What is MMI’s Financial Aid Philosophy?

A quality education should not be out of anyone’s reach. The MMI Board of Directors and Administration has developed a financial aid program to help attract and assist a qualified student population, including those students who might not otherwise pursue an independent-school education.  MMI has both a need-based financial aid and merit-based aid. In addition, MMI makes available a 10-month payment plan that runs annually from June-March.  

 

For a school our size, we award a substantial amount of financial aid each year.  Our admissions decisions are made need-blind, that is without regard to a family’s financial situation.  We believe no qualified student should be denied enrollment because his or her family cannot afford tuition.  It is also important to remember that an independent school education is a choice for families.  Both MMI and our families make significant financial sacrifices to support this choice. Our policies and philosophy attempt to ensure that each family is subject to the same guidelines as we evaluate the needs of your family. Since we believe strongly in the financial contribution of the family, no students at MMI are fully-funded through our financial aid program.

 

The tradition of tuition assistance goes back to the early days of MMI. One of the key figures in the school’s history, Sophia G. Coxe, began a financial aid program for students in the 1920's. It was her hope that MMI would be affordable for anyone who wished to attend. The school continues to strive to keep tuition affordable for everyone.  We are driven to keep that tradition alive today and continue to work with families to give their children the opportunity for an MMI education. 

 

Tuition and Fees

2010-2011 Tuition for Sixth Grade: $9,400 per year

2010-2011 Tuition for Seventh through 12th grades: $12,250 per year

**Certain books are purchased by students based upon curriculum.  Most text books are supplied to students.

 

Annual campaign funds as % of yearly operating costs:

The total cost of operating the school (salaries, instructional materials and equipment, repairs, insurance, fuel, light, and water) is approximately $17,000 per student per year.  The tuition each student pays per year is only a portion of the expenditures per student.  About 31% of a student's education is paid by income from endowment funds and contributions to MMI.  Annual contributions to MMI total about $675,000. 

 

Who is awarded aid?

For the 2010-11 academic year, over 60% of MMI students received need-based financial aid. There was $900,350 of need-based aid distributed among 150 students. The average need-based award was $6,002 per student. MMI also gave the $750 Academic Excellence Award to 60 students for the upcoming year for a total of $45,000 in merit based scholarships.   All financial aid awards are kept confidential and the names of our recipients are not disclosed. 

 

Who qualifies for merit-based Scholarships?

Merit-based scholarships are awarded in the form of the Academic Excellence Award, worth $750 annually.  For students enrolling at MMI for the first time, the Academic Excellence Award is given to those who meet two criteria on their Admissions Entrance Exam.  First, the student must score at or above the 95th percentile on either the cognitive verbal or cognitive quantitative portion of the exam.  Second, the student must score at or above the 95th percentile on one of the two achievement tests (Reading or Math).  This Scholarship is not given to sixth-grade students. 

 

All returning MMI students with an aggregate average of 92 or higher in all their classes will also be awarded the Academic Excellence Award.  Simply, if a student ends the year prior with a GPA over 92, he/she will receive the Academic Excellence award in the next year.  If a student does not get the merit award one year, they do have the ability to receive it in future years if he/she once again averages above the 92 threshold.  If a student's yearly average is an 89 one year, they will not get the award in the following year.  If the student improves to a 93 in the next year, they will once again qualify.  Students must also have a fine citizenship record at MMI for the Academic Excellence Scholarship to be renewed annually.  All families will be notified on June 15, 2011 if they qualify for the Academic Excellence Scholarship for the 2011-12 academic year.  For the 2010-11 academic year, 60 students earned this award totaling $45,000 in merit scholarships awarded. 

 

Does MMI have a work-study program?

A limited number of students (20) will be selected to receive work study grants.  These work study grants are awarded based on need, scholarship, and citizenship to students in grades 9-11, rising seniors are not awarded work study.  Students in the work study program perform various tasks on school property during the summer months.  Please contact Kim McNulty directly via email at kmcnulty@mmiprep.org or by phone at 570-636-1108 if you would like to be considered for this program.  First-year students to the school are not eligible for work study.

 

Should our family apply for need-based financial aid?

Few families find it "easy” to pay independent school tuition.  Most families adjust their spending priorities, maximize both parents’ earnings, and carefully manage assets to give their children the opportunity to attend MMI.  We would like to provide firm guidelines to help you decide whether or not to apply for aid, but we have found that each family’s combination of circumstances is unique.  The most helpful guideline comes from your own knowledge of your family’s finances.  A good rule of thumb is, if in doubt, apply.  The cost is minimal and there is no specific income level at which a family no longer qualifies for financial aid.  Every situation is unique.  Please note that special consideration is given to MMI families with more than one child attending the school. 

 

Do families apply for need-based financial aid just once?

Families are required to apply for financial aid annually because tuition increases and changes in family resources may affect the amount of the awards.  To be considered for financial aid, parents must submit all forms and documentation on time.

 

How is a family’s financial aid determined?

FACTS Grant & Aid Assessment will be conducting the financial need analysis for MMI for the 2011-12 school year.  Families applying for financial aid will need to complete an application and submit the necessary supporting documentation to FACTS Grant & Aid Assessment by Friday, February 25, 2011.  Applicants can apply online beginning November 1, 2010 at www.factstuitionaid.com and paper applications will be available December 1, 2010 by contacting Kim McNulty, Director of Admissions and Financial Aid, via email at kmcnulty@mmiprep.org or phone at 570-636-1108.

 

The following information is required in order for FACTS to process your application and submit their report to MMI:

• Signed and completed paper application or completed online application.
• Payment of the $25 application fee.
• Copies of your 2009 tax forms including all supporting tax schedules.
• Copies of your 2010 W-2 form for both you and your spouse.
• Copies of supporting documentation for Social Security Income, Public Assistance, Child Support, Food Stamps, Workers’ Compensation, and TANF.

If you have questions or concerns about the application process directly, you may speak with a FACTS Customer Care Representative at 866-315-9262.  MMI will not award any financial aid until an application has been fully processed by FACTS.

 

In processing applications, FACTS takes many factors into account including:  income (taxable and non-taxable), monetary gifts, assets, unusual expenses, indebtedness, family size, age of parents (allowing for retirement savings), and the number of children attending tuition-charging schools.  FACTS uses these factors to determine a family’s "discretionary income.”  A portion of this discretionary income is then suggested as the family’s contribution for education.  The more discretionary income a family has, the higher the family’s expected contribution toward their child’s education and thus less financial aid. 

 

Following receipt of the FACTS Financial Analysis, the MMI Financial Aid Committee will meet to discuss each family’s unique financial situation, their tax return information, and any extenuating financial circumstances on a case-by-case basis.  The Committee will use all of this information to allocate awards accordingly.  Please be aware that there can be some variation between the FACTS estimation of a family’s financial need and what MMI actually awards.   

 

What are the deadlines for financial aid for the 2011-12 academic year?

All applications, 2009 Tax Returns, and 2010 W-2 forms must be submitted to FACTS no later than Friday, February 25, 2011.  Families will be sent their final need-based Financial Aid Awards and an Enrollment Contract for the 2011-12 academic year on March 15, 2011.  The Enrollment Contract, and a non-refundable 5% deposit, are due back to MMI by Friday, April 15, 2011. 

 

The Enrollment Contract and deposit are used to secure your child’s seat at MMI.  It is imperative that families reserve their places for 2011-12 by adhering to the April 15 deadline.  Last year, we had waiting lists for admission in the majority of our grades.  As a result of the high demand for seats, we will begin to award all vacant slots to new students on our waiting lists immediately following the April 15 deadline.     

 

Also, please note that these deadlines outlined below are mandatory for families of returning MMI students and for new students. For students new to MMI, final need-based financial aid award offers are not made until a student has completed the admissions process and has been accepted to MMI.  Returning families who do not adhere to application deadlines will jeopardize their child’s financial aid award.  Exceptions for new families may be made and need-based Financial Aid will be offered to new families only past these deadlines until our monies are exhausted; however, please be aware that following this deadline there are generally very little monies remaining.

 

Can I appeal the Financial Aid Committee’s decision?

Yes. We encourage families who feel that there was an error in the assessment of their family’s financial circumstances to open a dialog with the school and appeal for reconsideration to the Financial Aid Committee.  All appeals must come in the form of a written letter addressed to Kim McNulty, Director of Financial Aid.  Please include substantiating information as to why you feel the Committee should amend your family’s award.  All appeals must be submitted no later than Wednesday, March 30, 2011.

 

What is MMI’s Installment Payment Plan?

In our continuing efforts to assist the families of our students, MMI offers three separate tuition payment plans through Higher Education Services (HES).  MMI will automatically enroll all families in HES for all tuition payments.

On your family’s enrollment contract, you will have the opportunity to select your payment option: one payment, two payments, or 10 payments.  Those families who elect to pay the tuition in one payment will owe the full tuition no later than August 15.  Families that select the two payment plan will owe 60% of the tuition by August 15 and 40% of the tuition by December 15.  Families that elect the 10-month plan will have 10 equal payments due on the 15th of each month from June 15 through March 15.  Families will be responsible to pay a $40 fee to participate in the monthly plan.

These plans allows families to budget tuition and fees for the entire academic year.  Payments can be made by check, money order, or deducted from a checking or savings account.  Credit card payments are also accepted by HES; however, there is a convenience fee assessed with all credit card payments.  There are late fees assessed to all delinquent tuition accounts following payment deadlines.  If you elect to pay either one time or two times, the late fee for missing a payment is $250 per missed payment.  The late fee on the 10-month plan is $25 per missed payment.  There will also be a $25 service charged assessed for any item returned for insufficient funds or for any reason.

 

Are there outside loan programs available?

The SLM Financial Corp., a Sallie Mae company, has developed The K-12 Family Education Loan program to help families meet the costs of a private education.  This loan program is specifically designed to finance a private K-12 education and can cover expenses such as tuition, computers, books, and fees.  The program features: no application fees, no pre-payment penalties, longer repayment options to help keep payments low (1-15 years), combined with a high loan applicant approval rate.  The MMI school code for this loan is 4368.  You can apply online at www.salliemae.com/k12loan or, for more information, contact Kim McNulty in MMI's Financial Aid Office. 

 

Summary

Financing an independent school education does require some sacrifice for most families.  But such an education is a very real family investment in the future.  The 34 students in the senior class of 2010 were awarded $3.8 million in scholarships for college.  A small investment now in your child’s future may bring great rewards as he or she looks to enroll in college.  MMI’s financial aid program is designed to help qualified families make the dream of an independent-school education a reality.  We hope this information is helpful to you as you plan for your children’s educational future. 

 

Please don’t hesitate to contact Kim McNulty, Director of Admissions and Financial Aid at MMI via email at kmcnulty@mmiprep.org or by phone at 570-636-1108 if you have any questions or concerns.