FA Overview

Financial Aid Policy

• Financial aid applicants are reviewed on a case-by-case basis.

• The financial aid process requires families to provide information of an inherently personal nature and SJP adheres to the highest standards of confidentiality.

• Financial aid is awarded on the basis of a family's financial need.

• The Prep is committed to providing an education to talented students, regardless of their financial situations. However, due to limits placed on the financial aid budget, funding is not guaranteed and each family is expected to use all available resources in paying for the education of their child. This includes resources from both parents even if divorced or separated, step parents, grandparents or other relatives, church funds, outside scholarships or grants, or any student earnings. Financial aid awards help bridge the gap between what a family can afford and the full cost of a St. Joe’s Prep education.

• A variety of criteria is considered, including income (taxable and nontaxable), assets, number of dependents, number of children attending tuition-based schools, number of parents who are working, etc. Parents are obligated to disclose if they receive any outside financial help for education from relatives, friends or other sources. This information is balanced with data about living expenses, medical costs, indebtedness, and other factors such as child support and legal expenses. A standardized approach is used to determine a family's discretionary income. A portion of this discretionary income is considered available for educational costs.

• The amount of aid provided to each family depends upon established need, the amount of aid dollars available, and the number of applicants for this aid.

• Financial aid applications will not be considered if there is a past due balance on the current year's tuition.

Financial Aid packages are allocated on a one year basis only. If financial aid is needed for the remaining years, updated applications must be submitted each winter via TADS and financial aid will be allocated each spring.

DIVORCED OR SEPARATED PARENTS

In dealing with divorced or separated parents, the goal of the financial aid office is to gather as much information as possible from both parties, as well as from the spouses of either or both.

Each situation is unique and will be handled on an individual basis.

In the case of divorced or separated parents, each parent retains the obligation to contribute to the education of his or her son, regardless of whether a legal agreement to do so exists. In this instance, both parents must complete a required Financial Aid application either jointly or separately. Financial aid grants will be made only after considering the financial resources of BOTH parents. In the case of separated and/or divorced parents, no information will be given by the school to either parent regarding the other parent's financial disclosures. The assets of both parents will be considered before making any award; the assertion that one parent has disclaimed responsibility for educational expenses does not apply.

In the case in which one parent has no contact with his child, the custodial parent should submit third-party verification (from clergy, school administration, etc.) regarding the other parent’s absence.

WORK GRANT

Financial aid will be awarded to the student in the form of a “WORK GRANT.” He will be asked to work in a clerical capacity at a time that is convenient for him. There will be a work requirement of one marking period. He may choose the 1st, 2nd, 3rd, or 4th marking period and the time of day, before or after school. A marking period is eight weeks in length; work lasts l/2 hour per day, five days per week.

BROTHERS' REDUCTION

A Brothers' Reduction is possible for second and third siblings attending concurrently. However, the reduction is not automatic. The financial aid process via TADS must be completed in order to be considered for a Brothers' Reduction. The Financial Aid Committee will determine if a Brothers' Reduction will be awarded.