TRS FINANCIAL AID PROGRAM OVERVIEW
INTRODUCTION
The Renaissance School (TRS) has established a financial aid program in order to help it fully enact its vision. One of the missions of The Renaissance School is to cultivate students from a very young age through elementary and even middle school. In order to accomplish this goal, TRS has made a commitment to families throughout this time and wants to help families remain part of the community through periods of financial stress or uncertainty.
In addition, the school values creating an economically diverse student community with students from many types of backgrounds and is committed to helping students who come from families that cannot afford the cost of education at an independent school.
The school’s financial aid program is funded through a combination of resources including direct contributions from the parent community and allocations from general operating income. The school’s financial aid funds are reserved for families who have no alternative to requesting aid. The primary responsibility for financing education rests with the parents of the student. Financial aid is a supplement.
The Renaissance School provides financial aid to a limited number of families who have demonstrated eligibility through an objective assessment of their financial position made by the School and Student Service for Financial Aid (SSS) of the National Association of Independent Schools and by TRS staff. The recommended family contribution computed by SSS is reviewed by TRS and serves only as a guideline in making financial aid decisions. Financial need is defined as the difference between what it costs to attend TRS and a family’s ability to pay. Not every family that is eligible for financial aid will receive it because of the school’s limited budget.
TRS does not discriminate on the basis of gender, race, color, national or ethnic origin, or sexual preference.
AWARDS
All financial aid will be awarded on a one-year basis only. Each family must reapply for financial aid each year. Generally, the greatest amount of financial aid that will be awarded to any student shall not exceed 50% of tuition. Financial Aid is granted to cover the 12-month tuition costs including all day care and summer school but not additional costs of attendance such as uniforms.
PRIORITIES
For families who have submitted all financial aid forms on time, aid will be granted based on a set of priorities. Families of Upper Elementary and Middle School students will be considered first in the following order: existing TRS families seeking a renewal of aid, existing TRS families who now require aid due to a change of circumstances, families of new applicants to Upper Elementary and Middle School who are coming from other Montessori schools and then families of new applicants from non-Montessori schools. Once those applications are reviewed and awards have been made then families of Lower Elementary students will be considered in the same order as above. Finally, families of Primary (3 to 6 year olds) students will be considered in the same order as above.
In all categories, families applying for financial aid who fit any of the below criteria will be given careful consideration and additional priority: families with students who are in under-enrolled age groups, families who have been with the school for many years, families who have made special contributions to the life of the school, and families with two or more children attending the school.
SPECIAL CIRCUMSTANCES
In the case of divorced or separated parents, both parents and their spouses must submit full financial information including submitting a Parent Financial Statement to the School and Student Service for Financial Aid of the National Association of Independent Schools.
In the case of other adults living in the household of the student (regardless of the marital status of the parents), TRS requires full financial information from them. In addition the school reserves the right to ask for additional information from non-custodial households.
Families who own a business may be required to submit other documents such as cash flow statements, balance sheets, and any other information relevant to the business. We will not consider ordinary business or rental depreciation or loss in calculating financial need.
Both parents in many of our families work in order to maintain income sufficient to provide an independent school education for their children. It is unfair to ask these dual employment families to subsidize the educational costs of a family who chooses not to work at a level which their education and abilities permit. For this reason, TRS will not grant financial aid to a family unless both parents work full time (defined as a minimum of 40 hours a week). Certain extenuating circumstances may be exempt.
Any financial support that may be available beyond the parents’ income and assets should be reported on the PFS for consideration by the school. These might include resources from grandparents and other relatives. It is expected that anyone who is making financial contributions to the household of the custodial parent will submit financial documents.
THE FINANCIAL AID PROCESS FOR 2012-13 SCHOOL YEAR
TRS reserves the right to request additional financial information from you at any time.
4. Financial Aid Award Letters will be mailed on March 08, 2012.
More Financial Aid Resources Available Online at SSS:
