Each year St. Catharine School allocates funds to be used for financial assistance. Financial aid is available to St. Catharine School families from two sources - the Diocese of Trenton and our parish funds.
Tuition Assistance Program
During the summer of 2016, the FACTS Management Company acquired PSAS, the company the Diocese has used in the past for their tuition assistance/needs analysis process. For the 2018-2019 school year, the Diocese will be using FACTS Management to coordinate their Tuition Assistance Program. In addition, the FACTS Grant Assessment program fulfills the requirement for the Parish Tuition Assistance Program, therefore, only one application will be required to satisfy both the Diocesan and the Parish tuition assistance programs.
Tuition assistance is not a loan, but rather forgone tuition that is paid for by the Parish. This cost to the Parish is partially offset by awards through the Diocesan Tuition Assistance Program. In order to be considered, families must complete the online application on the FACTS Management website. FACTS Management will evaluate the applications and will send us a report that gives us an assessment of a family’s ability to pay. All applications are confidential. Decisions and awards are on a 1st come, 1st served basis. Applications and all required supporting documentation must be submitted to FACTS by March 3, 2018 for Round 1, and by May 15, 2018 for Round 2. No application for Financial Aid will be considered after these deadlines. In recent years, 100% tuition assistance has been awarded in several cases.
Registered parishioners who have children currently enrolled in St. Catharine School are eligible to apply for tuition assistance. The evaluation process is based on many factors such as income, assets, debt, and number of children enrolled in SCS, as well as in the Catholic high schools. There is no specific income level at which a family is no longer eligible for aid. If you feel that you cannot afford to pay all of your tuition costs, you should consider applying. All financial information provided is kept in strict confidence. Tuition assistance is not generally available for new students until they are enrolled in the school for one year.
Award Determination Process
The Parish uses a two-step approach to determine tuition assistance awards. Evaluations are performed by FACTS Management, based on financial and tax return information provided by the family. FACTS provides a fair and independent analysis of what portion of SCS tuition each family can afford to pay. The tuition assistance application process coincides with the school's re-registration process, beginning at the end of January. Families must apply for tuition assistance for each year in which assistance is sought. Families who apply for tuition assistance should receive an award letter in June. In the past several years, the Parish has been able to provide all tuition assistance recommended through this process. We will make every effort to continue this practice going forward.
Diocesan Tuition Assistance Program
The Diocese of Trenton awards tuition assistance to families with children in Diocesan schools in grades K–8. Families who apply can receive up to one-half (50%) of the school's in-parish tuition rate. Awards are determined based on information contained in the application along with supporting materials provided by the applicant. The formula applied by FACTS is specifically geared toward families with children attending Catholic school. FACTS performs a comprehensive review and verification process to determine the ability of a family to pay for private education.
Once the Diocese has received the evaluation from FACTS, they will calculate the awards, and qualified applicants will be notified in writing. The Diocese does two rounds of awards, one in March, and one in May. Only one application is required to be considered for both rounds of awards. Tuition assistance awarded by the Diocese, based on the FACTS evaluation, is sent to the school to be applied to each qualified applicant's tuition account.
Please keep in mind that income tax returns from the previous year are the basis for completing each application, and they must be submitted with the FACTS application. Therefore, it is advisable to prepare your tax return as soon as possible to facilitate the tuition assistance process.
Parish Tuition Assistance Program
The Parish utilizes the evaluation from FACTS to determine financial assistance above and beyond that awarded by the Diocese. Based on the information from FACTS, the Parish allocates available funds from its financial aid budget to qualified applicants. It is important to understand that the awards from the Diocese are actual cash payments to the school, whereas the awards granted from the Parish come from Parish operating funds, and represent forgone tuition, either in full or in part. The funds received from the Diocese offset this forgone tuition, and allow the Parish to provide assistance to a greater number of qualified applicants.
Online Application: https://online.factsmgt.com
Application Deadline: March 3, 2018
Application Fee: $27.00
School Code: 5970
You must create a username and password for the FACTS system if you do not already have one. The application fee may be paid online, and all supporting documentation may be submitted online.
Please call the Rectory Finance Office at 732-449-5765 Extension 107. The FACTS Management website is also a valuable tool for understanding the financial aid process.
St Catharine-St Margaret Parish
215 Essex Avenue
Spring Lake, NJ 07762