Upper School Financial Aid Manual 2024-2025
Written and practiced in accordance with best established practices of independent schools
A Letter from Our Head of School
Slate School has a multi-faceted mission, but nothing we do is more important than our absolute focus on discovering and developing the creativity that is unique to each learner in our community. If you look for it, creativity is not in short supply in our world. You can find it in the work of every human, but it is sadly undervalued and often overlooked altogether as we hurry through our busy lives. We believe that it is this creativity that will positively transform our world.
Our work takes many forms. From the very beginning of a child’s education at Slate School we introduce and grow each community member’s ability to identify personal goals, make wise and reasonable commitments, and reflect on progress. The creativity in personal project experience is seen throughout the process in choosing and wondering about topics, finding connections and opportunities for collaboration, and then of course discerning the most important ideas to share and the best way to share them. They learn the languages of mathematics and science as they daily observe their incredible 40-acre environment. They create with instruments and dancing. They connect the cognates of Spanish with the languages of their homes and the language spoken most often here at school, creatively building bridges across continents and backyard fences. Throughout the entirety of every day at Slate School, educators are lovingly observing and encouraging each child to persevere through each of their unique challenges and learn excellently at exactly their own pace.
With all of this work to respect the individual, it is only reasonable that our financial aid policy is also unique. At Slate School, we take an individualized approach to tuition in order to advance our mission of making an exceptional education affordable to every child. By asking all families to participate to the degree that they are financially able, we hope to confirm and build the understanding that all Slate School families are our partners in the important and creative work of educating our children together.
Julie Mountcastle
Head of School
Frequently Asked Questions
What does tuition cover?
Tuition covers project and other learning resources, educator salaries, benefits, and professional development, as well as property maintenance and management. Tuition does not cover capital expenses such as current or future growth, construction, property acquisition, etc., which are all significant expenses fundraised separately among donors. All students receive subsidized tuition. The highest cost of tuition is $28,000/year, with additional subsidization in the form of financial aid grants based on financial need. More than 80% of our 67 students in 2023-2024 receive significant financial aid grants, and 100% of students have subsidized tuition.
What is FACTS?
Slate School has employed FACTS Grant & Aid for our financial aid application process and assessment. As a reliable resource for tuition management, FACTS analyzes families’ financial need based on income, expenses, and other considerations, and provides data values to Slate School. Slate School multiplies 10% times gross income in order to determine tuition and financial aid grants. Students who have attended Slate Lower School for at least 3 years receive an additional 5% tuition discount. Other factors considered for financial aid are included in this manual.
What is gross income?
Gross income is defined by the IRS as all income and revenue collected during a calendar year. This includes wages, dividends, capital gains, business income, retirement distributions as well as any other monies earned. Gross income is different from adjusted gross income (AGI) which is defined as gross income minus adjustments to income for tax filings.
Do you expect families to make donations to the school?
We are grateful to have generous donations that support our students and school. Donations come from companies, individuals, parents, grandparents, aunts, uncles, neighbors, and other friends of Slate School. These donations make it possible for Slate School’s unique and generous financial aid policy in which we are the only independent school in the country to offer need-blind admissions and to meet 100% of demonstrated financial need. In contrast to other independent schools where tuition covers nearly the entirety of operating expenses, with Slate School’s generous financial aid model, tuition accounts for only 34% of the operating budget. We encourage families to contribute donations to the extent they are able to support the continued work of educating children at Slate School, as well as our commitment to ensuring that an exceptional education is affordable to every child. Slate School is a 501(c)3 nonprofit, and all donations are therefore tax deductible.
Will tuition ever change in the future?
Tuition may change in the future, depending on tuition revenue generation, and quantities of donations that offset the costs to run the school. Tuition may increase to remain in step with costs. No tuition increase is currently planned, and any future increases will be communicated an academic year in advance.
How is tuition determined if legal guardians are separated or divorced?
For parents who are divorced, separated, or never married, each legal guardian is required to submit a FACTS application. All legal guardians are considered in the financial aid calculation.
What if my family has more than one child attending Slate School?
Each additional sibling attending Slate School receives an automatic 20% discount on the family obligation regardless of income.
Why is a deadline necessary?
Almost all independent schools have a deadline of February 15th. Except in situations with unique circumstances, all documents necessary to file taxes for the most recent tax year are available to tax filers. Slate School’s February 15th deadline is even more important to Slate School because unlike other independent schools, we guarantee meeting 100% of demonstrated financial need for every family. We need to budget and fundraise for the significant financial aid and grants that we guarantee to our families, and the grant budget needs to be known to Slate School based on the timeline that comes with the February 15th deadline.
There are at times unique circumstances where tax documents may not be available in time to allow for a February 15th filing. In these uncommon instances, an explanation must be submitted by your accountant to Slate School by February 1, which is then reviewed by our accountant. In these pre-approved instances, the family will receive an enrollment contract that specifies that a preliminary financial aid award is being made prior to receiving the most recent Federal Income Tax forms. Awards are contingent upon the verification of the tax returns and subject to change should the Federal Income Tax forms differ from the information provided in the earlier financial aid submission.
What if I miss the financial aid deadline without prior approval?
The deadline is very important, and financial aid cannot be guaranteed if the February 15th financial aid deadline is missed without approval based on Slate School’s accountant’s review.
Is financial aid available if my child applies and is admitted after February 15th for the next academic year?
If a student is admitted as a new student after February 15, the financial aid application will be considered as long as the financial aid application is submitted concurrently with the student application, and as long as financial aid funds remain available.
What is the financial aid and tuition timeline?
February 15: Financial aid application deadline
March 1-5: FACTS provides calculated values to Slate School. Slate School multiplies the gross income calculated by FACTS by 10% to determine the tuition. Students who have attended Slate Lower School for at least 3 years receive an additional 5% tuition discount. Other financial aid considerations are included in this manual.
March 15: Enrollment contract and $1,000 non-refundable deposit due from returning families for the next year
March 16 and beyond: Slate School’s fundraising and financial planning
April: Set up your tuition plan in FACTS, and coordinate for yearly, semi-annual, or a monthly payment schedule
Financial Aid Case Study Examples
Case Study #1: Bob and Suzie
Financial Situation: Bob and Suzie have a 12-year old at Slate School and a 3-year old at home. Bob owns a business, which provided an income of $40,000 for the most recent tax year. Suzie owns a business, which had -$10,000 of income for the most recent tax year.
Financial Aid Grant: Bob's and Suzie's total income was $40,000 (negative business losses are counted as zero). 10% of $40,000 means that the total tuition is $4,000, with $24,000 granted in financial aid scholarships.
Case Study #2: Denise and Jamie
Financial Situation: Denise and Jamie have an 11-year old at Slate School, and an older child in high school. Denise's W9 shows $60,000 of income for the most recent tax year. Jamie owns a small business, which provided an income of $15,000.
Financial Aid Grant: Since Jamie does not have a young child under the age of 5 at home, the minimum of $25,000 expected parental income applies to Jamie's income. Their total family income is therefore calculated as $85,000. 10% of $85,000 means that the total tuition for Grade 7 is $8,500, with $19,500 provided in financial aid scholarships.
Case Study #3: Sofia and Alex
Financial Situation: Sofia and Alex have four children, and three are at Slate School, with an older child in high school. Sofia owns a business which generated $100,000 of income for the most recent tax year. Alex does not work and doesn't have income.
Financial Aid Grant: Since Alex does not have a young child under the age of 5 at home, the minimum of $25,000 expected parental income applies to Jamie's income. Their total family income is therefore calculated as $125,000. 10% of $125,000 means that the total tuition is $12,500, with $15,500 in financial aid scholarships for the first child. Each additional child attending Slate School has a 20% discount, which means that the other children at the Upper School have tuition of $10,000 each, and $18,000 in financial aid scholarships each.
Case Study #4: Pat and Reggie
Financial Aid Situation: Pat and Reggie have one child attending Slate School. They are not married. Pat's W9 shows $32,000 of income for the most recent tax year. Reggie's W9 shows $35,000 of income for the most recent tax year. Pat received $6,000 in non-taxable income from SNAPs.
Financial Aid Grant: The total parental income includes Pat’s and Reggie’s individual incomes, which amount to $73,000. 10% of the $73,000 means that the total tuition is $7,300 for their child, with $20,700 in financial aid scholarships.
Slate School Financial Assistance Policy
We ensure that a family's financial circumstances are not a barrier to an exceptional education at Slate School. It is also important that families invest in and finance their children's education to the extent that they are able.
Slate School embraces socioeconomic diversity and offers guaranteed scholarships and financial aid designed to ensure affordability for all families in the community. Slate School is the only non-public K-12 school in the United States to offer need-blind admissions, while meeting 100% of all demonstrated need for each admitted student. This means that financial need is not considered as part of a student's admission decision, and upon admission, the student's full financial need is subsidized by Slate School. We are proud that finances are not a barrier to enrollment, regardless of their family's financial circumstances. More than 80% of the student body receives significant financial aid.
We meet 100% of demonstrated financial need for every admitted student, and financial need is reevaluated every year of attendance at Slate School. Financial aid is need-based and considers factors such as family's income, assets, family size, and extenuating circumstances. Our financial aid distribution is objectively determined.
Our generous financial aid makes Slate School accessible to our admitted students. Slate School is a 501(c)(3) nonprofit organization that is dedicated to fundraising to meet the significant gap between the cost of educating each student and the tuition submitted by each student. Before scholarships and financial aid, the tuition for Grade 7 students for the 2024-2025 academic year is $28,000. Slate School invests significantly in educating each student, including salaries for teachers and staff, classroom resources, project materials, books, maintenance, grounds upkeep, utilities, etc. The cost to educate each student at Slate School far exceeds the tuition paid by each student before and after financial aid grants. Slate School is funded by charitable contributions. These donations enable Slate School to subsidize the cost of tuition and to provide scholarships and financial aid to families attending Slate School.
Family Expectations
All families with a gross income of less than $280,000 will receive guaranteed scholarships and financial aid to ensure that the family's financial obligation does not exceed 10% of their gross income. Students who have attended Slate Lower School for at least 3 years receive an additional 5% tuition discount. Other considerations for financial aid are included in this manual.
All parents/legal guardians are expected to work to contribute towards the cost of their child’s education, and $25,000 is therefore the expected minimum income for each parent/guardian. An income of $25,000 is added to the gross parent/guardian income for a non-working, fully able adult with children who are older than 4 years old, and who is not a full-time adult student. Therefore, a parent whose income is less than $25,000 will still count in the gross income as an income of $25,000, and therefore the parent has an automatic tuition obligation of $2,000 per year.
Sibling Discount
Each additional sibling attending Slate School receives an automatic 20% discount on the family obligation regardless of income.
Financial Aid Eligibility
A family whose gross income is above $280,000 and who therefore does not quality for financial aid is not eligible to receive a financial aid grant for the following two years, unless circumstances beyond the family’s control have led to unemployment or underemployment. Other extenuating circumstances may be considered, at the sole discretion of Slate School’s Financial Aid Committee.
Need-Blind Admissions
Your financial need and family’s financial circumstances do not affect your child’s ability to be admitted to Slate School. We do not review your financial aid application until after you are admitted to Slate School.
Financial Aid Application Process and Firm Deadline
Slate School only requires steps that are truly necessary in the financial aid process. We understand that applying for financial aid can be intimidating and time consuming, and we encourage you to plan in advance to ensure that deadlines are met and that the process is as smooth as possible for you.
Slate School has employed FACTS Grant & Aid for our financial aid application process and assessment. FACTS provides uniform and objective evaluation of financial aid applications. As a reliable resource for tuition management, FACTS analyzes families’ financial need based on income, expenses, and other considerations.
Families must apply for financial assistance each year, regardless of previous assistance/applications. All families should create an online FACTS account, complete the application, and – for new applying students -- submit it concurrently with the student application. The financial aid application should be completed as soon as possible, and February 15 is the firm deadline for completion for returning students and for new students. The application needs to be completed with required tax documents submitted in order to evaluate aid. Tax filings are required for all applying for financial aid, regardless of income. Applications that are partially completed or submitted without sufficient data and documentation will not be considered complete. Financial aid is not guaranteed if the complete financial aid application is not submitted by the February 15th deadline.
If a student is admitted as a new student after February 15, the financial aid application will be considered if the financial aid application is submitted concurrently with the student application, and as long as financial aid funds remain available.
Required documents include 2023 income statements (including W2s, unemployment statements, and Social Security income statements), and 2023 IRS Form 1040 and relevant schedules. We also ask that business owners and those in partnerships include a Schedule C, Schedule E, Form 1120, and or K-1. Additional documents may be requested.
Divorced and Separated Parents
For parents who are divorced, separated, or never married, each legal guardian is required to submit a FACTS application. All legal guardians are considered in the financial aid calculation.
Supplemental Documentation
Certain circumstances may require families to supply additional documentation in order for the Financial Aid Committee to provide financial aid most appropriately. When establishing a final amount of financial assistance to be awarded, the Financial Aid Committee will treat each case in a thoughtful, consistent, and reasonable way, which will help achieve the purpose of the financial assistance program. The Financial Aid Committee has the right to contact the family for further information, and it is always important to be transparent and forthcoming so that financial aid can be determined and distributed.
Profit or Loss From Business
Profit or Loss From Business tax form may require submission of documentation to substantiate reported business expenses. Cash flow statements, balance sheets, and other information relevant to the business may be requested as well.
Losses and Depreciation Expenses
Slate School does not include losses and depreciation expenses in gross income calculations, including losses generated by businesses. A business with a negative income will be counted as zero.
Home Use for Business Expenses
When a home is used for business purposes, the Expenses for Business Use of Your Home will be required for submission.
Utilities for businesses with the same address as the home are excluded as a business expense, except for extenuating circumstances, in the sole discretion of the Financial Aid Committee. Relevant utilities documentation may be requested.
Travel Expenses
When travel expenses are included as a business expense, relevant travel expense documentation may be requested for substantiation.
Additional Circumstances
Families who wish to have their financial aid grant considered beyond the 10% calculation must do so in writing. In most cases, re-evaluation of grant decisions and amounts will only be considered in the context of new information or extenuating circumstances that apply to the single prior tax year. It would be extremely rare for additional grants to be provided beyond the 10% sliding scale, and even more unlikely for multiple years.
An anticipated reduction in income for the current or next tax year is not considered since there are no associated tax documents. A reduction in income would be taken into account for the subsequent academic year’s financial aid.
Slate School has a specific approach to financial aid and does not engage in excessive negotiation and/or lobbying efforts. Families have 7 days from the dated enrollment contract to submit a written request for additional consideration. Requests should be emailed to financialaid@slateschool.org
Unusual Expenses and Debt
The Financial Aid Committee carefully reviews all unusual expenses and debts listed by a family in a given year. Often unusual expenses, negative business income, and debts may require follow-up contact or paperwork. The School tries to be reasonable and always wants to understand the context of a family's situation, but uses professional judgment in addressing what the School will and will not consider as valid forms of expense, debt, or expenditure. The School may request paperwork to support figures that are listed on the financial aid application.
Application Discrepancies
Slate School verifies each family’s financial aid application and reserves the right to negate any financial award made based on inconsistent or inaccurate information. The Financial Aid Committee reserves the right to request any additional financial information it deems necessary in order to make a decision regarding financial aid.
Should discrepancies and/or inaccurate information later be discovered in the information provided to Slate School, the School reserves the right to withdraw financial assistance at anytime during the school year. It is the responsibility of the parent(s) to notify the School immediately if any error or discrepancy has been submitted to FACTS and/or to Slate School. A financial aid award will not be increased, but may be decreased or withdrawn.
Disqualification
Families may be requested by the Financial Aid Committee to supply additional documentation as needed. Failure to comply with such requests, as well as any falsification of documentation, can lead to a disqualification or adjustment of a financial aid grant.
Good Standing
Financial aid awards are contingent on maintaining compliance with the Enrollment Contract and other written agreements as well as being current at all times with any and all financial obligations to the School. Failure to comply with the enrollment contract and financial obligations will result in revoking financial aid.
Confidentiality
Slate School maintains confidential financial aid records for all applicants and students. All financial aid awards are confidential agreements between the recipient family and Slate School, and not shared with other parties. All financial aid records remain in FACTS, and FACTS access is restricted to Slate School’s Financial Aid Committee.
Families may not discuss assistance information with anyone other than a member of the Financial Aid Committee. Slate School holds the right to withdraw awards for a breach of this expectation.
Payment Plan Options
Families can choose one-payment, semester, and monthly tuition payment plans. There is a $55.00 enrollment fee for a monthly payment plan, $25.00 for a semester, and no enrollment fee for full payment plan.
Open Communication
The Financial Aid Committee strives to be thoughtful and transparent in its allocation of financial aid. We expect that applicants for aid will be honest, respectful, and forthcoming when supplying data to the school. Slate School welcomes questions and comments during the financial assistance application process, and the Financial Aid Committee can be reached at financialaid@slateschool.org