Tuition/Tuition Assistance

Tuition and Fees

Tuition Assistance

Making an Oakcrest education available to as many deserving students as possible is important to the School. A limited amount of tuition assistance is available and is awarded annually based upon need. The deadline to apply for tuition assistance is February 8, 2013.

Tuition Insurance

Oakcrest School offers a Tuition Refund Plan for an additional fee.

FAST  Payment Plan

The FAST payment plan enables families to pay all of the annual tuition (minus the $1,000 Reservation Deposit) in monthly installments without interest charges.

Oakcrest Tuition Assistance Policy

Oakcrest operates under a need-blind admission policy and is committed to providing access to qualified students regardless of their financial need. Oakcrest Tuition Assistance is intended to provide access to an Oakcrest education for qualified students who might otherwise not be able to attend because their household financial situation does not support payment of full tuition.

• Oakcrest seeks to fully fund demonstrated need. Due to limited funds, not all who qualify will receive an offer of assistance, or an offer that fully funds demonstrated need.
• Tuition Assistance awards are made for one academic year. Re-enrolling families should complete a new application for each year that the student enrolls.
• Applications must be completed on time to be considered. Late applications will be handled as they arrive and as funds allow. Only complete applications will be considered.
• Oakcrest School follows its Tuition Assistance policy and uses the Independent School Management's Financial Aid for School Tuition (FAST) program for Financial Aid methodology as a guide to determine each family’s demonstrated need.
• Oakcrest reserves the right to request additional information including, but not limited to, tax schedules. Income tax documentation substantiates information provided, but it is not considered in isolation.
• Family contribution is calculated prior to consideration of any merit award, including the Veritas Award. The amount of a merit award is then added to the family contribution to determine need.
• In accordance with the Oakcrest School mission, Oakcrest takes into consideration family circumstances that affect ability to pay. All Tuition Assistance decisions are made on a case-by-case basis.

Oakcrest communicates the availability of Tuition Assistance to all current and applying families. All information disclosed by families for Tuition Assistance is considered confidential. Tuition Assistance decisions are communicated in a fashion that allow families to make an informed enrollment decision.

The following must be completed by February 8, 2013, to be considered a complete application:

• Access the FAST Program web site specifically for Oakcrest School. Once there, click the Get Started button at the bottom of the first page. All of your financial information should be entered directly through the secure server. Space is also provided to fill out additional information that may be pertinent to your application. In addition, a copy of your most recent tax return should be mailed directly to FAST.
• There will be a fee of $30 required to process this application. Once completed, the application will be available immediately for the review of the Tuition Assistance Committee. You may be contacted by the Business Office if additional information is needed.

Submit 2012 Federal Income Tax (1040) and supporting documentation to Oakcrest School by April 16, 2013, for verification of award.

Oakcrest reserves the right to ask for additional information.

Frequently Asked Questions About Tuition Assistance

What is Tuition Assistance?

Tuition Assistance funds are grants that help to reduce the cost of tuition for families and households that qualify through our need-based program. Tuition Assistance is based solely upon a family’s ability to pay and is independent from the student qualification process for admission.

If I apply for Tuition Assistance, will it affect my child’s admission?

Admission and Tuition Assistance decisions are made by two separate committees. A family’s financial circumstances are not included in the criteria upon which a student is evaluated for admission.

How do I know if my family qualifies for Tuition Assistance?

Tuition Assistance is granted each year on the basis of demonstrated need. Individual family/household circumstances that determine a family’s ability to pay include but are not limited to assets such as homes, savings, number of dependents, age of parents and number of children in schools that charge tuition. Tuition Assistance is not awarded solely on family/household income level.

How does Oakcrest’s Tuition Assistance decision-making process work?

Oakcrest School follows its Tuition Assistance policy and uses the Financial Aid for School Tuition (FAST) program for Financial Aid methodology as a guide to determine each family’s demonstrated need, and current income tax documents.

How much Tuition Assistance should I expect to receive?

Oakcrest School seeks to meet the verified need for those who receive Tuition Assistance. Every family should expect to contribute financially toward their daughter’s education.

When are parents notified of Tuition Assistance decisions?

Completed applications filed by the deadline of February 8, 2013, are considered in the initial distribution of funds. Award decisions are mailed in early March. Awards are made based upon 2011 tax documents. Documentation for 2012 must be submitted by April 16 for the award to be verified prior to the invoicing for the 2013-2014 academic year. Applications made after February 8, 2013, are handled as they arrive and as funds allow.

Do I have to apply for Tuition Assistance every year that my child is enrolled?

Yes, families who receive Tuition Assistance must make a new application for each year that their child enrolls to determine eligibility for the coming academic year.

If the award is not enough, can I appeal?

Oakcrest seeks to fully fund demonstrated need. Due to limited funds, not all who qualify will receive an offer of aid, or an offer that fully funds demonstrated need. Families may request a reconsideration of their award by writing to the Chief Financial Officer and stating the reason for the request. Please understand that there are often families waiting for funds that are not taken up in the first distribution.

What if our circumstances change mid-year?

Oakcrest seeks to provide access for qualified students, and understands that household circumstances can change outside of the Tuition Assistance cycle. Please contact the Chief Financial Officer to initiate a discussion so that your situation can be addressed by the Tuition Assistance Committee. All decisions are dependent upon availability of funds.

What if my daughter is applying for and/or receives the Veritas Award?

Tuition Assistance decisions are made independently from the Veritas Award process. An application for Tuition Assistance should be made based upon your family and household need regardless of the Veritas Award merit scholarship amount. Should your daughter win the award, that award amount will be considered in the calculation of a Tuition Assistance Award for a qualifying family.

How do I make an application for Tuition Assistance?

Complete details and links to documents may be found at oakcrest.org under the Admission tab.

The deadline for Tuition Assistance applications is February 8, 2013. Starting November 1, 2012, and to be submitted by February 8, 2013:

• Access the F.A.S.T. Program web site specifically for Oakcrest School. Once there, click the Get Started button at the bottom of the first page. All of your financial information should be entered directly through the secure server. Space is also provided to fill out additional information that may be pertinent to your application. In addition, a copy of your most recent tax return should be mailed directly to FAST.
• There will be a fee of $30 required to process this application. Once completed, the application will be available immediately for the review of the Tuition Assistance Committee. You may be contacted by the Business Office if additional information is needed.
• Copies of filed 2011 IRS Income Tax Form 1040 and supporting documentation and your 2012 W-2 should be mailed directly to: 

               FAST

               Independent School Management

               Attn: FAST Processing

               1316 North Union St.

               Wilmington, DE 19806  

Oakcrest reserves the right to ask for additional information.

• A signed copy of Form 4506T, and if applicable a letter describing special circumstances, must be sent to Oakcrest School, Attention: Chief Financial Officer.
• To be submitted by April 16, 2013: Send a complete copy of 2012 tax documents to Oakcrest School

Why does Oakcrest require submission of 2012 tax documentation after the award has been made?

Tuition Assistance decisions are communicated in a fashion that allow families to make an informed enrollment decision, and the deadline for this precludes usage of current tax information. The 2012 tax documentation is requested for verification of the award prior to invoicing. Should an award need adjustment, either an increase or decrease, this information will be communicated to the family in the invoice statement which is sent 30 days in advance of the tuition due date. The earlier a family submits the 2012 documents, the earlier the award can be verified.