The Village Academy Schools financial aid policy is founded upon basic tenets of the schools’ philosophy, to wit:
Provide an exceptional value in private education at a cost that will encourage a blend of many cultural and socio-economic groups.
The goal of the financial aid policy is furtherance of the Schools’ mission with regard to enrolling students who, along with their families, are committed to pursuing a challenging liberal arts program in a multi-cultural learning environment and who will contribute to the School community. As part of the criteria for awarding financial aid, the Financial Aid Committee may also consider an applicant’s academic ability, motivation, interests, and demonstrated need. Financial aid policies include the following dimensions:
• Need for financial aid must be demonstrated by annual submission to the School’s Financial Aid Review Consultant, the Financial Aid for School Tuition (FAST) Parents’ Financial Aid Application.
• The School attempts to meet demonstrated need, but because of limited financial aid, funds typically meet only a portion of the need indicated by FAST and in no case offers more than fifty percent of tuition. Additional fee waivers for extended care (if provided), field trips, and classroom expenses may be awarded based on demonstrated need.
• Financial aid is funded through a combination of resources including, but not limited to: restricted annual giving, restricted and unrestricted endowment income (if available), and general operating income through tuition remission.
• Financial aid may be awarded in the form of merit scholarships, reviewed and awarded annually, to deserving students who meet merit scholar criteria as identified by the Financial Aid Committee. Merit scholarship may be awarded without regard to need but may be combined with need-based financial aid if need is demonstrated.
• Aid is applied proportionately to the periodic tuition payments, but aid can be withdrawn if a family is not current in all payments to the school.
• At the present time, aid is available at the Lower, Middle, and Upper School level.
• Priority in financial awards is determined, as is admissions, to serve the overall goals of the
• Final authority on any and all financial aid awards lies with the Head of School, acting within the guidelines and policies set by the Board.
The Village Academy Financial Aid Committee endorses the following principles for financial aid administration:
1) The School will not discriminate in the administration of its financial aid policies because of race, color, religion, national origin, sex, or age in violation of existing state or federal laws or regulations.
2) The School will provide students and families with factual information about the total yearly cost of attending its institution and about its aid opportunities, financing opportunities, policies, and procedures.
3) The School shall recognize that the primary responsibility for financing a student’s independent school education rests with his or her family.
4) The School will use a uniform methodology to assess annually, in a consistent and equitable manner, each family’s ability to pay for education.
5) The School shall require adequate documentation of family resources when determining need.
6) The School shall not use financial need as a consideration in determining a student’s eligibility for admission.
7) The School shall notify accepted aid applicants of financial aid decisions before expecting a binding reply to the offer of admission.
8) The School shall allow applicants sufficient time to accept the offer of financial aid.
9) The School shall make every effort to meet the demonstrated need of financial applicants based upon the constraints of the School’s resources.
10) The School shall not exceed in its offer of financial aid the amount needed to meet the difference between the resources determined to be available to the family and the student’s total educational expenses and may not exceed fifty percent of the total cost of tuition.
11) The School reserves the right to set specific standards of academic performance for merit award recipients.
12) The School will continue to fund a student until graduation, School resources permitting, unless he or she no longer demonstrates need or applicant fails to continue to demonstrate academic ability, motivation, interests, and demonstrated need.
13) The School refrains from and discourages others from making any public announcement of the amount of the financial aid awarded to a student, (with the exception of specific merit awards which shall be named in advance or specifically named awards that require disclosure for funding).
14) The School will, to the best of its ability, safeguard the confidentiality of all financial information supplied by a family.
Village Academy admits students of any race, color, creed, religion, sex, or national origin to all privileges, rights, programs, and activities. The School does not discriminate on the basis of race, color, creed, religion, sex, or national origin in administration of educational policies, scholarships, or student activity programs. This statement also applies to the School’s personnel and employment policies.