FAQ
An investment in education pays dividends for life. Like any investment, however, matching resources to costs can be difficult for many families. St. Mark’s is committed to enrolling a talented and diverse student body and hopes that cost will not deter applicants. Acknowledging this reality, 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?
No. Admission decisions and financial aid assessments are made independently. All families 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.
- How do I apply for financial aid? How are awards determined?
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In addition to tax forms sent directly to St. Mark’s, parents complete a Parents’ Financial Statement (PFS) and submit it along with the appropriate fee to https://sss.ets.org/ . Awards 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.
- Does St. Mark’s offer merit scholarships?
No. Financial awards are based on a family’s demonstrated need and not upon academic, athletic, or other merit.
- Will my child’s financial aid award change from year to year? What if my finances change?
Financial need and awards are recalculated 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 - Are there any special requirements for students who receive financial aid?
No. All students at St. Mark’s participate in a school work program. All students are expected to maintain solid academic and personal standing within the St. Mark’s community.
- What happens in cases of divorce, separation, and single parents?
In cases of divorce or separation, St. Mark’s requires both natural parents to apply for financial aid. The custodial parent files the standard PFS with SSS; the non-custodial parent files a separate paper form, sent directly to St. Mark’s. Step-parents’ ability to contribute to a student’s education is also considered.
- Is my financial information confidential?
All applications for financial aid are confidential. Only the Director of Financial Aid, the Director of Admission, and the Head of School have access to the records.
- Is it worth applying if I am not sure our family will receive aid?
Family circumstances differ greatly and there are factors other than income that affect award decisions, but St. Mark’s is committed to meeting the need of a broad spectrum of families. Please note that the following figures represent families receiving grants; not all accepted students applying for financial aid receive awards.
Family Income Number of Awards $0-60,000 27 $60,000-100,000 32 over $100,000 26