Affordability & Financial Aid
As a school, we seek to admit talented and motivated students, regardless of family resources. And we believe that economic diversity enriches the educational opportunities for all our families. Therefore, families who feel the full tuition cost is out of their reach should not hesitate to visit or apply to the school. We are here to help you determine the best options for your family with this very important educational investment. For the 2016-2017 school year, Episcopal provided over $1.4 million in need base financial aid to qualifying families. Financial aid is granted to families on the basis of demonstrated need through the use of School and Student Service for Financial Aid (SSS). In using SSS, Episcopal follows the Principles of Good Practice outlined by the National Association of Independent Schools (NAIS):
- Financial aid awards will be made without regard to race, nationality, or ethnic origin.
- Financial aid will be determined on the basis of demonstrated need.
- Families must submit annually the financial statement by SSS.
- The financial aid process is 100% confidential.
Families who feel they will or might need financial assistance to help cover the cost of an Episcopal Collegiate School education are encouraged to indicate so on the application for admission. The school will make available, online, to all such families a Parents’ Financial Statement (PFS) for submission to School and Student Services for Financial Aid (SSS).
- Beginning November 1, 2016 PFS families may go to http://sssbynais.org/parents to start the financial aid process. Please be sure to list Episcopal Collegiate School as a recipient of the Report of Family Contribution (RFC). Our school code is 1637.
- Families will also need to upload the following documents to SSS:
- Signed 2016 federal tax return (1040), including all supporting schedules and forms.
- Most recent W-2 and/or 1099 for all parents in the household.
- The IRS deadlines do not fit well with the timeline for financial aid decisions. Please complete your Federal Tax Return prior to the March 1, 2017 deadline for financial aid. If you taxes are not complete by the deadline, please submit your 2016 W2’s and a signed copy of your 2015 tax return. Submit your 2016 tax return as soon it is completed. All financial aid awards are considered tentative until the receipt of the 2016 information.
- Families will be notified in April.
Every financial aid award is made for one year. Each year, parents must re-apply and submit the necessary documents to School and Student Services for Financial Aid (SSS). While significant changes in a family’s financial circumstances can impact the Report of Family Contribution (RFC), the Financial Aid Committee’s goal is to maintain funding at proportionate levels over a student’s year of enrollment. The Committee is also empowered to increase or reduce the amount of the annual award based on the student’s overall performance at Episcopal Collegiate School.
An application for financial aid is considered only after the student has been admitted to Episcopal. Applicants accepted for admission and qualifying for need-based financial aid outnumber those whom we can afford to support; therefore some students will be accepted to Episcopal but not awarded financial aid for the academic school year. Consideration for financial aid is given in the following order. Funds are not reserved for families whose PFS or tax forms are received late.
- Applications from current financial aid recipients who have completed all financial aid forms and reenrollment by the deadline.
- New applications from currently enrolled families, if completed by the deadline.
- New applications from candidates accepted by the Admission Committee for enrollment.
- Applications completed after the specified deadlines, as long as funds remain available.
Families must be in good financial standing with the School in order to qualify for approval of financial aid.
The Arkansas Activities Association, which oversees interscholastic athletic competition in Arkansas, requires that any non-public school provide verification that all students competing in sports receive no more financial aid than is justified based on their financial need, as determined by an independent service. Therefore, any student that receives financial assistance and might possibly compete in interscholastic competition must have a release form signed by their family that authorizes the School to provide information to the AAA if so requested. At Episcopal Collegiate School, over 65% of the student body participates in such interscholastic competition
All information relating to the financial aid application process is held in the strictest confidence. The Financial Aid Committee makes its decisions in complete confidentiality, both in regard to amount and recipient. In turn, we expect that families receiving financial aid also maintain this policy. Failure of a family to maintain confidentiality may result in the loss of financial aid.