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In support of economic diversity, Our Lady of Mercy School annualy awards over $50,000 in financial assistance to families. The school supports this program from the following sources:  
  • Scholarship from the Office of Catholic Schools
  • Scholarship from the Archbishop's Annual Appeal
  • Private Benefactors
  • Allocated resources within the school to fund these financial needs

Summary of Award Determination

To help assess the financial profile of each family, OLM uses FACTS, Grant Aid & Assessment Service.  Parents are required to complete a Grant & Aid Assessment Application online, which FACTS uses to determine the estimated amount a family can contribute to educational expenses. FACTS applies a uniform methodology that considers taxable and non-taxable income, assets, liabilities, family size, the number of students in tuition-charging schools or colleges, and the student’s assets. After a standard allowance for basic necessities and required taxes, the remaining family resources are considered available for education. Once FACTS has sent your family's estimated contribution, the OLM Financial Assistance Committee uses this as a basis in determining your financial need. The Financial Assistance Committee treats applications in the strictest confidence and all information is known only to the Pastoral Directors, Principal, and Director of Finance.
The following factors are carefully considered for each applicant:
  • information received from FACTS
  • IRS tax forms
  • individual family circumstances.
These factors each combine to help make the final determination with regard to grants based on a family's demonstrated need.  Financial assistance offers will be made in June for all new and returning students.

Please note:
  • Financial assistance grants are made for one academic year and awarded in subsequent years based on continued need; financial assistance recipients must reapply each year. The size of the award may vary as a family’s financial circumstances and tuition change.
  • A student who enrolls without a financial assistance grant is expected to continue to pay full tuition unless there is a significant change in the family's financial circumstances. 
  • Naturally, each family's situation is unique and may require further clarification and communication with the Financial Assistance Committee. Please do not hesitate to call and discuss your situation. All inquiries are confidential. Although the school cannot meet every family’s request for assistance, each family’s situation is reviewed thoroughly and carefully.
 
Should you have questions about financial assistance or about completing the FACTS on-line Grant & Aid Assessment Application, please contact Joyce Leone at: jleone@olmschool.com or 203-245-7301 x102
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