The major portion of the financial aid budget comes directly from the school’s operating funds; the Board sets aside a portion of the revenue generated by tuition to return as financial aid to families who would otherwise not be able to attend Miquon. This commitment to economic inclusivity is a hallmark of the Miquon community. An endowment fund for financial aid was created in 1998 and is showing modest growth.
In 2012-13, 45% of all students in Kindergarten through 6th grade received financial aid awards ranging from 10% – 90% of tuition. Financial aid is not available to students in the Nursery. Any family may apply for assistance; it is difficult to predict accurately whether an award will be forthcoming since individual circumstances vary so widely, and since the overall demand may vary from year to year. However, the following information may help you to determine whether or not to apply for assistance.
Like many other independent schools, Miquon uses the processing service of the School and Student Service for Financial Aid (SSS) in Princeton, NJ. In making the assessment of need, a family’s financial circumstances are considered according to a standardized formula. This formula considers gross taxable and non-taxable income, assets, liabilities, and family size. After deducting an allowance for required taxes and basic necessities, a portion of discretionary income is considered to be available for tuition according to a sliding scale.
Many factors enter into the determination of an individual family’s need, but in general the greater the income and assets, the more parents are expected to contribute. An average family of four with no assets and one child entering Kindergarten at Miquon, will probably demonstrate little or no financial need if total family income is $150,000 or more, and therefore not qualify for an award. The same family earning $50,000 will probably demonstrate full financial need, and therefore be considered for a larger award. These average figures are affected by many factors, including most significantly the number of children enrolled in an independent school.
Miquon’s limited financial aid budget does not permit us to meet the full need of any family. Typically awards do not exceed 75% of need, and most awards are lower. In deciding whether to accept an award that has been offered, a family should consider carefully its obligation to meet the remaining portion of tuition. Awards are not renewed to families who are in arrears with tuition payments.
The Financial Aid Committee is a sub-committee of the Board of Directors. It is chaired by a member of the Board and includes other parents who are interested in working on financial aid, and the Director of Admissions and Financial Aid. Committee members take with the utmost seriousness their responsibility to work equitably, respectfully, and confidentially on behalf of all current and prospective members of the Miquon community.
Financial aid packets with complete information and instructions are emailed in December to applicant families who have indicated that they are considering a financial aid application.
• All applicants must complete the Parents Financial Statement (PFS) and file it directly (on-line or on paper) to SSS with the appropriate fee.
• All applicants must send copies of their IRS 1040 tax returns plus schedules and W-2 forms with their financial aid application to SSS, not to Miquon.
• In cases of divorce or separation, both natural parents are required to provide financial information.
• It is very important that all forms, including required tax returns, be submitted according to the deadlines given. Late applications will not be eligible for any special consideration.
• Awards made provisionally will not be reflected in tuition bills until all documentation (including tax information) has been received.
• If financial aid is awarded, it is the school’s goal to make comparable awards in subsequent years, as long as financial need remains the same. However, a new application must be made for each school year.