The Lexington School Financial Aid program has a two-fold purpose: to provide deserving students an opportunity for a high-quality education which might otherwise be unobtainable for them, and to provide to the school a well-qualified student body reflecting a broad social and economic mix. For these goals to be achieved, it is essential that the ability to pay the full tuition not be a deciding factor in determining whether or not a promising young person may attend the school.
Intended as a supplement to family resources, awards are made not only to families whose ability to pay school costs is extremely limited, but also to those of somewhat more substantial means who may need only minor subsidy to meet our tuition requirements. No worthy student should be deterred by financial reasons from making application to The Lexington School, and parents who require aid are encouraged to request a grant. At the same time, the Financial Aid Committee is mindful of our obligation to utilize the limited financial aid funds responsibly and prudently, and therefore we insist that recipients fully merit their grants by a conscientious effort and a positive approach to every aspect of the Financial Aid process and school environment.
Financial aid decisions are made independently from admissions decisions and in no way affect a candidate’s chances for admission. The Financial Aid Program is open to students of any race, creed, and national or ethnic origin.
Applicants acceptable for admission and qualifying on the basis of financial need outnumber those whom we can afford to support. Therefore, we must make choices based on individual merit. Although need is the first requirement for financial aid, the final selection of a new recipient is based on our evaluation of the student’s overall academic and personal strengths.
Every tuition grant is made for one year and may be renewed subject to (1) parents’ filing an annual financial statement, (2) up to date account balance, and
(3) student’s maintenance of the sound academic and high citizenship standards expected of students at The Lexington School. Normally, a family should expect that financial aid will be continued throughout the student’s enrollment, but the Financial Aid Committee will not hesitate to reduce or refuse subsequent grants if the parents no longer exhibit need or if the student’s academic effort or conduct is deficient, even if such shortcomings do not, in themselves, preclude his/her continued enrollment.
Priorities and Exceptions
Consideration for budgeted dollars is given in the following order. Funds are not reserved for families whose Parents Financial Statement (PFS) or tax forms are received late.
- Applications from current recipients who have completed all renewal requirements on time.
- New applications from currently enrolled students, if completed on time.
- New applications from candidates accepted by the Admissions Committee for enrollment.
- New and renewal applications completed after the specified deadlines, as long as funds remain available. Amounts awarded to this final group may be reduced as our budget nears exhaustion.
- No financial aid is offered for the Acorns two-year-old program, and very few grants are offered for the three-year-old preschool program.
- If financial aid is offered in the 3 and 4 year old years of preschool, it is capped at 40% off the full-time tuition based on qualifications.
The Lexington School subscribes to the principles and services of School and Student Services for Financial Aid (SSS), which provides us, at the request of parents, financial analysis based on the confidential statement of need known as the Parents Financial Statement (PFS).SSS reports provide a point of departure for The Lexington School’s Financial Aid Committee, which makes all final decisions on financial aid amounts. An application for financial aid is considered only after admission for the coming year has been decided by the school. SSS processes applications from November through August, but notification that you have applied online should be made directly to Geriann Blevins, Financial Aid Director no later than December 1 in order to receive priority consideration (current TLS families) and January 15 (new applicants). Promptness in meeting deadlines and notification that your application has been submitted is crucial to the efficiency of this process.
The Financial Aid committee tries to meet each family’s demonstrated need as nearly as we can, and we hope to be fair and consistent. Therefore, we expect those who will avail themselves of our assistance to share the effort to extend our resources as widely as possible by contributing as much as they can to their own children’s education. Also for these reasons, non-working spouses are prescribed an income in calculating financial aid. Furthermore, we encourage and utilize parents’ offers of payments beyond amounts calculated within SSS guidelines.
Any financial support that may be available beyond the parents’ own income and assets should be reported on the PFS for consideration by the school. These include resources that might be expected from grandparents or other relatives, church funds, etc. The committee welcomes parents’ explanations for these potential sources of help, and correspondence with the Director of Financial Aid is encouraged. Since we must turn down qualified applicants each year, we wish to take into account every means of stretching our budget to more recipients.
We consider that any responsibility for educational costs that the school may accept must come after the obligation of the student’s parents, regardless of the legal or personal relationship between them; therefore, before making any award, the Financial Aid Committee will consider the resources of both natural parents. If the custodial parent has remarried, we consider also the resources of the stepparent, bearing in mind the obligations of the stepparent to his/her own natural children. A standard PFS is submitted by the custodial parent (and stepparent, if remarried) and by the non-custodial parent (and spouse if remarried). All information will, of course, be held in confidence.
Financial information submitted by parents in support of aid applications is held in confidence by the Financial Aid Committee and is retained on file for only a limited time to document possible IRS or other regulatory auditing, after which the records are destroyed. Financial aid recipients are not identified at the school except as necessary to evaluate their performance.