Who is eligible for financial assistance?
Any applicant is welcome to apply for financial aid. Applications are included in the enrollment package that is sent home after a student is accepted. These may be completed and remitted prior to the payment of the enrollment fee. Eligibility for financial aid depends on a variety of factors, and each case is evaluated individually.
Where does the money for St. Philip’s financial aid come from?
The financial aid fund is part of the school’s operating budget. The money is raised by the Development Office from generous donors who believe that all children deserve a quality education. The school does not receive any assistance from the government for financial aid.
What is the range of aid that is given?
Financial aid awards can range from a few hundred dollars to several thousands. All families are expected to contribute something to their child’s education. For the 2010-11 academic year, the average award was $4,800.
How is financial aid determined?
Financial aid awards are based solely on need. Such need is defined, most simply, as the difference between SPA’s tuition and what the family can reasonably contribute. To determine the fairest and most equitable family contribution, SPA uses the general principles and needs analysis system of the Private School Aid Service (PSAS), based in Ohio. More about PSAS can be learned at www.psas.org.
Each family applying for aid submits a financial statement for processing to PSAS that then forwards the results to SPA. They also insist on receipt of a copy of the most recent federal income tax form (Form 1040 or its equivalent). Using this data, the Financial Aid Committee then determines the amount of aid to be offered. Unless these forms are received, need cannot be determined and awards cannot be made. The formula used to determine a family’s need takes into account many factors. However, the most important of these factors is a family’s gross income.
Can SPA award grants to all those who apply?
St. Philip’s Academy dispenses aid on a “rolling” basis. The earlier one applies, the better one’s chances. The neediest families get the most substantial awards. Families that suspect they may not qualify are still encouraged to apply.
What effect does a financial aid application have on an admissions decision?
None. Students are accepted regardless of their ability to pay tuition. This is at the heart of the school’s mission.
What other assistance is available?
The Scholarship Fund for Inner-City Children provides scholarships for needy children living in cities such as Newark, Elizabeth and Jersey City. For applications, which should be available after October 1, 2010, visit www.sficnj.org or contact the financial aid office.
Program for Parents provides vouchers to offset the cost of childcare for parents, making it possible for them to work or get the training necessary to be employable. For applications, visit www.programforparents.com.
Families facing extreme financial hardship should discuss this with the St. Philip’s Academy financial aid office. E-mail us at financial_aid@stphilipsacademy.org. Sometimes staff members may be able to identify donors or programs willing and able to offer support.