Financial Aid FAQ's
St. Mark’s offers need-based financial aid to meet the difference between what a family can afford and the cost of tuition, room, and board. Financial aid consists entirely of grants that need not be repaid.
- Will applying for financial aid affect my child's chances for admission?
- How do I apply for financial aid?
- How are awards determined?
- Does St. Mark’s offer merit scholarships?
- Will my child’s financial aid award change from year to year? What if my finances change?
- Are there any special requirements for students who receive financial aid?
- What happens in cases of divorce, separation, and single parents?
- Is my financial information confidential?
- Is it worth applying if I am not sure our family will receive aid?
- Is financial aid available for international applicants?
While we cannot be entirely “need blind,” admission decisions and financial aid assessments are made independently. All families who are interested in financial aid are encouraged to apply. Most admitted students that qualify for financial aid receive offers of assistance. For those who do not, however, we must caution that families enrolling without financial aid cannot expect to receive assistance in subsequent years.
All financial aid applications are processed through the School and Student Service for financial aid (SSS). Award sizes are determined by the St. Mark’s Financial Aid Office using a standardized calculation derived by SSS. This calculation considers income, assets, liabilities, family size, and the number of children attending tuition-charging institutions. After allowances for living necessities and taxes, discretionary income is considered available for education on a sliding scale. Families with larger earnings and assets are expected to make greater contributions.
Financial need and awards are reviewed every year, using current information. If there is little change in a family’s circumstances, one can expect that grants will be renewed at a similar level. Bear in mind that tuition increases may be shared between the family and St. Mark’s. Should your need increase or decrease significantly, St. Mark’s is committed to meeting that need appropriately.
In cases of divorce or separation, St. Mark’s requires both natural parents to apply for financial aid. The custodial and non-custodial parents must complete the PFS and provide copies of all tax schedules directly to SSS. Stepparents’ ability to contribute to a student’s education is also considered.
Family circumstances differ greatly and there are factors other than income that affect award decisions, but St. Mark’s is committed to meeting the needs of a broad spectrum of families. It is important to apply for financial aid at the beginning of the admission process if you anticipate financial need over the tenure of your student at St. Mark's.
St. Mark’s is willing to consider applications for financial aid from international students. Application is relatively easy from Canada, a country with income and asset verification analogous to US tax reporting. However, we must caution applicants that our international student financial aid is very limited and highly selective. St. Mark’s requires as much income and asset verification as families can provide, including tax schedules, proof of salary, bank statements, property assessments, etc. Additionally, we must caution families that, although we have granted financial aid to a highly select group of non-US citizens, international student financial aid is extremely difficult to obtain at American colleges and universities.
St. Mark’s cannot provide fee waivers for the PFS/application to SSS for international students. For families with great demonstrated need, we can provide an admission application fee waiver upon completion of the PFS and a St. Mark’s interview.
Please read through the SSS by NAIS International Financial Aid sections. Please send all supporting and verifying income and asset documents directly to SSS/NAIS. You can upload all information into the extra supporting document file spaces within the document section of the Parent Financial Aid Statement (PFS). Additionally, complete and submit the Supplementary SSS International Financial Aid Form.