon a demonstration of financial need, coupled with a student’s individual merit. In addition to financial aid, two payment schedules are available to accommodate family budgeting and planning needs. This brochure provides an overview of expenses to anticipate and funding options available at Episcopal. If you have any questions about the financial aid program or funding options, please call 703-933-4017 or send an email to vsh@episcopalhighschool.org. VINCENT S. HODGE ’89 FINANCIAL AID DIRECTOR
EXPENSES TO ANTICIPATE
PAYMENT SCHEDULE
The Comprehensive Fee for the 2013-14 school year is $47,850. This amount includes tuition, room and board, basic health center expenses, and the cost of most school-sponsored academic, athletic, and recreational activities. The fee for the 2014-15 school year is determined in January of 2014.
An Enrollment Deposit of $4,750 is required when a student enrolls for the year. This amount is credited to the first comprehensive fee installment.
The Annual Network Services Fee of $250 covers the availability of high-speed transmission lines in classrooms, the computer lab, and dormitory rooms. Personal Expenses associated with attending Episcopal vary from student to student. The following provides an estimate of the major items: • Laptop computer – a one-time expense of about $2,000 (purchased through Episcopal’s designated vendor) • Textbooks and academic materials – $700 annually • Private music instruction – $1,200 - $1,600 annually • Varsity athletic team trips/camps – $500 $1,000 annually • Monthly allowance – about $200 monthly for laundry, local transportation, and entertainment • Other expenses – clothing, travel to and from Alexandria, and family weekends are other items for consideration
A Contingency Deposit of $600 is required of all new students. This amount is refunded or credited when a student graduates or leaves.
FINANCIAL ASSISTANCE
APPLYING FOR ASSISTANCE
While the School subscribes to the belief of the National Association of Independent Schools (NAIS) that the primary responsibility for funding the cost of education resides with the family, we also understand that it is becoming increasingly difficult for a large percentage of families to afford independent school tuition. Episcopal urges talented and motivated students to apply for admission, even if there is concern over the ability to pay tuition, and encourages parents to request application forms and apply for financial assistance. In 2013-14, approximately 30 percent of the student body will receive financial assistance. Approximately $5 million in aid is awarded annually, with the average grant equaling about $35,750. The Financial Aid Committee keeps all financial information confidential. Financial aid is available to students of any race, color, gender, creed, sexual orientation, or national or ethnic origin.
Episcopal works with the School and Student Services for Financial Aid (SSS). This organization provides Episcopal with a confidential statement of need based upon an application for financial aid completed by the parents called the Parents’ Financial Statement (PFS). The PFS is available online (http://sss.nais.org). The deadlines for submitting the PFS and supporting materials to the SSS are listed below. Timeliness in meeting these deadlines is critical for consideration to receive financial aid. By Jan. 31. PFS must be completed. First-time applicants also must submit additional documentation, including: • IRS Form 1040 for 2012 • All IRS Schedules for 2012 (if applicable) • W-2 and/or 1099 forms for 2012 • Corporate returns and/or K-1s for 2012 (if applicable)
The Comprehensive Fee is payable in either two or eight installments. You will be asked to select your preferred payment plan when you return your enrollment contract. Two-Installment Plan Due on July 25...................................$35,888 Due on Nov. 25..................................$11,962 Eight-Installment Plan* Due on July 25...................................$14,355 Due by the 25th of each month, August through February.............$ 4,785 *Participation in the eight-month installment plan incurs an additional one-time fee of $100.
TO ASSIST PARENTS WITH BUDGETING, EPISCOPAL PROVIDES INFORMATION ABOUT AN INDEPENDENT LOAN SERVICE AT THE TIME OF ENROLLMENT. PARENTS MAY ALSO WISH TO PARTICIPATE IN THE TUITION REFUND PLAN, WHICH INSURES PAYMENT OF THE COMPREHENSIVE FEE SHOULD THE STUDENT NEED TO WITHDRAW FROM EPISCOPAL FOR ANY REASON DURING THE YEAR. THE DEPOSIT FEES AND THE INSTALLMENTS FOR THOSE STUDENTS RECEIVING FINANCIAL ASSISTANCE ARE ADJUSTED ACCORDINGLY.