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FINANCIAL POLICIES

When parents/guardians sign the Enrollment Agreement, they assume an important financial commitment to Greenwood School [GWS], our students, and our community.  GWS will rely on this commitment to fund its programs for the coming year.  These policies were developed to secure the school’s income and stability.  Please read the Enrollment Agreement and understand your financial obligation both to the tuition amount and payment due dates.

Annual Plan Payment Terms

An Enrollment Deposit, equal to ten percent (10%) of the Annual Tuition, is due with the signed Enrollment Agreement.  Agreements without the Enrollment Deposit attached are not valid.  This Enrollment Deposit is non-refundable and non-transferable.  Under the Annual Plan, the balance of the net annual tuition is due on or before May 1, 2018, payable directly to Greenwood School.  If the annual tuition is not fully paid on or before May 1, the agreement will default to the Monthly Plan payment terms, specified below.

Monthly Plan Payment Terms

The alternative to paying full tuition by May 1st is the Monthly Plan.  Families choosing the Monthly Plan are charged a Tuition Refund Plan [TRP] premium equal to 2.5% of the net annual tuition, in addition to their net tuition.  An Enrollment Deposit, equal to ten percent (10%) of the sum of the net tuition and the TRP premium, is due with the signed Enrollment Agreement.  Agreements without the Enrollment Deposit included are not valid.  The Enrollment Deposit is non-refundable and non-transferable.  The balance of the tuition is due in nine (9) equal payments, beginning in June on the specific payment date chosen from the options of the 1st, 10th or 20th.

FACTS Management Company Requirement

Selection of the Monthly Plan mandates enrollment with FACTS, Greenwood’s tuition management partner.  Fees apply - FACTS requires a one-time $46 fee and the TRP fees are listed by program on the Tuition Schedule.  Families can choose a monthly due date from the choice of the 1st, 10th or 20th.  FACTS’s payment terms apply.  Enrollment in FACTS occurs by email notification approximately two months before the first due date.

Tuition Assistance

A limited number of need-based Tuition Assistance [TA] awards are made each year for families who apply and demonstrate financial need.  The Priority deadline for TA is established by the school each year.  TA applications are available in the GWS business office. If application is made after the deadline, TA funds may be subject to budget limitations, but we encourage your TA applications and intend for all qualified students to receive support.

Delinquent Payments / The First Day Of School

At the beginning of the school year, all accounts must be up to date before the Student will be permitted to attend GWS.

Payment Default

Most parents/guardians pay promptly, but occasionally, either as a result of oversight or changed financial circumstances, families may fail to meet their obligation to GWS in a timely manner.  Please call the GWS Business Manager before you default in a payment to explain the circumstances and to discuss when the account will be brought up to date.  GWS will try to arrange an acceptable payment plan, but cannot make an assurance of its ability to accept late payment.

Collection

Past due accounts could result in a Student not being able to attend school.  GWS reserves the right to refer past due accounts for collection.

Non-Payment

GWS reserves the right to cancel the Enrollment Agreement without notice if the payments for which parents/ guardians have contracted have not been received by GWS within 60 days of the due date. In the event of such cancellation, GWS shall have all rights under the Enrollment Agreement, including treating the situation as a voluntary student withdrawal, without notice.  

Late Payments

Smart Tuition assesses late fees on payments that are received more than 10 days after the due date.  On all amounts billed directly by GWS for other school charges interest at the rate of 10% per annum will be charged in addition to a late fee equal to five (5) percent on the outstanding balance. Late fees will be assessed on amounts unpaid for more than 30 days.  For Annual Payments, your account will default to the Payment Plan if the payment is not received by May 1, 2018. 

Withdrawing a Student

To withdraw a student or cancel enrollment, written notification must be sent to the business office at GWS.  If such notification is received no later than May 1, 2018, the financial obligation will be limited to the non-refundable Deposit and, for new families, the non-refundable Enrollment Fee and Deposit.  If GWS does not receive such written notice on or before May 1, 2018, and a student is withdrawn or enrollment cancelled for any reason after May 1, 2018, full tuition for the entire school year, as well as any fees incurred on behalf of the Student, will be due within 30 days from the date written notification of withdrawal is sent to Greenwood, or June 1, 2018, if no notice of withdrawal is submitted.  If the Tuition Refund Plan [TRP] premium has been paid, the TRP may cover a portion of the tuition.

Tuition Refund Plan

Greenwood’s Tuition Refund Plan is a fund that provides coverage for families who withdraw their student or cancel enrollment after May 1, 2018, provided the TRP premium has been paid. TRP also includes the following provisions:

  • If a student’s injury or illness forces the student to withdraw, or causes a medical absence, including one due to a mental health condition, of 31 or more consecutive days, the TRP will pay 75% of the remaining unearned tuition.  The benefit is retroactive to the first day of medical absence.
  • If a student is withdrawn for other than medical reasons, e.g. geographic move, financial hardship or other voluntary reasons, the TRP will pay 60% of the remaining unearned tuition provided the student is withdrawn after attending 10 consecutive school days in the academic year.
  • If a student is dismissed by GWS after attending more than 10 consecutive school days in the academic year, the TRP will pay 75% of the remaining unearned tuition.

The TRP premium, equal to 2.5% of the net tuition for each student, is due in advance of the student’s first class day of attendance.  Annual Plan payers are not required to pay the TRP premium, but do have the option to enroll in the program.  Monthly Plan payers will have the TRP premium deducted from their first monthly payment.  A copy of the full TRP policy is available from the GWS Business Office.