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Q
How is financial need determined?
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A
Need is determined by Episcopal’s Financial Aid Committee which uses the School and Student Service (SSS) for Financial Aid and tax returns provided by the parents as a guide. After reviewing all of the submitted information, the Financial Aid Committee determines who is eligible for aid and how much aid will be granted.
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Q
How much financial aid should I expect to receive?
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A
Each award is individualized based upon the information submitted to the Financial Aid Committee.
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Q
What if my financial situation changes?
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A
Families must reapply for financial assistance each year. If the family’s circumstances remain the same, the school will make every effort to assist a family at the same level of aid. If circumstances change, awards may be adjusted.
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Q
Are decisions regarding admission and financial aid related?
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A
Episcopal has a ‘need-blind’ policy for admission which means admission decisions are made irregardless of the financial need of the applicant.
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Q
Is there a repayment obligation when a family receives financial assistance from Episcopal?
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A
There is no obligation to repay a financial aid grant.
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Q
What if I am separated or divorced?
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A
In the matter of separation or divorce of parents, the Financial Aid Committee will consider the assets of both natural parents, if living, before making any award, and cannot be bound by the assertion that one parent has disclaimed responsibility for educational expenses. If either parent has remarried, the assets of the stepparent will also be considered, always keeping in mind the obligation of that stepparent to his or her own natural children. The non-custodial parent must also complete a Parent’s Financial Statement (available from the Admissions Office). This statement and a copy of their tax returns must also be submitted.
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Q
Only one parent works outside of the home. Must both parents be employed to receive financial assistance from Episcopal?
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A
In general, yes, if all children in the family are in school. We realize, however, that circumstances may make it impossible or very difficult for both parents to work outside the home. In such cases, it is important to explain such circumstances on your financial aid application.
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Q
Are there ways of paying school expenses other than applying for financial aid?
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A
Yes. While financial aid is a resource to help offset the cost of tuition, it is not the only resource. There are several organizations that provide both short- and long-term educational loans for independent schools. For a listing of options, please refer to the National Association of Independent School’s website, www.nais.org/financialaid/sss.