Monica Ros routinely awards over $100,000 in financial assistance each school year. Any family may apply and new applications are due for each school year. Unlike loans, the recipient is not required to pay back these funds. Financial awards are a reduction in tuition fees. The purpose of financial aid at Monica Ros is to provide monetary assistance to those who would otherwise not be able to afford to attend.

FACTS (or the current school admissions/enrollment software) completes an analysis of need by using a formula that takes into consideration all areas of a family's financial situation, verified by tax documentation, including:

• Income of both parents (taxable and non-taxable)

• Number of dependents

• Living expenses

• Retirement

• Medical expenses

• Debts and unusual expenses

In addition, the school may consider that some financial circumstances are not present in previous year’s tax documentation, such as changes in employment, family status, etc, and will attempt to incorporate those considerations in the final award, where appropriate.

The Head of School receives the financial results, which include a recommended award amount, by email. This analysis, along with available budget, guides the school in determining whether a family qualifies for assistance and if so, the award amount.

Procedure:

• The Board of Trustees and the Finance Committee approve a Financial Aid amount annually as part of early-Spring budget approvals for the following fiscal year. This amount should be approved by March 1st each year.

• Applications for Financial Assistance are due by March 1st, annually.

• The Head of School reviews all applications and the recommended award based.

• Decisions regarding Financial Assistance are completed and granted by March 15 for all those who apply by the deadline March 1st.

• Decisions on applications following that date are executed as quickly as possible, and as available based on remaining budget if applicable.

• Applicants receive a letter of decision from the school through the school admissions/enrollment system.

• The amount awarded for each student ranges, based on the school admissions/enrollment system application criteria. The applicant is then

  responsible for tuition minus the financial assistance amount awarded.

• Once granted financial assistance, applicants secure their spot with a paid deposit for the next school year. Families who have applied but do not receive assistance will still need to submit a paid deposit to secure their child’s spot for the next school year. If a family does not complete the application or pay a deposit, their child’s space will be released.

Families may apply using the link provided on the website and on Parent Square. FACTS charges a $40 application fee that covers their cost of screening applications.

Families receiving financial aid may also qualify for reduced fees for student support services and counseling.