Tuition, Financing, & Financial Aid
While the primary responsibility for financing a student’s education rests with his or her family, St. Mark’s uses its own resources to supplement family contributions. Practically speaking, every student receives financial aid because the total cost of educating each student far exceeds the tuition.
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. For the 2018-2019 school year, St. Mark’s awarded over $5.7 million in need-based financial aid to 30% of the student body. Grants ranged from $10,000 to over $68,000.
|Family Income||Percentage of Awards|
Tuition may be paid in full by June 15th or in two equal payments not later than June 15th and December 15th. Tuition refund insurance is recommended for all families and required if tuition is not paid in full by June 15th. A monthly payment plan is available through Tuition Management Systems (formerly Key Education Resources). There is a $55 (USD) application fee but no interest charges associated with this plan. Contact TMS at 1 (800) 722-4867 or go to www.afford.com.
Tuition Loan Programs
Tuition Loan Programs assist many families in making tuition payments more affordable by providing the funds upfront and spreading the payments over a longer period of time than tuition payment plans allow. Due to the recent turmoil in the financial markets, most providers of loans for private school tuition have suspended or canceled lending to the K–12 market.
The only NAIS corporate subscriber currently providing tuition loans is:
Your Tuition Solution
2 Park Central Drive, Suite 100
Southborough, MA 01772
Deadline: January 15
Beginning October 2nd, you can complete the Parents’ Financial Statement (PFS) for 2019-20 online at sss.nais.org. Contact NAIS customer service 1-800-344-8328 if you have questions about completing the PFS. The SSS Family Guide to Financial Aid brochure is available online.
By January 15, the following must be uploaded directly to SSS:
- Signed copies of your family’s 2017 federal tax return (1040), including all supporting schedules and forms. Returning families may already have 2017 tax materials filed with SSS.
- 2017 W-2s and/or 1099s (if applicable).
- Non-US residents: Submit official Income/Asset Verification Forms for 2017 such as foreign tax returns and/or wage statements.
- The non-custodial parent must also submit a PFS form and 2017 IRS returns, including all schedules and copies of W-2s and 1099s.
- IRS Form 4506-T Every financial aid applicant must download, complete lines 1-4 and sign IRS form 4506-T. Upload the form to the SSS document section of your PFS. The form may be mailed, for those who cannot scan, to:
SSS by NAIS
P.O. Box 449
Randolph, MA 02368
Deadline: March 1
By this date, you must upload completed and signed 2018 IRS returns to SSS, including all personal and corporate, partnership and trust schedules, and copies of W-2s and 1099s. No official award can be finalized until your 2018 tax forms, completed and signed, are uploaded to SSS and available to St. Mark’s. We realize that preparing income tax returns in advance of IRS deadlines presents an inconvenience. Nonetheless, this information is essential to the award process.
Deadline March 10
Financial aid decisions are mailed to families of admitted students.
Deadline April 10
Deadline for acceptance of financial aid awards. Enrollment contract and deposit are required by this date for all students, new and returning.
Deadline After April 10
St. Mark’s can only consider new applications for financial aid from families that enrolled initially without financial aid after the new student and returning student enrollment process has been completed. Awards are unlikely at this point, depending upon the number of applicants and the remaining resources.
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.