Afford SHCS

Tuition and Financial Aid Procedures (Arkansas Activities Association/ AAA)

• If tuition is charged, it must be paid by parent, legal guardian, or other family member. If a parent, guardian, or other family member secures a loan for payment of tuition, it must remain an obligation of the parents, guardian, or other family member to repay the principal and interest in full with no exceptions. Financial aid will be allowed under the following conditions:
• Financial aid may only be awarded on the basis of need. Proof of need must be filed in the AAA office on forms approved by the Executive Director. In order to determine the basis for need, all schools awarding financial aid shall use one of the following agencies: Financial Aid Independent Review, Financial Aid for School Tuition, Private School Aid Service, School and Student Service for Financial Aid, Tuition Aid Data Services, and FACTS Grant in Aid Agency. The use of any unapproved agency renders the student ineligible. (Sacred Heart uses FACTS Grant in Aid Agency)
• Any loan program, grant program, educational foundation, scholarship, or similar program that is established and/or administered, in whole or in part, by a school or official of a school is considered financial aid.
• Schools shall remove any student from athletic eligibility whose accounts with the school are 60 days overdue.
• All records pertaining to financial aid or tuition assistance shall be open to the AAA upon its request. Each school shall be responsible for securing necessary authorization to allow the AAA to review or audit such records.
• In addition, nonpublic member schools providing financial assistance programs for athletes shall present to the Executive Director of the AAA by October 1 of each year the following documents: Financial Aid For Nonpublic School Athletes and Financial Aid Form Supplemental List. Nonpublic member schools must also submit to the AAA a Student-Athlete Financial Aid Report Form for fall sports by December 7 of each year and a Student-Athlete Financial Aid Report Form for winter and spring sports by May 8 of each year.

ARKANSAS 529 PLAN
Arkansas families now have the option to use their 529 plan savings toward private K-12 education thanks to a new state law, along with the ease of access with the Gift529 app. Those who open a 529 plan build savings for a child’s college education tax free. When the child then attends a college, university or vocational school in- or out-of-state, withdrawals from the account will not incur federal income tax. Anyone can make contributions to a plan, starting with as little as $25. Because of the updated law, parents can take out up to $10,000 tax free each year toward private K-12 education, while also continuing to save for college expenses.