Financial Aid FAQ
- Does applying for financial aid impact my student's application for admission?
- Do you offer merit-based financial aid?
- How do we apply for financial aid?
- What is considered when you are evaluating our financial aid application?
- Our family might qualify for financial aid but we aren't sure. Is there a way to find out?
- What expenses are covered by financial aid?
- If my student uses financial aid to attend UPrep, will their experience be different from their peers?
- I'm a single parent household. Will that impact the financial aid application process?
- What if the student's parents are divorced? Remarried? Who needs to apply for financial aid?
- We're a family with a student returning to UPrep. We haven't been on financial aid before. Are we able to apply?
The application for admission and the financial aid application processes are separate but related. First, teams of faculty and staff review applications for admission and meet to determine which applicants are admissible. From there, a small financial aid committee made up of UPrep administrators meets to discuss those admissible applicants that have also applied for financial aid and have demonstrated need. The financial aid committee reviews the budget and determines how much financial aid can be distributed to newly admitted students.
Per UPrep policy, we will not admit any students who have demonstrated financial need that we cannot support. This means that if an applicant has been deemed admissible but we do not have enough financial aid remaining to support that student, they will be placed in our Wait Pool.
We use School and Student Services (SSS) to process all financial aid applications. Therefore, you will need to create an SSS profile and complete the Parent Financial Statement (PFS) and submit all required documents. The PFS is a thorough questionnaire that will ask you questions about your income, assets, debts, living expenses, etc. Please leave yourself ample time to complete the PFS as well as upload all required documents.
In evaluating need, University Prep considers more than just the family’s total income. Rather, we look at a family’s whole financial picture, taking into account assets including home ownership, savings and retirement funds, and whether the applicant has a 529. Additionally, we consider whether the parent/guardians’ have debt, their regular living expenses, as well as any unusual expenses that came up in the past year. We also factor in how many other children they have in tuition-charging schools.
Talk to us! We would be happy to hear more about your financial situation and give you an idea of whether or not you might qualify for aid. Please be in touch with firstname.lastname@example.org to find a time to meet or talk by phone. There are also cases in which an applicant is deemed admissible and has applied for financial aid but we determine that they have not demonstrated need. In these cases, the applicant is admitted without financial aid.
We recognize that a UPrep education extends beyond the classroom, which is why our financial aid program is comprehensive of all UPrep-related expenses. This includes but is not limited to textbooks, technology (laptop or iPad), lunch, extracurricular activities, Global Link programs, college application fees, and transportation.
The UPrep financial aid program is confidential. This means that a very small number of administrators at the school are aware of which students are using financial aid to attend. Teachers, advisors, coaches, etc. are not privy to this information, ensuring that all students are treated the same regardless of socioeconomic status.
Single parents are welcome to apply for financial aid. In addition to the required tax documents, single parents are asked to complete a Statement of Explanation waiving the noncustodial parents’ responsibility for providing financial support for educational expenses. On this Statement, you will also be asked to explain whether you know the whereabouts of the second household and provide a brief explanation of the situation.
Please note that University Prep’s financial aid program is predicated on providing funds to families who are unable to meet the full cost of attendance, as opposed to unwilling. For that reason, if there is a second custodial parent who refuses to complete the financial aid application, we will not consider that application complete.
The school considers the assets of both custodial parents when evaluating need, regardless of whether the parents have made independent arrangements regarding education and finances. We also consider all adults living in household(s) of the custodial parents. If either parent has remarried or has a domestic living relationship with another adult, UPrep will also consider the assets of the stepparent or domestic partner. Both biological parents and their current spouses or domestic partners, if any, will be required to submit a financial aid application and return all appropriate tax forms and schedules in order for the financial aid application to be considered. It is the responsibility of the parent applying to UPrep to ensure that all required adults as described above are completing a financial aid application.
Families who have a student attending UPrep and pay the full cost of tuition are able to apply for financial aid if they have experienced a significant, involuntary change in financial circumstances. This can include parents divorcing, sudden loss of employment, death in the family, etc. Otherwise, students who have enrolled at UPrep without financial aid will be expected to continue attending the school without utilizing financial aid.