Vermont Academy has the majority of its budget committed by early September of the school year and, therefore, must follow a policy of not granting refunds of tuition or fees unless the Tuition Insurance Plan (TIP) is purchased.
Parents/guardians are obligated to pay Vermont Academy’s full tuition (installment payments do not constitute pro-rated contracts) and other charges, even if a student is withdrawn or dismissed. The education experience of most students at Vermont Academy is not interrupted, but withdrawal or dismissal may, of course, occur. In the past, when it has occurred, the reasons have included:
- Accident or sickness of student
- Family relocation
- Family financial reversal
- Academic failure
- Disciplinary action
Vermont Academy provides TIP to safeguard the investment of parents/guardians and lessen financial hardship. The plan credits 50 percent of the unused tuition upon a student’s separation from Vermont Academy*. This is a non-refundable, non-prorated premium.
The academic year upon which refunds are based consists of 263 consecutive calendar days (including weekends, holidays and vacations) commencing with the first day of the formal academic instruction, September 5, 2019, and ending on the last day of the academic year, May 25, 2020.
- TIP costs 5 percent of adjusted tuition (tuition less VA financial aid).
- TIP is optional although recommended for all families paying full tuition by July 15th.
- TIP is compulsory for families opting for any of the payment plans we offer.· TIP is required on town-paid tuition regardless of how the remainder of the tuition is paid.
*except: (1) war or act of war, (2) insurrection, rebellion, riot, or civil commotion, (3) any nuclear reaction, (4) epidemic disease,(5) destruction of the physical facilities of the school, or (6) closure of the school.