Financial Aid

FACTS Grant & Aid Assessment Application and all supporting documents for current school families must be completed no later than March 15, 2024.  After completing the online application, you will need to upload or fax all the required supporting documentation.  Uploaded documents must be in a PDF format and the size of each document must be less than 20 MB.  Please DO NOT use your mobile device to photo copy required documents due to legibility

Only one application needs to be completed for all schools which use the FACTS Grant & Aid Assessment program to which the student is applying.  If you completed an early application at another school for a prospective freshman utilizing FACTS Grant & Aid Assessment (based on your 2021 tax return), you need to go back and update your information based on your 2023 tax return and other required data.  Incarnate Word Academy requires all 2023 documents to complete the application.

The following supporting documents are required to complete the application process:

• 2023 IRS Federal Income Tax Return, including all supporting schedules.  If applicant and co-applicant file separately, we require both tax returns for the same tax year.
• Copies of all 2023 W-2 Wage and Tax Statements for both the applicant and co-applicant.
• Copies of all supporting tax documents if you have business income/loss from any of the following:

• Business – send Schedule(s) and Form 4562 Depreciation and Amortization

• Farm- send Schedule F, C or C EZ and Form 4562 Depreciation and Amortization

• Rental Property –  send Schedule E (page 1)

• S- Corporation – send Schedule E (page 2), Form 1120S (5 pages), Schedule K-1 and Form 8825

• Partnership-  send Schedule E (page 2), Form 1065 (5 pages), Schedule K-1 and Form 8825

• Estates and Trusts-  send Schedule E (page 2), Form 1041 and Schedule K-1

• Copies of all supporting documentation for household Non-Taxable Income such as
• Social Security Income, Welfare, Child Support, Food Stamps, Workers ‘Compensation and Temporary Assistance for Needy Families (TANF).   If you do not file a tax return, you are required to provide documentation of all income received.

• Any divorced households must include with their application a copy of the divorce decree and child support agreement. If both parents are responsible for tuition, then both parents must apply and include the required financial information.

• Any single or unwed parents must supply a copy of the child support agreement relating to the child attending Incarnate Word Academy and include the income on the application.
• The amount of Tuition Assistance, if any, is based upon a family’s financial need. Incarnate Word Academy strives to assess each family’s financial situation based on their unique circumstances. Complete, accurate and timely information is required. Applications submitted after the deadline and/or with incomplete or inaccurate information will not be processed.

Frequently Asked Questions

Does FACTS decide how much financial aid I will receive?

FACTS is a third-party vendor who accumulates the information provided on the applications and determines a student’s financial need.  The individual school, including Incarnate Word Academy, will make an award based upon that need and the financial resources available to the school.

My child is considering several schools. Do I need to fill out a FACTS application for each school?

No, if the other schools use a FACTS Grant & Aid application.  Simply add the other schools to your FACTS application form. There will be an opportunity to add additional schools at the beginning of the online process, and also when you enter your child’s information. FACTS will ensure that information is available to all requested schools, who contract with FACTS.

Please be sure and check with the other schools as to what vendor they use for their financial aid assessment.

I have other children attending different high schools or elementary schools. Do I need to complete another FACTS application for them?

Incarnate Word Academy uses the same form for all of its students, but each school sets its own deadline and requirements and selects its own vendors.  You should follow up with the other schools for their deadlines and aid assessment vendor.

I completed an early FACTS application for my prospective freshman using my 2021 returns as required by the high schools.  Do I need to complete another FACTS application?

No.  You are able to return to your original application and update it with your 2023 information.  Be sure to update your application, add Incarnate Word Academy as an additional school and send FACTS your supporting documentation via upload of documents.  It is important to note that you will need to provide updated tax returns and supporting documentation to be considered for IWA financial aid.

This FACTS form asks for 2023 tax return information. Since then, I have lost my job. Will that be taken into consideration?

Yes. In addition to requesting 2023 tax return information, the form also requests estimates for 2024. There is a question that allows you to indicate any reduction in income and to provide additional information you feel is necessary for reviewing your application. In these circumstances, the Finance Office will contact you regarding your particular situation and will revise the student need calculation based upon current family income.  Please remember that it is the responsibility of the parents to notify the Finance Office of any significant changes in financial circumstances.

Is there a maximum income threshold to qualify for financial aid?

The FACTS application takes into consideration several factors, including income, certain assets, family size and number of children in tuition charging schools, so there is no set minimum or maximum income that can be shared that would apply to all.

Incarnate Word Academy is an approved Cleveland Scholarship provider for qualifying students in grades K-8 for the 2024-2025 school year. Students that live within the boundaries of the Cleveland Municipal School District (CMSD) in the 2024-2025 school year are eligible to apply.

Please reach out to Director of Admissions & Advancement, Mrs. Heather Schmuhl ’01, with any questions regarding the Ed Choice Expansion Scholarship or the Cleveland Scholarship at (440) 842-6818 or via email at hschmuhl@incarnatewordacademy.org.

In addition to the generous financial aid provided by Incarnate Word Academy, all current families with students in Grades K-8 that do not reside in the city of Cleveland are also eligible to apply for scholarships through the EdChoice Expansion Scholarship Program. 

Please reach out to Director of Admissions & Advancement, Mrs. Heather Schmuhl ’01, with any questions regarding the Ed Choice Expansion Scholarship or the Cleveland Scholarship at (440) 842-6818 or via email at hschmuhl@incarnatewordacademy.org.