Tuition and Financial Aid

2022-2023 Tuition & Fees

LUNCH: As part of our program, students in Eaglets-9th Grade eat school lunches prepared in one of our two dining rooms. All students are provided a mid-morning snack.

The enrollment contract and tuition become binding May 31 each year. After May 31, parents are obligated to pay the entire tuition, whether or not their child completes the school year.

Upon enrollment, families are given the option to purchase the Tuition Refund Plan. This plan is a unique form of insurance originated by a third party insurer, Dewars, to provide families the opportunity to protect their tuition investment at Summit School. The program refunds a portion of the unused annual tuition and insured fees when students are withdrawn or dismissed for covered reasons.

Summit offers four payment plans for tuition. The school administers student account payments through the FACTS Management Company. There is a nominal annual fee associated with the various payment plans listed below. The annual fee is waived for those choosing the single or two payment plan.

• Single payment of full tuition and fees due upon receipt of the July 1 statement. Those choosing the single pay option will receive a credit of 1% as a discount against tuition. Credit will be reflected on the July billing statement. The annual FACTS tuition management fee will be waived for this option. This option is available to families enrolling prior to July 1 and who complete contracts by the due date.
• Two payments: ½ tuition and fees due upon receipt of July 1 statement and ½ tuition and fees due upon receipt of December 1 statement. The annual FACTS tuition management fee will be waived for this option.
• Four payments: ¼ tuition and fees due upon receipt of each of the following statements: July 1; September 1; December 1; March 1, plus the annual FACTS tuition management fee of $45.
• Monthly Installments: Ten monthly payments plan administered by FACTS. Payments will be automatically drafted on the designated monthly payment due date, plus the annual FACTS tuition management fee of $45.

Sports Transportation: Upper School students who participate in after school sports pay a Transportation Fee of $150 per season (fall, winter, spring).

The school is able to offer assistance to students with demonstrated financial need, as determined by The School and Student Service (SSS) for Financial Aid. A family seeking financial aid should make it known at the start of the admissions process.

The financial aid application process will be explained during the Parent Visit. You may find the Parents' Financial Statement online. The SSS system opens on November 1 for the following school year.

Summit School welcomes admission applications at any time of year. We encourage all applicants to apply as early as possible for the following academic year. In particular, applicants considering financial aid are encouraged to apply for admission by December of the prior year.

Purpose of financial aid

Financial Aid and Tuition Assistance enables Summit School to enroll students with promise who would not otherwise have access to an independent school education because of financial constraints. The extension of aid makes our school more accessible and affordable, fostering a more diverse school community.

Summit financial aid is need-based only. We do not offer merit scholarships.

We believe the primary financial responsibility for a child's education rests with the parents to the full extent that they are able. All families are expected to contribute to the cost of their student's education.

Summit awards are direct grants; they do not need to be repaid. Grants of financial aid are not intended to cover 100% of the cost of attendance at Summit School. The program assists families in grades JrK-9th.

Summit School works with School and Student Services (SSS) by the National Association of Independent Schools (NAIS) to determine financial assistance. More information and applications are found online. The SSS system opens on November 1  for the following school year.

How is financial aid determined?

The Financial Aid Committee at Summit uses a completed Parents' Financial Statement designed by the School and Student Service for Financial Aid (SSS) to help us determine your family's contribution to educational expenses. We use the standardized calculation by SSS as an initial guide in determining your child's aid. This system considers gross taxable and non-taxable income, assets, liabilities, family size and the number of students in tuition-charging schools or colleges. After an allowance for basic necessities and required taxes, the remaining funds are considered available for education on a sliding scale.

How do I begin the process?

For families new to Summit, the process begins with a conversation with the Director of Enrollment Management at the beginning of the admission process.

The financial aid process is a separate process with an online application. The SSS system opens on November 1  for the following school year.

SSS provides many resources for parents on their website.

Please note: Applying for Financial Aid must happen in conjunction with an application for Admission to the school. Financial Aid awards are made only after acceptance to the school.

For families currently enrolled at Summit, please notify Carter Sturkie (Director of Finance and Operations, phone: 336-722-2777, ext. 1029 or email csturkie@summitmail.org). If you subsequently decide NOT to apply for aid, please notify Cindy Kluttz (Director of Advancement and Enrollment Management phone: 336-722-2777, ext. 1032 or email admissions@summitmail.org).

Financial Aid Timetable

November 1
SSS online system opens

December 31 or before
SSS forms due on-line or by mail to Summit

W-2's due to Summit (awards will not be made without last year's W-2's)

New families may submit last year's Tax Returns until current year's are available

February 20
Online re-enrollment for currently enrolled families

April 15 or before
Current Tax Returns due to Summit or uploaded to SSS

March, April and May
Enrollment contracts and notification of financial aid awards e-mailed to new families

What forms must we complete?

• SSS application
• W2 forms
• federal and state tax returns and all schedules or accompanying documents*
• property tax statements
• financial statements
• trust agreements
• business tax returns and schedules (also IRS Form 4506)
• other documents which might be helpful in fairly determining level of need.

*If a family is filing their tax return late, they are required to submit IRS Form 4868 – Request for Automatic Extension - by March 15. This form contains an estimate of income and taxes due. Once available, a copy of Form 1040 will be required.

Financial aid may be withheld from families or students who have not been timely in completing the required financial aid forms, paying their account, or who are not meeting acceptable standards of academic performance or behavior, provided however, that students receiving financial aid will not be held to a different behavioral or academic standard than other students who are not receiving financial aid.

Only one parent works outside the home. Must both parents be employed to receive financial aid from Summit?

In general, yes, if all children in the family are in school. However, if one parent is unable to work, that is not held against them. In cases where there is no clear reason for a parent not working, then the committee will impute income for that parent.

I have decided to go back to school while my child is at Summit. Will it affect my financial aid?

Quite possibly. We assume that a parent who is enrolled in school has arranged to fund his or her education without diminishing their ability to contribute to the cost of their child's education.

I am divorced, or no longer living with my child's other parent. Will Summit still expect that person to be part of my application for financial aid?

Yes. Summit School expects parents to pay the educational costs for their children to the full extent they are financially able. This principle applies to all parents, even those who are separated or divorced.

Summit is not bound by, and will not honor, any decrees, agreement, or legal document excusing a parent from financial responsibility for a child's education. Nor will Summit be bound by a parent who has disclaimed financial responsibility for the student. In the event that a custodial parent and child has no contact with the child's non-custodial parent for the past two years, a letter of confirmation, addressed and sent to the Financial Aid Committee, is requested from a third party/individual (lawyer, minister, etc.).

We are also aware that circumstances differ widely among separated or divorced parents and urge you to contact the Admissions Office if such information cannot be provided.

I may remarry or establish a permanent relationship with another adult. Will that person's financial circumstances be considered in the financial aid allocation for my child?

Yes, the addition of another adult into a household generally changes its financial picture to a considerable extent. In the school's view, your resources and expenses, including those for education, become family resources and expenses, just as those of your new partner become part of the family financial picture. We will ask you to complete the Parents' Financial Statement together, providing information pertinent to the new family unit and appropriate tax documentation, realizing at the same time that change of this sort can be emotionally difficult and require a period of adjustment.

Is it true that a family of four must earn less than $150,000 to qualify for financial aid?

Not necessarily. It depends on many factors, notably how many tuitions/childcare costs are being supported and what other aspects there are to the family. For a single tuition, a 15 percent guideline has worked in the past (take 15 percent of gross income and compare to tuition—if 15 percent is lower, then apply for financial aid). If a family earns over $150,000, it is unlikely they will qualify for more than a small award, if at all.

Confidentiality Statement

Summit School will treat as confidential all financial information provided by families. Only those persons directly involved in the financial aid decision-making process or in its administration will review this information. The identity of all students on financial aid will be held in confidence and restricted to the smallest number of persons possible.