Tuition Assurance Plan Details
Sparhawk Academy offers a self-funded tuition assurance plan, known as TAP. Should a student withdraw before the end of the school year, the program provides assistance to his family in paying their outstanding tuition obligation. For families who have pre-paid their tuition, the plan provides a full or partial tuition refund. For families making monthly payments, the plan provides assistance in paying the outstanding tuition obligation.
Among the reasons for withdrawal that are covered: sickness or injury, disciplinary dismissal, scholastic failure, financial problems and family moves.
Families who elect to pay their tuition by means of the monthly FACTS payment plan are required to participate in the Tuition Assurance Plan.
The Tuition Assurance Plan’s purpose is to help protect the most reliable source of revenue for the school – tuition – while at the same time assisting families whose son withdraws prematurely. The TAP reduces, but does not eliminate entirely, the family’s obligation for the full amount of tuition that is agreed to when the enrollment contract is signed. TAP guidelines, rather than a prorated tuition approach, determine the final tuition obligation for a departing student.
The Tuition Assurance Plan (TAP) works in the following way:
- A date of departure is established for the affected student;
- The number of days during which the student was enrolled is calculated. This number is divided by the total number of school days to calculate a percentage; that percentage is applied to the base tuition to obtain the tuition charge for enrolled or “used” days of school. If a student has a financial aid award, that same percentage is applied to the aid award.
- The family is responsible, first, for the tuition charge (minus financial aid) for enrolled or “used” days.
- The base tuition minus the charge for “used” days equals the tuition charge remaining for the “unused” days of school.
- The Tuition Assurance Plan will pay half (50%) of this remaining tuition charge for “unused” days, and the family is responsible for the remainder of the tuition charge for “unused” days.
- In the calculation of the total tuition and fees owed by the withdrawing family, the TAP fee is included.
The cost of the plan is equivalent to one percent of total tuition (exclusive of fees). For the 2018–19 academic year the cost is $95.
For more information, please contact Sparhawk Academy at 617-727-4295.