Financial Aid

Financial aid is a decrease of tuition costs, formulated on the basis of need. Although financial aid is often referred to as a “grant” or “scholarship,” SSM does not award “merit scholarships” (i.e. a monetary award based on either academic or extracurricular merit). All students who receive financial aid must have a demonstrated need as determined through the application submitted to School and Student Services (SSS).

Anyone may apply for financial aid. There is no income ceiling or minimum. For the 2019-2020 academic year, SSM awarded $6 million in financial aid to 52 percent of our students. All awards were based on demonstrated need.

Fill out the financial aid application and submit the requested materials by the deadlines indicated.

We encourage all families who feel they need financial aid to apply. While the admission and financial aid processes are separate, there are times when budget constraints lead to “need aware” admission decisions.

All re-enrolling families need to apply for financial aid each year and submit updated tax returns.

Financial aid is awarded based on a family’s demonstrated need, as determined by a collaboration between the School and Student Service for Financial Aid, (see link in sidebar at right) and SSM’s Financial Aid Committee. Calculations are based primarily on:

• The incomes of both parents
• The family’s assets
• The number of dependents in the family
• The number of children in tuition-charging schools (SSM does not include graduate school tuition for family members in our computation).
• The information from the SSS is supplemented by information gleaned from each family’s federal income tax return as well as the explanations provided on the PFS by each family. Because financial aid decisions are reviewed each year, families receiving aid must, each year, submit a PFS and the 1040 establishing need for the next academic year. We use the SSS analysis of a family’s need as the basis for our decision but are able to take into consideration extenuating circumstances. We do make every effort, subject to the availability of financial aid funds, to provide for the demonstrated need of our students.

It is very unlikely. We aid as many students as we feel we can continue to support through their years at SSM. Our first obligation is to our currently enrolled students. There is little chance that a student enrolling without aid would be awarded aid in any subsequent year without significant changes in that family’s financial circumstances.

Yes, provided your financial situation does not change. Because financial aid decisions are reviewed each year, families receiving aid must, each year, submit a PFS and 1040 to establish need for the next academic year.

SSM requires complete financial information from both the custodial and non-custodial parents, including the Parents’ Financial Statement form and tax forms. This information is collected in an attempt to determine the ability, not the willingness, of each parent to financially support their child’s education. If the whereabouts of the non-custodial parent is unknown, a good-faith effort must be made to locate him or her. In most cases, a letter from a third party (such as a lawyer, social worker or minister) will be required to verify that the non-custodial parent has no contact with the applicant.

Parents who are self-employed, or who own a business or farm should complete the Business and Farm Statement section of the PFS to SSS and include their business taxes with their income tax.

One set of forms is sufficient, even if your children are applying to different grades in the School. There is no sibling discount.

No, the financial aid grant does not cover the cost of joining a Center of Excellence.

While it is not common, there are occasions that will prompt a student’s withdrawal from SSM. Depending upon the reason for the withdrawal, the School offers a financial tool to families to recoup a portion of paid but unused tuition. This tool is the Tuition Protection Plan (TPP). It is optional to families choosing to pay tuition in full in May and required for families choosing the 10-month payment plan. The annual cost for the TRP is $2,000 for boarding students and $1,350 for day students.

Click here to read about the Tuition Protection Plan.

International families applying for financial aid must submit a Parents’ Financial Statement (PFS) to School and Student Services. In lieu of submitting W-2  and US Tax Return documents International families must provide the following:

Translated statements for all banking and investment accounts;
An annual income statement from the human resources director of their employer;
Income tax documents required by their government.
Please note that applications for financial aid are not considered complete until all forms are received and processed by SSS. Please allow at least two weeks for SSS to receive and process all forms.

For questions about the PFS or submitting documents please contact SSS by NAIS (800) 344-8328.