Miquon is committed to enrolling students from diverse economic, ethnic, racial, and social backgrounds. As part of that commitment, the school administers a program of financial aid for families who would otherwise be unable to consider Miquon as an option. In 2005-06, 34 students (24% of the children in K through 6th) received a total of $250,000 in tuition assistance. Grants ranged from $500 to 90% of tuition. The allocation of aid is overseen by the Financial Aid Committee, using the following guidelines:
- Financial aid may be offered to families only where there is demonstrated financial need. Financial aid awards support the school's recruitment goals, primarily the commitment to increased diversity.
- Each family's overall financial circumstances, including adjusted gross income, assets, indebtedness, and discretionary expenses are considered. Concern is with available resources and not the circumstances that produce those resources.
- Miquon makes financial aid commitment to families, not simply to individual students. First priority goes to continuing support for students already receiving aid and to siblings of current students. Support is expected to continue while the family has students attending Miquon, as long as financial need remains.
- Continuation of financial aid is contingent upon the family's meeting the commitment to pay its share of financial obligations to the school.
- Normally, no more than 50% of a family's financial obligation is offered in the form of financial aid. A very small portion of the budget is designated for the purpose of extending individual awards towards a maximum of 90% of tuition.
- Financial aid is not awarded to Nursery students.
Miquon
uses the School and Student Service for Financial
Aid to process financial
information. Each family who requests one will receive a financial aid
application in December for the following school year. Applications must
be accompanied by a copy of the most recent federal income tax return (for
1040 with schedules). Families who meet the return deadline of January
15th will be notified of their award in late February. After this date,
any remaining funds will be allocated as late applications are considered.