Financing a Renaissance Education
Learn about our:
Tuition
Financial
Responsibility Of Parents and Guardians
Flexible
Tuition
Payment
Plans
Tuition
Tuition at Renaissance School for Arts and Sciences for the 2009-2010
School year will be $26,000. The Board of Trustees sets annual tuition
in early February, at the same time the new budget is approved.
Families can expect yearly tuition increases based on the rate of
inflation and cost of living, usually in the range of 3-7% annually.
Financial Responsibility of Parents
A gap between tuition income and expenses is common among independent schools.
Some would ask, “Why not just charge each family what it costs to educate
their child?” We answer, “We keep tuition as affordable as possible for as
many families as possible. And while tuition dollars are not tax deductible,
any donations made to the school are tax deductible to the fullest extent
of the law.”
By definition, an independent school is not governed
by an elected school board. Student admission, curriculum, faculty and policy
decisions are made by the school administration and an independent, volunteer
Board of Trustees. Renaissance is neither supported nor subsidized by any government,
religious or private organization. As a result, while cost increases are anticipated
as accurately as possible, an annual gap between tuition income and expenses
does occur.
To close the tuition/expense gap, we turn to current parents, past parents,
alumni, trustees, faculty, friends, foundations and corporations for charitable
support. At Renaissance, the annual development efforts come in several forms: Annual
Fund, Scrip, the Dinner/Auction and the Golf Tournament. These annual parent-sponsored
fundraisers provide enhanced classroom equipment, programs and faculty development.
Facility Fees and Capital or Special Gifts Campaigns are initiated for specific
purposes and overall institutional advancement. An example is the current Capital
Campaign which is for the purpose of developing a permanent campus. Another
way of looking at these fundraising events is: the Annual Fund, Scrip, the
Dinner/Auction and Golf Tournament provide funds for the School's annual operating
budget and, like checking accounts, provide immediate funds. Special Gifts
or capital drives provide funds for bricks and mortar and special projects
and are like savings accounts.
Renaissance School for Arts and Sciences is fortunate to have in its community
a parent population who understand that their support of the school, whether
through time, talent or resources is essential. Most of our parents volunteer
for large and small assignments equaling thousands of hours of vital support.
Annual Fund is the only fundraiser at Renaissance in which we ask every
family to participate. Each year the school strives for 100% participation
from our Families, Faculty, Administration and Board of Trustees every year. In recent
years we have achieved a growing percentage of parent participation
in the Annual Fund with an average gift of $600 in 2008-2009.
These are the responsibilities and expectations we count on to make
Renaissance School for Arts and Sciences flourish, to engage you
along with your child in the spirit of this community, and to provide
your child with the finest education we, together, can create and
provide.
Flexible Tuition
Any student interested in Renaissance School for Arts and Sciences should apply
for admission regardless of the family's financial situation. Because the
school is committed to a diverse student body from varying backgrounds, Renaissance
School for Arts and Sciences has a strong need-based financial aid program
that provides financial assistance to families who otherwise could not afford
the full tuition cost. Grants range according to family needs.
Families who believe that their resources are not sufficient to
meet tuition costs, and who believe that the payment plan will not
provide adequate support, are encouraged to apply for flexible tuition.
An application for flexible tuition will not in any way affect the
admission decision. Two separate committees make determination of
flexible tuition and admission decisions. While the school has committed
a significant percentage of its budget to flexible tuition, it is
important for families to know at the outset that not every student
who is accepted to the School and who demonstrates a need for flexible
tuition will receive it. The School, unfortunately, does not have
the resources to meet the needs of every family who qualifies for
financial assistance.
Eligibility
The first step in applying for flexible tuition is to determine if a family
is eligible. To evaluate eligibility and level of need, the School uses the non-profit organization
School and Student Services for Financial Aid (SSS). This organization provides
a common base by which each family's needs can be measured fairly and equitably.
SSS analyzes the “Parents' Financial Statement” (PFS)
and recommends to Renaissance School for Arts and Sciences a family
contribution; in some cases, SSS will determine that a family does
not need financial assistance. The Flexible Tuition Committee at
the School then uses the SSS recommendation as a guideline (in
conjunction with copies of tax returns and budget worksheets) in
making a final decision that fits within the capacity of the Financial
Aid Budget. Decisions and awards are mailed with the Admission
acceptance packet in March. Admitted students will usually know
upon admission whether a financial aid award has been made.
Applying for Flexible Tuition
Please call the Admission Office to receive financial aid application
forms. There are three parts to a financial aid application:
- Filing a “Parents' Financial Statement” (PFS)
with the School and Student Service for Financial Aid (SSS) by
January 31 (priority deadline).
- Send to Renaissance School for Arts and Sciences
(1) a copy of the PFS; (2) two previous years federal income tax
forms including all schedules with copies of W-2 forms and (3)
Monthly Budget Worksheet. Complete confidentiality throughout
the flexible tuition application process is assured
Payment Plans
A 10% deposit of tuition and fees is due upon signing of the enrollment
contract.
The balance of tuition and fees are due and payable
in two equal installments on June 5th, 2009 and December 4th,
2009. The costs of Tuition Refund Insurance and Finance Charges
are waived if the Remaining Balance is paid in full by June 5th,
2009; contact the Business Office for additional details.
Alternatively, the Remaining Balance [net of the
deposit, plus Tuition Refund Insurance ($480), and Finance Charges],
may be paid in nine equal monthly installments via Key Educational
Resources. Please contact the Business Office for more information
and an application.
It is the obligation of parents or guardians to make certain that
your student's Renaissance account is kept current. |
