Financial Aid
Charlotte Academy enrolls students based on their talents and capabilities. Families who are unable to meet the full cost of tuition may apply for Financial Assistance, which supplements tuition payments. Financial Assistance does not need to be repaid, and is awarded on an annual basis.
Important Policies to Keep in Mind:
* Decisions about Financial Assistance are influenced by availability of funds, the number of applicants, and institutional needs. Currently enrolled students receive the majority of the funding; however, a portion of the budget is made available to new students.
* Charlotte Academy families who do not receive Financial Assistance should not expect to receive assistance in future years unless there is an unanticipated, significant change in circumstances.
* Financial Assistance awards are made on an annual basis; families must apply each year for continued tuition assistance.
* Admission decisions are made need-blind in regards ability to pay tuition; decisions about Financial Assistance are made separately.
Frequently Asked Questions
How do we apply?
Families are to contact the Head of School to receive additional paperwork and instruction for applying for Financial Assistance. All applicants and applications are strictly confidential. Upon receiving this paperwork families will be instructed to apply online through FAST – Financial Aid for Student Tuition. New families must have already had a tour and interview for their students before being considered eligible to apply for Financial Assistance. The online application is not complete until FAST receives copies of the most recent tax year’s W-2 statements and completed income tax return.
If we pay full tuition initially, can we apply for Financial Assistance in subsequent years?
The expectation is that families paying full tuition will continue to do so in future years. Unless there has been a significant, unanticipated change in your family’s circumstances, it is unlikely that your application will be considered.
How is financial need determined?
Financial need is defined most simply as the difference between Charlotte Academy’s tuition and what a family can reasonably contribute. To be consistent, objective, and equitable, Charlotte Academy, like many independent schools, relies on a needs analysis provided by the Financial Aid for Student Tuition (FAST) program operated by Independent School Management. FAST takes many factors into account when estimating a family’s financial contribution. The most significant of these is family income, but others include:
* Assets (investments, home equity, automobile, etc.)
* Family size
* Number of children attending tuition-charging institutions
* Current debt (credit cards, mortgages, other loans, etc.)
After an allowance for basic living expenses and taxes, the remaining funds are considered discretionary income, a portion of which is available for education. Recognizing that other factors not evaluated by FAST may influence the amount of discretionary income available for education, we require that additional information be submitted directly to FAST as part of the financial assistance application. Therefore, Charlotte Academy’s calculated parental contribution may differ from the FAST calculation. For example, Charlotte Academy will add a full-time income for a parent able but not currently working, and will disallow losses attributable to second homes, investment properties, hobby businesses, and certain types of depreciation. Charlotte Academy may also allow certain expenses that are disallowed in the FAST calculation. We recognize that numbers on paper are not always an accurate financial picture. If you believe that is the case, we encourage you to include that information in the open letter section of the application.
Should we apply for Financial Assistance?
Few families find it easy to pay independent school tuition. Most adjust their spending priorities, maximize parents’ earnings, and carefully manage assets to do so. There is no specific income level at which a family does or does not qualify for Financial Assistance. Though we would like to provide firm guidelines to help you decide whether or not to apply for assistance, each family’s combination of circumstances is unique. The most helpful guideline comes from your own knowledge of your family’s finances. A guideline is, if in doubt, apply. Charlotte Academy does not guarantee awards in any amount to any family.
What will my family’s contribution be?
Given the many variables that affect an award decision, it is impossible to accurately predict a family’s contribution based solely on family income. As Charlotte Academy strives to help as many families as possible, individual student awards granted by Charlotte Academy during previous school years ranged from $350 to nearly full tuition.
Will support continue in future years?
If your circumstances do not change, you can expect your award to remain about the same from year to year. Priority for Financial Assistance goes to returning students who currently receive assistance. However, each year we do ask all families receiving assistance to reapply because a family’s circumstances can change.
What about separated, divorced, or never-married parents?
Charlotte Academy considers the income and assets of any adult who plays a significant role in a student’s life. All adults (mothers, fathers, step-parents, guardians, etc.) are required to submit all forms to FAST.
Will my application for Financial Assistance affect my child's chances for admission?
No. Charlotte Academy maintains a need-blind admissions policy; that is, students are admitted on the basis of individual merit, not on the basis of ability to pay.
Are any other sources of Financial Assistance available?
Charlotte Academy encourages families meeting lower family income levels to apply for the state corporate tax credit scholarship program called Step-Up for Students. The Step-Up for Studentsscholarship awards up to $3950 per student towards private school tuition.
Visit http://floridapride.org/ to learn more, or inquire at Charlotte Academy.
