1. The Value of a Catholic Education at St. Michael School
There is no question that the value of a Catholic Education at St. Michael School exceeds the financial commitment. Recognizing that the increasing cost of education presents a challenge to a number of families, St. Michael School offers a program of financial assistance. A portion of the operating budget has been earmarked for financial assistance which is in part funded through grants from St. Michael Church and other Catholic foundations and trusts. Families who wish their children to receive a Catholic Education but feel the financial commitment may be difficult are encouraged to apply for financial assistance.
2. Should we apply for financial aid?
St. Michael School offers financial assistance to students whose families demonstrate a need for tuition assistance and meet criteria established by the school. Since full tuition grants are not made, each family is expected to participate financially in the education of their children. Every effort is made to ensure that the portion of tuition not covered by the grant shall be a realistic annual expenditure for family.
3. How is the grant determined?
The members of the Financial Aid Committee determine the level of each grant using the processing service of FACTS Grant and Aid Assessment to determine need. In making the assessment of need, the family’s financial circumstances are considered, using a formula which takes into account income, assets, debt, unusual expenses and family size. After deducting an allowance for required taxes and basic necessities, a portion of discretionary income is considered to be available for education. All financial information is kept strictly confidential.
4. Are decisions regarding admission and financial aid related?
No. Decisions regarding admission to St. Michael School are made without regard to financial need. The Financial Aid Committee determines grants after students have been accepted for admission.
5. What are the deadlines we need to be aware of?
February 15 for returning students.
March 15 for new students.
FACTS Grant & Aid Application form and supporting information must be filed directly with FACTS. Late applications will be handled as they are received, according to funds remaining in the financial aid budget.
6. What do we do now? How do we apply?
Financial aid packets are available in the business office at St. Michael Rectory. Families must follow these steps:
- Complete the FACTS Grant & Aid Application form online.
- You will need to submit with it copies of your most recent IRS form 1040 or 1040A including all supporting schedules, copies of your 2015 W-2 form for both you and your spouse, and a copy of your and your spouse’s current pay stub(s).
- A $20.00 application fee must be sent with all the above information. Check or money order should be made payable to “FACTS Grant & Aid Assessment.”
7. When are grants made?
Decisions regarding grants of financial aid will be made by
March 1 for returning students
April 15 for returning students
8. What are my financial responsibilities once aid is awarded?
Each returning family must pay all outstanding accounts in full. Each family is responsible for paying the remaining tuition not covered by the grant.
9. Who can I contact if I have any questions?
Families may contact FACTS Grant and Aid Assessment for questions related to complete the application form at 800.390.4690. Other questions may be directed to the St. Michael Church business office at 860.599.5580.