At St. Timothy’s, we believe that the primary responsibility for financing education lies with the family. However, St. Timothy’s recognizes that not all of the students interested in attending our school may be able to afford the full cost of a St. Timothy’s education. To assist families in financing a St. Timothy’s education, we offer two types of aid: need-based aid and scholarships. Need-based aid is awarded to families who demonstrate financial need. Our financial aid program helps to bridge the gap between what a family can afford to pay and the cost of tuition at St. Timothy’s. No two families are alike financially, so we offer the opportunity to meet with individuals to discuss how they can afford a St. Timothy’s School education for their daughter.
Determining Financial Need
To determine eligibility, each family must submit a Parent Financial Statement (PFS) to School and Student Services (SSS). PFS forms are available online starting October 2nd at solutionsbysss.com. SSS is used by most K-12 schools to help determine a family’s ability to pay school costs. Using SSS in the financial aid application process helps to ensure that schools employ the same methods and objective baseline when evaluating a family’s financial aid application. SSS applies information provided in the PFS to a formula which calculates the resources families have available to fund their children’s education.
The formula takes into account a family’s taxable and non-taxable income, assets, liabilities, family size, and the number of students in tuition-charging schools or colleges. After allowances for basic necessities, taxes, and other expenses, a portion of the remaining funds is considered available for paying school costs. The financial aid committee at St. Timothy’s uses the SSS calculation of expected family contribution as a starting point in making need-based awards. In conjunction with the SSS calculation, St. Timothy’s uses its own methodology to determine the final financial aid award.
Timeline – Notification of Awards
Assuming admission and financial aid applications are complete by the December 15th deadline, accepted day student applicants can expect to receive their financial aid awards on February 15th. Accepted boarding student applicants can expect to receive their financial aid awards on March 8th. After the December 15th deadline, requests for financial aid are considered on a first-come, first-served basis, contingent upon the availability of funds.
Payment Options
Families often find it helpful to use a plan that allows them to pay tuition in a series of smaller, monthly installments. The FACTS tuition payment plan is available for families who do not qualify for financial aid and for families who may prefer a payment plan for their tuition balance once financial aid has been determined. For information about payment plans, please contact the Business Office at 410·486·7400 ext. 3062.
Families who participate in the FACTS tuition payment plan are required to purchase Tuition Refund Insurance. More information about tuition refund insurance can be found here.
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