FINANCIAL POLICIES AND PROCEDURES

The financial policies and procedures of Redemptive Life Academy and Preschool are established to protect and preserve the financial integrity of the institution and the accomplishment of the "culture of excellence" educational goals to which the institution is committed.

The industry wide cost of education per student is approximately $5,000 per annum even in public school settings. In comparable private institutions, the actual cost of education can vary from as low as $6,000 to more than $10,000 per annum.

The cost of education of Redemptive Life Academy for the current academic year is approximately $8,250 per student. Yet, the institution, in its unswerving commitment to provide exemplary educational opportunity to those who are most likely unable to afford such exorbitant costs, has once again assessed its tuition at a discounted rate of $4,500 per student for all elementary grade levels, and $4,500 per student for all pre-school students.

This discounted rate is extended in good faith belief that appreciative parents and friends will work in partnership with the institution to cover the financial differential through contributions and fund¬raising events directed toward The Annual Fund.

The Annual Tuition at Redemptive Life Academy & Preschool must be paid in full or a completed Request for Installment Payment Form must be submitted to our accounting office.  The first installment of $450.00 must be paid in full before the start of class.

Failure to pay, on time, will result in immediate suspension of the student (s) from class and all outstanding fees must be paid in full whether or not the child returns to RLA & Preschool.
Failing non-remedy in a timely fashion, expulsion of the student from the institution, with a designation of non-eligibility of re-entry at any subsequent time will take place.

If the student is on any scholarship, voucher, or subsidized assistant and the financial assistance is revoked the parent will resume full responsibility for the remaining balance of tuition at the full tuition rate.

The total tuition assessment is due and payable on August 1st of this school term. However, once again, the institution, in a good faith endeavor to assist families working from month to month on a limited budget, has instituted a three-plan alternative for payment of the assessed tuition.

PLAN "A"    Payment in full due August 1st of the school year.
PLAN "B"    The Semester Plan: 50 % August 15th; 50% January 15th
PLAN "C"    Monthly Installment Plan:
        10% payable on August 1st
        10% payable on the 1st of each month beginning August 1st

Continuing on the 1st of each month with final payment May 1st.

The Monthly Installment Plan is solely for the convenience of parents in incorporating the annual tuition assessment into their family budget. The institution does not charge an interest rate on this financing option. However, in consideration of the institution's deferral of payment, in lieu of non-interest bearing monthly installments, it is required that all such payments be made on or before the stipulated date of payment.

Late Payment Penalty

Late payment of tuition will result in, immediate suspension of the child from class on the 3rd delinquent day, and a $25.00 surcharge if payment is not received by the 15th of a current payment month.

Bad Check Penalty

The occurrence of any check returned for insufficient funds, regardless of amount will result in (1) an immediate "bad check" charge of $25.00 and (2) mandatory payment of any and all future fees and tuition by cashiers check, money order or cash.

No checks will be accepted after April 30th for any fees that are owed for this school year.

Sibling Discount

Sibling discount will not be applicable to any family receiving scholarship assistance from the institution.

Student Refund Policy

a.    Refunds will not be considered until the parent/guardian has signed an official notice of transfer/withdrawal and any outstanding fees have been remitted.
b.    Students who withdraw prior to October 1st will be charged 2 months and the remainder will be refunded. This policy applies to students paying annually or semi-annually.
c.    If a student attends any portion of a given month, a refund for that month will be forfeited.
d.    Students who withdraw prior to the beginning of a school term and have paid annually or semi-annually will be refunded.
e.    Entrance Fees (Registration, Activity, Book Fees, Computer…) are not refundable under any circumstances. Registration Fee is non-refundable and non-transferable.

Families on Family Central subsidized or VPK (voluntary Pre-k) programs are required to sign in and out daily with a full signature regardless of who picks-up or drops-off the student. Failure to sign in and out with a full signature will result in the Parent resuming full financial responsibility for the days not covered by Family Central & VPK.