As a student on financial aid, UPrep was always there for me, always found ways to make sure I had everything I needed, and made sure that I did not feel excluded or left out. For me, that was so important." Breahna Wilson '08
As part of the school's mission, University Prep seeks to create a diverse student community. We recognize that, for some students who would be a great fit at our school, affording the full cost of attendance is not possible. For this reason, Financial Aid is an essential element, allowing us to welcome students from various socioeconomic backgrounds.
UPrep Financial Aid Program
This year, University Prep awarded $3.2M in need-based financial aid to 18% of our enrolled students. UPrep financial aid comes in the form of grants, not loans, that do not need to be repaid. For the 2020-21 academic year, these grants ranged from $10,000 to $38,000 and are supporting families with annual incomes ranging from less than $10,000 to over $250,000. In determining each family’s contribution, we consider a number of factors including income and expenses, assets, unusual expenses, liabilities, and how many children are attending tuition-charging schools.
Students receiving financial aid also receive funds to assist with textbooks, lunch, transportation, technology, field trips and retreats, global experiences, dances, and other co-curricular activities.
For most related expenses, we use a percentage based model to determine the family’s contribution amount. This means that if a student has been given a tuition grant that is equivalent to 80% of the total cost of tuition, UPrep will also contribute 80% toward any fee associated with that student’s education here. Please read our Financial Aid Profiles for examples of this percentage-based approach.
University Prep uses School and Student Services (SSS) to process all financial aid applications. In order to submit a financial aid application, you will need to create a profile in SSS. The first step is to complete the Parent Financial Statement (PFS). This is an in-depth questionnaire that helps us gain a full understanding of your family’s financial situation. The PFS requires that you provide a lot of specific information about your household’s finances so we recommend logging in early to make sure that you have all of the answers you need when you begin. You can also start and save as you go.
Once you have submitted the PFS, you will be required to submit additional documents. These include:
- 2020 and 2021 Tax Return (Form 1040) and all applicable schedules
- Most recent paystub and/or W2s
- Statement of Explanation (when applicable - see "Family Circumstances")
- Additional documents as needed
Some tips for completing the financial aid process:
- Begin gathering documents early! The Financial Aid application requires a lot of specific information regarding items like your household expenses, medical/dental expenses, investment/retirement funds, etc. We recommend familiarizing yourself with the Financial Aid Application as soon as possible so you can understand what information is required and begin collecting the documents you’ll want on hand to fill it out accurately.
- File your taxes as soon as possible. Your most up-to-date tax information is essential to completing the financial aid application. You will need to submit your 2020 and 2021 tax return, including all schedules, K-1(s), form 1120s, and W2s to SSS in order for your application to be complete. If this will not be possible given your circumstances, please be in touch with firstname.lastname@example.org as soon as possible.
- Explore tips and resources from SSS. One of the things we most appreciate about SSS is that they provide great tools for families in the form of webinars, worksheets, etc. Click HERE to learn more.
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