Mounds Park Academy offers financial assistance to qualified applicants to enable students of diverse economic backgrounds to attend MPA. Assistance awards are based on a family's assessed financial need, the amount of assistance available, and the number of applicants. This assistance is available, on a limited basis, to students entering kindergarten through grade 12 and does not need to be repaid. Qualifying families may receive awards in amounts up to 50 percent of tuition in Lower and Middle School and up to 75 percent of tuition in Upper School. MPA believes that the family should be the first resource for funding an independent education. It is our goal to allocate MPA financial assistance resources to a diverse community to make an MPA education a reality.
MPA assesses a family's financial need with the help of an outside agency called TADS. Each family applying for assistance completes an online application. In cases of divorce, both custodial and non-custodial parents must complete the form. TADS processes the application and sends MPA a calculation with an estimate of a family's financial need. MPA's financial assistance committee uses this and other information to determine a family's award amount. Families need to re-apply for financial assistance every school year.
Because several factors contribute to determining financial need, it is impossible to specify if a family at a certain income level would be eligible to receive assistance without going through the financial assistance application process. Income, assets, taxes, family size, and number of family members at tuition-based schools are all figured into the financial assistance equation to determine need.
The amount of assistance available to a student is based on three major factors:
- The amount of money the school has reserved for financial assistance.
- The number of families applying for assistance.
- The families' demonstrated financial need.
Approximately one-third of MPA students receive awards and a financial assistance waiting list will be created if there are more applicants than there are funds available. Financial assistance is for tuition only. Additional fees such as books, hot lunch, transportation, or classroom supplies are excluded.