Tuition Payment Plans

Minnehaha Academy has partnered with FACTS Tuition Management to help us manage the tuition billing and collection process. The FACTS program provides a simple, convenient, secure and completely confidential method of payment. Every family must register with FACTS; instructions for registering will be provided by the school in May 2012. FACTS administration fees are per family and vary depending on the payment option selected. To assist families in budgeting for tuition payments, Minnehaha Academy offers these payment options:

• Prepayment plan – a 2% prepayment discount is offered to families paying in full by July 20, 2012. FACTS administration fee is waived.
• Two-payment plan – Half of the tuition and fees payable by August 6, 2012, with the remaining balance due by December 20, 2012. FACTS administration fee is waived.
• Budgeted monthly or quarterly payment plan –Available in 4 quarterly payments (due in July, October, January, April) or up to 11 monthly payments (July - May). This option has no interest or finance charges, but has an annual set up fee of $40.

For all payment options, payment may be made by check, ACH or credit card (MasterCard, American Express or Discover).

Financial Aid

Minnehaha Academy wishes to serve students who show commitment to learning about the Christian faith and who aspire to academic excellence, personal growth and active participation in school activities. Financial aid based on demonstrated financial need is offered to qualified students as a way to promote equal access to Minnehaha Academy and enhance the socioeconomic diversity of the student population. Through our growing financial aid program, over $1.5 million in need-based aid is awarded annually.

Financial aid is offered in the form of a grant and does not require repayment. Financial aid is awarded for tuition only and does not cover student fees, lunches, transportation or any other incidental expenses. Additionally, only a portion of demonstrated need will be met; as families decide whether to accept a financial aid grant it is important that they carefully consider their financial obligation for the remaining portion of tuition, including fees and other incidental costs of attendance. In recent years, the average grant has been approximately 50% of the cost of tuition.

Decisions regarding financial aid are made separately from the admission process and financial aid applications are considered only after a student has been accepted for admission. Decisions for financial aid begin in early April and continue until all funds are distributed. Financial aid is available to students entering kindergarten through grade 12 and any interested family may apply.

The Financial Aid Process

Minnehaha Academy is a member of School and Student Services by NAIS (SSS), a needs analysis system serving independent schools nationwide. As a member of SSS by NAIS, Minnehaha Academy complies with the NAIS Principles of Good Practice for Financial Aid Administration.

Financial aid at Minnehaha Academy is determined by a family’s ability to meet education expenses. Minnehaha Academy believes the family should be the first resource for funding their children’s education and it is important to note that the financial aid determination is based on demonstrated financial need and not on the willingness or unwillingness to pay.

Each family is expected to pay a portion of the cost of their student’s education or find resources apart from financial aid to fulfill their obligation to Minnehaha Academy. Due to a limited budget and the number of families requesting assistance, all qualified need may not be met.

Families applying for financial aid are required to complete a Parents’ Financial Statement (PFS) and submit it online along with the applicable fee to SSS. Families are also required to submit a signed copy of their 2011 federal income tax return, W-2 forms and all schedules. If applicable, all corporate and partnership/sole proprietorship forms must also be included. Based on the financial information you provide, SSS gives us an estimated amount your family can contribute to educational expenses.

In order to be assured of consideration, families must be timely and thorough in completing the application process.

Information for Families Applying for Aid for the 2012-2013 School Year

To be eligible for consideration for financial aid, you must complete your Parents’ Financial Statement (PFS) by February 15, 2012 and submit your required documents by March 1, 2012. Please note that it is the applicant’s responsibility to ensure all required documents are submitted by the March 1st deadline. We will communicate decisions about financial aid in early April.

We use School and Student Services By NAIS (SSS) to process financial aid applications. Based on the financial information you provide in the Parents’ Financial Statement, SSS gives us an estimated amount your family can contribute to educational expenses. This estimate is a starting point to help us make fair and objective financial aid decisions. To begin your financial aid application for the 2012-2013 school year, please follow these steps below. (You only have to complete one Parents’ Financial Statement, even if you have several children applying.)

TO COMPLETE THE PARENTS’ FINANCIAL STATEMENT (PFS) ONLINE

TO COMPLETE A PAPER PARENTS’ FINANCIAL STATEMENT FORM

1. If you don’t already have a paper Parents’ Financial Statement (PFS) form, call us at (612) 728-7774.
2. Complete the PFS and return it with a nonrefundable payment ($49) to: SSS By NAIS, P.O. Box 449, Randolph, MA 02368-0449 USA. (For overnight mail: SSS By NAIS, 437 Turnpike Street, Canton, MA 02021.)
3. The PFS comes with a Required Documents Cover Sheet and large envelope you can use to send in the additional documents that we require.

ADDITIONAL DOCUMENTS WE REQUIRE

Minnehaha Academy requires that you submit your required documents (**see below) to SSS by mail or online the following documents in addition to your completed Parents’ Financial Statement: 2011 Federal Tax Return, all schedules and W-2’s. We must receive these documents by March 1, 2012.

**REQUIRED DOCUMENTS:

• A completed Parents’ Financial Statement (PFS) and Report of Family Contribution (RFC). SSS will give MA access to these documents after analyzing the completed PFS submitted to them by the applicant family. (see step #1 above)
• Minnehaha Academy 2012-2013 Institutional Aid Application. Please use this form to indicate who is applying and to explain any unusual circumstances that have affected your family’s financial situation this year that you would like considered.
• A complete, signed copy of all 2011 Federal Income Tax forms, including copies of W-2 forms and all accompanying schedules. If applicable, all corporate and partnership/sole proprietorship forms must also be included. All documents should be mailed directly to SSS (address listed above).
• If you own a business, you must also submit a completed Business/Farm Statement along with all 2011 Federal Income Tax forms and all accompanying schedules for each business owned.
• Optional: 2012-2013 Endowment Award Application if your student would like to be considered for a Named Endowment Award.
• A Required Documents Cover Sheet should accompany all documents mailed to SSS.

The Financial Aid Committee reviews all completed financial aid files and makes a decision based upon each family’s demonstrated need. The Committee may require additional documentation such as bank statements and a monthly budget if more information is needed in order to understand a family’s financial situation.

Important Deadlines

Financial aid funds are limited; applications must be received by the following deadlines to be eligible for full consideration.

February 15, 2012 – Deadline to complete your PFS online

March 1, 2012 – Deadline to submit all required documents to SSS

Financial Aid Policies

The following policies govern the administration of financial aid at Minnehaha Academy:

Students with an outstanding balance from a previous school year must make arrangements for complete payment before they will be allowed to register for the next school year or receive any financial aid granted. A financial aid application may be submitted but any grant awarded will be withheld until satisfactory payment arrangements are made with the Student Accounts Office and approved by the President of Minnehaha Academy. Financial aid may be awarded on a provisional basis, contingent on academic or citizenship performance or financial standing.

Renewal of a financial aid grant is based on proof of continued financial need, as well as evidence that the student has exhibited academic progress and good citizenship. Families must re-apply each year and the amount of assistance may change.

Minnehaha Academy believes that both parents have an obligation to support their child’s education. Therefore, in the case of divorced or separated parents, or parents who have never been married, both custodial and non-custodial parents with legal parental rights are each required to submit all of the required financial aid application documents in order for their child to be considered for a financial aid grant. In cases where one parent cannot comply, the custodial parent should submit a written explanation. Lack of information from either parent may cause an arbitrary assessment of financial need to be made by the school, resulting in a lesser award or no award at all.

Confidentiality

The financial aid process is conducted with the utmost concern and respect for the family’s privacy. Be assured that all financial information submitted in the financial aid application process is held in the strictest confidence by both Minnehaha Academy and SSS by NAIS.

Questions?

Contact our Financial Aid Office with any questions at (612) 728-7774 or financialaid@MinnehahaAcademy.net.