Financial Aid Policies
FINANCIAL AID POLICIES AND GUIDELINES
Q: Who receives Financial Aid (a Personalized Tuition Rate)?
To be eligible for a Personalized Tuition Rate, a family must indicate on the Application that they are seeking a Personalized Tuition Rate and demonstrate financial need. The school will consider all available financial resources to the family. The school will not consider business losses or depreciation in the calculation of a Personalized Tuition Rate.
Q: Does the School negotiate with families on Personalized Tuition Rates?
No. Holy Family believes strongly in its ability to offer a fair rate based on demonstrated financial need. The Personalized Tuition Rate Committee is thorough in providing qualifying families a rate that is objective, fair, and based on household financial need.
"Trust & Verify" is an important phrase in determining requests for Personalized Tuition Rates. The School uses a third-party service, FACTS Grant & Aid, to objectively assist the Personalized Tuition Rate Committee in determining a fair, equitable and accurate Tuition Rate based on household financial need. Verifying that accuracy by collecting and using tax returns and/or other financial information is a critical part of the effort.
Q: How is Financial Aid handled in families where parents are separated, divorced, remarried, or cohabitants?
Financial Aid will not be considered unless complete financial information is received from both parents. Both parents are required to provide the required financial documents to FACTS Grant & Aid by the deadline. It is expected that both parents and all adults financially responsible for a student contribute to the cost of a student’s education regardless of legal agreements. The Personalized Tuition Rate Committee does not feel bound by the assertion that one parent disclaims responsibility for educational expenses.
Q: How is Financial Aid handled if one parent chooses not to work?
If a family has children over the age of six, it is expected that both parents are employed. If one parent chooses not to work, then a full-time income of $25,000 will be imputed to that parent for purposes of Personalized Tuition Rate calculations.
Q: What happens if I am requesting financial aid, but did not file taxes or am unable to provide household income verification?
In order to request need-based financial aid the school must be able to "trust & verify" the request. For families that report that they did not file taxes, they can either fill out and sign (but not date) IRS Form 4506 (provided by the school), allowing the school to request all financial information from the IRS or pay full tuition and fees.
Q: What if I get behind on my tuition payments and decide to apply for a Personalized Tuition Rate or renew my Personalized Tuition Rate?
Holy Family supports families who demonstrate financial responsibility and commitment to education. Tuition accounts for currently enrolled students must be in good standing with the Business Office to receive or maintain a Personalized Tuition Rate. If you are in financial arrears with the Business Office, a Personalized Tuition Rate will not be considered or may be revoked. All families are required to meet payment schedules under the terms of the Enrollment Agreement, a legally-binding document. Failure to do so may result in dismissal.
Q: Is preference given to any particular group?
While currently enrolled, Holy Family students receive priority, no other outside factor affects the designation of Personalized Tuition Rates. However, any qualified Personalized Tuition Rate request completed after our deadline of February 14, 2021 will automatically be placed in the Personalized Tuition Rate wait-pool.
Q: Is it possible to lose financial assistance?
There are a variety of reasons for why the school may revoke a financial aid award. Discrepancies on the financial aid application, delinquency in payments, poor student academic performance or conduct are some of the reasons why the school may revoke a financial aid award.
Q: Do I have to apply for Financial Aid each year?
Yes. Personalized Tuition Rates are not renewable on an annual basis.