For a school our size, we award a substantial amount of financial aid each year. We strive to partner with families to make sure an MMI education is available to all students who qualify for admissions. Our admissions decisions are made need-blind; that is, without regard to a family’s financial situation. It is important to remember that independent school education is a choice for families. Both MMI and our families make significant financial sacrifices to support this choice. Our policies and philosophy attempt to ensure that each family is subject to the same guidelines as we evaluate the needs of your family. Since we believe strongly in the financial contribution of the family, no students at MMI are fully funded through our financial aid program.
The tradition of tuition assistance goes back to the early days of MMI. One of the key figures in the school’s history, Sophia G. Coxe, began a financial aid program for students in the 1920s. It was her hope that MMI would be affordable for anyone who wished to attend. The school continues to strive to keep tuition affordable for everyone. We are driven to keep that tradition alive today and continue to work with families to give their children the opportunity for an MMI education.
Currently, for the 2019-2020 academic year, around 52.3 percent of MMI students received need-based financial aid, with $877,412 of need-based aid distributed among 112 students. The average need-based award was $7,834 per student. MMI also gave the $1,000 Academic Excellence Award to 54 students for the upcoming year for a total of $54,000 in merit-based scholarships. All financial aid awards are kept confidential and the names of our recipients are not disclosed.
Tuition and Fees
2019-2020 tuition for sixth grade: $13,900
2019-2020 tuition for seventh through 12th grades: $15,770
**Certain books are purchased by students based upon curriculum. Most textbooks are supplied to students.
Investing for the Future
Financing an independent school education does require some sacrifice for most families. But such an education is a very real family investment in the future. The 42 students in the senior class of 2019 were awarded more than $6.2 million in scholarships for college. A small investment now in your child’s future may bring great rewards as he or she looks to enroll in college. MMI’s financial aid program is designed to help qualified families make the dream of an independent-school education a reality.
Now, due to a change in tax code, families can use their 529 College Savings plans to pay tuition at public, private, or religious K-12 schools. Up to $10,000 per year, per beneficiary, can be used for tuition at MMI.
Grant & Aid Assessment by FACTS
FACTS Grant & Aid Assessment will conduct the financial need analysis for MMI for the 2019-20 school year. Families applying for financial aid will need to complete an application and submit the necessary supporting documentation to FACTS Grant & Aid Assessment by February 22, 2019. Applicants can apply online beginning November 1, 2018. A web link to the application is also provided on the MMI parents' page and you can access FACTS from your RenWeb account.
When you apply, you'll need to upload or fax the following information to FACTS in order for FACTS to process your application and submit their report to MMI:
- Completed online application by both parents.
- Payment of the $30 application fee.
- Copies of your 2018 or 2019 tax forms including all supporting tax schedules.
- Copies of your 2019 W-2 form for both you and your spouse.
- Copies of supporting documentation for Social Security Income, Public Assistance, Child Support, Food Stamps, Workers' Compensation, and TANF.
If you have questions or concerns about the application process directly, you may speak with a FACTS Customer Care Representative at 866-315-9262. MMI will not award any financial aid until an application has been fully processed by FACTS.
In processing applications, FACTS takes many factors into account including: income (taxable and non-taxable), monetary gifts, assets, unusual expenses, indebtedness, family size, age of parents (allowing for retirement savings), and the number of children attending tuition-charging schools. FACTS uses these factors to determine a family's "discretionary income." A portion of this discretionary income is then suggested as the family's contribution for education. The more discretionary income a family has, the higher the family's expected contribution toward their child's education and thus less financial aid.
Following receipt of the FACTS Financial Analysis, the MMI Financial Aid Committee will meet to discuss each family's unique financial situation, their tax return information, and any extenuating financial circumstances on a case-by-case basis. The Committee will use all of this information to allocate awards accordingly. Please be aware that there can be some variation between the FACTS estimation of a family's financial need and what MMI actually awards.
All applications, 2018 or 2019 Tax Returns, and 2019 W-2 forms must be submitted to FACTS no later than February 28, 2020. New families are notified via mail of their admission status. Admission status information is mailed in late March.
The Enrollment Contract and deposit are used to secure your child's seat at MMI. It is imperative that families reserve their places for 2020-2021 by adhering to all published deadlines.
Financial aid programs at MMI
MMI offers a variety of types of aid, including need-based aid and merit-based scholarships.
Merit-based scholarships are awarded in the form of the Academic Excellence Award, worth $1,000 annually.
All returning MMI students with an over all GPA of 95 or higher in all their classes will be awarded the Academic Excellence Award. It is important to note that not all classes are weighted equally in the calculation of the Academic Excellence GPA and the averages are not rounded up. All families will be notified by mid-June if they qualify for the Academic Excellence Scholarship for upcoming academic year.
For the 2019-20 academic year, 51 students earned this award totaling $54,000 in merit scholarships awarded.
A limited number of students (up to 14) will be selected to receive work-study grants. These work-study grants are awarded based on need, scholarship, and citizenship to continuing students in grades 9-12.
Students in the work-study program perform various tasks on school property during the summer months. First-year students to the school are not eligible for work-study.
Installment payment plan
MMI offers three separate tuition payment plans through FACTS. On your family’s enrollment contract, you will have the opportunity to select your payment option
- one payment
- two payments
- 10 payments.
Families enrolling after June 15 will have consolidated payment plans depending on their date of enrollment.
Outside loan programs
The SLM Financial Corp., a Sallie Mae company, has developed the K-12 Family Education Loan program to help families meet the costs of a private education. This loan program is specifically designed to finance a private K-12 education and can cover expenses such as tuition, computers, books, and fees. The program has no application fees, no pre-payment penalties and longer repayment options to help keep payments low (1-15 years), combined with a high loan applicant approval rate. The MMI school code for this loan is 4368. Apply online at www.salliemae.com/k12loan.
MMI also partners with Your Tuition Solution at www.yourtuitionsolution.com to process private school tuition loans for families.
Payment plans through FACTS
On your family's enrollment contract, you will have the opportunity to select your payment option:
- one payment
- two payments
- 10 payments.
Those families who elect to pay the tuition in one payment will owe the full tuition no later than July 15. Families that select the two payment plan will owe 60 percent of the tuition by July 15 and 40 percent of the tuition by December 15. Families that elect the 10-month plan will have 10 equal payments due on the 15th of each month from June 15 through March 15. Families will be responsible to pay a $43 set up fee to participate in the monthly plan. Families enrolling after June 15 will have consolidated timelines for each option.
These plans allow families to budget tuition and fees for the entire academic year. Payments can be made by check or money order or deduction from a checking or savings account. Credit card payments are also accepted by FACTS; however, there is a credit card processing fee assessed to all credit card payments. There are late fees assessed to all delinquent tuition accounts following payment deadlines. If you elect to pay either one time or two times, the late fee for missing a payment is $300 per missed payment. The late fee on the 10-month plan is $35 per missed payment. There will also be a $35 service charge assessed for any item returned for insufficient funds or for any other reason.