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The Catholic Diocese of Richmond will make financial aid available to all who seek a Catholic education within the confines of the Catholic Diocese of Richmond from a special fund, the McMahon Parater Scholarship Foundation (MPSF).
In order to qualify for these funds, families must adhere to the following guidelines:
All families seeking financial aid from the MPSF must complete a FACTS application form including supporting documents by March 1, 2024 for existing families or June 1, 2024 for new families and families with business income.
Some families may qualify for Virginia’s Education Improvement Scholarships Tax Credits (EISTC) scholarships if they meet certain criteria including income at or below the following threshold:
School Year 2024-25 EISTC Household Income Limits
Applicants can apply online at https://online.factsmgt.com/aid. If you have questions or concerns about the FACTS application process, you may speak with a FACTS Customer Care Representative at 1-866-315-9262.
The following information is required in order for FACTS to process your application:
1. Completed online application.
2. Payment of the $35 application fee.
3. Families with W2 income only will need to send their 2023 tax return along with their 2023 W2’s.
4. Families with income other than W2 income (such as rental income, business income, income from a partnership, or any other source of income) must send their 2023 tax return and 2023 W2’s.
5. Families who are not required to file a tax return must send documentation to reflect this, such as documentation for Social Security Income, Welfare, Child Support, Food Stamps, Workers’ Compensation, and TANF.
Fax supporting documents by March 1, 2024 (or June 1, 2024 for families with income other than W2) to: 1-866-315-9264. (Access to FAX machines may be available at your school.)
FACTS will verify supporting documents and assess a family’s ability to pay and need determination.
Funds from the McMahon Parater Endowment will provide tuition assistance for qualified applicant by April 1, 2024 for Round 1 families and July 1, 2024 for Round 2 families.
Awarded amount will not exceed FACTS calculated need. Education Improvement Scholarship Tax Credit (EISTC) awards maximums are predetermined by the United States Department of Education based on the per pupil amount distributed to the school district (in which the student resides) as the state’s share of the students of quality (SOQ) costs.
Principals are required to verify that the aid provided by the McMahon Parater Foundation has been accepted by the family and the student is enrolled and attending their school by September 15, 2024.
Distribution of the MPSF monies will be available after October 1, 2024 of the new school year, and will be sent to the school on the child’s behalf and credited towards tuition.
Should a family decline the MPSF financial aid or should a family leave the school during the year, the Diocese must be notified immediately at 804-359-5661.