- How is financial aid determined?
- Who can apply?
- Do I have to reapply each year?
- How much Financial Aid may I expect to receive?
- Does Financial Aid influence admission decisions?
- What about a divorce or step parent situation?
- How are non-income producing parents considered when determining Financial Aid?
- What if our financial situation is changing significantly right now?
- What should I do if my family’s financial situation is complicated?
- Does the school offer tuition payment plans?
- Are there any obligations for students who receive financial aid?
- What if I have more questions about Financial Aid?
All financial aid at FRA is awarded based on demonstrated financial need – there are no athletic or merit-based financial aid awards at FRA. As with our peer schools, and as required by the TSSAA, FRA uses a third party, FACTS, to evaluate the financial ability of each applicant. Financial need is based on a combination of factors, including income, assets, family size, and expenses. To determine need, FACTS will require the most recent year’s federal tax returns and W-2’s. The Financial Aid Committee uses the estimate of need calculated by FACTS as a guideline in granting aid.
Yes. Because a family’s financial situation may change from year to year, awards may be adjusted if a family’s financial circumstances change significantly. However, as long as a student remains enrolled at FRA, financial aid will be renewed based upon demonstrated need. FRA requires that accounts be current in order for a family to be eligible for financial aid. Any student carrying an outstanding balance will not be allowed to begin the school year until the balance has been paid.
Each parent/family/household, regardless of custodial arrangements, must fill out a complete financial aid application. FRA expects both the custodial and non-custodial parents to participate in the support of their child at FRA. It is up to all parties involved to communicate and participate in good faith in this responsibility. The school will require a copy of the divorce agreement and the parenting plan. In addition, FRA will likely request the non-custodial parent to provide supporting financial documentation. If a child is living with a parent and step-parent, FRA will consider the step-parent’s income.