PROVIDENCE – Diocesan tuition assistance awards for the 2007-2008 school year will surpass last year’s awards by 15.2 percent, according to the Catholic School Office.
“This is a yet another milestone in financial aid for our Diocese,” reported Sheila Durante, superintendent of schools. “This represents a continued commitment to assist families afford Catholic education.”
In 2006-2007, the Diocese reported awards totaling $1,320,250, up from $1,241,300 in 2005-2006. This year, the Diocese has set aside a total of $1,521,000. All awards are made based upon demonstrated need. To date, 1,488 elementary awards and 698 high school awards have been reserved for distribution. There is a small reserve of funds for emergency aid that will be distributed throughout the winter.
“One of the greatest additions to our funding portfolio this year came from the Tuition Tax Credit Bill,” reported school business administrator Ed Bastia. “This bill allows corporations to redirect a portion of their tax liabilities away from the state and towards a scholarship granting entity.”
For the 2006 tax year, the Diocese received $155,000 in pledged contributions to help fund Catholic education. The pledged donations came from Bank of America, Harrier Electric, Inc. d/b/a Dykeman Electrical Contractors, Maron Construction Co, Inc., and Cayer Caccia, LLP.
“Our most sincere thanks go to those corporations that voluntarily opted to take advantage of the state tax credit and to offer their contributions as financial aid to needy students enrolled in Catholic education,”?Durante said. “I hope they know what a significant impact they have made in the lives of these children.”
“Additional increases occurred in many of our funds,” reported Bastia.
“Although we were able to increase the amount and level of awards,” continued Bastia, “the sad reality is that we are only able to address about 10 percent of the total need of the community.” As reported by FACTS Management, the national agency used to evaluate applicant finances, the total educational need in the Diocese of Providence has now grown to more than $14,743,000. “This number will continue to grow as tuition costs escalate to meet increasing operating demands at Catholic schools,” Bastia said, noting that “five years ago there were 2,225 applicants for financial aid. This year, the number has exploded to 5,041 student applicants.
“The challenge before us is to continue to provide quality Catholic education within the Diocese while significantly increasing the level of tuition assistance at the same time,” Bastia said. “It is a challenge that many private institutions are now facing.”
