The North Yarmouth Academy Financial Aid Program has a dual purpose: to provide deserving students an opportunity for a quality education that might otherwise be unobtainable for them and to enable students with a more diverse mix of social and economic backgrounds to attend NYA. To obtain these goals it is essential that a family's ability to pay the full tuition not be a determining factor in granting admission to a promising young person.
All financial aid grants are need based (i.e., a family's ability to pay, or not pay, full tuition for their child). Historically, need-based financial aid grants have allowed NYA to enhance the diversity of talents and backgrounds in the student population, thereby enhancing the school's programs and community. Financial aid is intended as a supplement to family income sources, and awards are made not only to families whose ability to pay school costs is extremely limited, but also to those families who may need a minor subsidy to meet our tuition requirements.
Financial aid awards are made independently from admission decisions and in no way affect a candidate's application for admission.
Selection and Competition for Funds: NYA is fortunate to have many outstanding applicants, and the financial need of those accepted for admission exceeds what we can afford to support. While our resources are significant, they are finite, and as a result some students who are admitted to NYA may not receive financial assistance. Therefore, we must make difficult choices based on limited resources. Those who are accepted to NYA, but who do not receive a financial award, are placed on a financial aid waiting list. Regardless of the student's talents and attributes, candidates cannot receive financial aid unless they qualify based on family income. After an admission decision has been made, need is the first and absolute requirement for financial aid, at which point the final determination also considers the student's overall academic and personal strengths.
Note: Students who enter NYA without receiving financial assistance should not expect to receive financial assistance in future years unless there is a significant change in the family's financial status.
Renewals: The Academy's total award usually consists of an outright grant. Every financial aid grant is made for one year and may be renewed subject to (1) parents' filing an annual financial statement, (2) maintenance by the student of the sound academic and high citizenship standards expected of all our students and (3) the family's adherence to financial aid requirements for the previous year. Although it cannot be guaranteed, families normally have their financial aid grant renewed at the original level of funding for an ensuing year provided there is no significant change in the family's financial circumstances. There are no unique obligations or performance requirements for financial aid recipients. North Yarmouth Academy students are expected to do their best and maintain the strong academic and personal qualities evidenced upon admission. While there is no expectation that a family will repay a grant, we are proud that some families who receive financial aid later contribute to the financial aid program or some other facet of learning at North Yarmouth Academy.
Priorities: Consideration for financial aid is given in the following order. Funds are not reserved for families whose Parents' Financial Statement (PFS) or tax forms are received late.
Applications from current recipients who have completed all renewal requirements on time.
New applications from candidates accepted by the Admission Committee for enrollment, which have been completed on time.
New applications from currently enrolled students that have been completed on time.
New and renewal applications completed after the specified deadlines, if funds remain available.
Computation: An application for financial aid is considered only after enrollment or re-enrollment for the coming year has been granted. North Yarmouth Academy subscribes to the principles and services of School and Student Service for Financial Aid (SSS), based in Randolph, MA. The NYA Financial Aid Office is provided with, at the request of parents, a financial analysis based on the confidential statement of need known as the Parents' Financial Statement (PFS). SSS reports provide a point of departure for the North Yarmouth Academy Financial Aid Committee, which renders all financial aid decisions. SSS processes applications from December through July, but forms should be sent in NO LATER THAN JANUARY 4 of each year. This will ensure that the NYA Financial Aid Office receives the PFS in time for priority consideration. If families fail to meet these deadlines they may not be considered for assistance.
Family Contribution: Our intent is to meet each family's demonstrated need. However, we expect those who accept our assistance to make every effort to contribute as much as they can to their children's education. This, in turn, helps us extend our resources to the greatest number of deserving families within the NYA community. Thus, we encourage payments beyond amounts calculated within SSS guidelines.
External Resources: Any financial support that may be available beyond the parents' own income and assets must be reported on the PFS for consideration by the Financial Aid Committee. These include resources that might be available from other relatives, church funds, and direct scholarship grants, etc. The committee welcomes parents' explanations for these potential sources of help, and correspondence with the Director of Financial Aid on these matters is encouraged. Since we cannot meet the needs of all qualified applicants each year, we wish to take into account every means of stretching our budget to meet the needs of as many NYA families as possible.
Divided Families: North Yarmouth Academy's consideration of any responsibility for educational costs must come after the obligation of the student's parents has been met, regardless of the legal or personal relationship between them. Therefore, the Financial Aid Committee will consider the resources of both natural parents first. If the custodial parent has remarried, we also consider the resources of the stepparent, bearing in mind the obligations of the stepparent to his or her own natural children. A standard PFS is submitted by the custodial parent (and stepparent, if remarried) and by the noncustodial parent (and spouse, if remarried). All information will be held in the strictest confidence. If the noncustodial parent refuses to submit the necessary information to the Financial Aid Office, the application for financial aid may not be processed. If the custodial parent has not heard from the noncustodial parent for a period of time, forms may not be required from that parent. A letter of verification from a disinterested party (minister, attorney, etc.) will be required in this case.
Confidentiality: Financial information submitted by parents in support of aid applications is held in confidence by the Financial Aid Committee. A family's application is retained on file for a limited period of time to document possible IRS or other regulatory auditing, after which, the records are destroyed. Financial aid recipients are not identified at the school by the administration or faculty. The Financial Aid Committee will safeguard the confidentiality of all financial information provided by each family. We, in turn, expect families to refrain from discussing or disclosing the amount of financial aid awarded to them. Failure to adhere to this guideline could jeopardize future financial assistance.
Should discrepancies be discovered in the information provided to North Yarmouth Academy's Office of Financial Aid, we reserve the right to withdraw financial assistance at any time during the school year.
A family who seeks financial assistance should fill out their Parents' Financial Statement (PFS) form online at sss.nais.org prior to or on January 4 to School and Student Services for Financial Aid. Parents should submit photocopies of 2009 W-2 form(s), 2008 and 2009 Federal Income Tax Form 1040 and a completed IRS 4506 form, directly to the Office of Financial Aid by January 4. If you have an older student in college who is receiving financial aid, please include a copy of his/her grant or loan paperwork or college bill if the student is not receiving aid.
Note: Even if your tax return cannot be completed by January 4, the PFS must be submitted by that date to ensure preliminary consideration among the first group of awards. An award will not be considered final, however, until the entire application procedure, including receipt of the tax forms, has been completed. Computations based on the PFS will be adjusted to reflect figures shown on the tax forms. Should discrepancies arise between reported information on the PFS and the tax information provided, financial assistance may be adjusted. Funds will not be reserved beyond the initial round of awards for those whose PFS or tax forms are received after the deadlines. We cannot emphasize enough the importance of submitting the required forms on time.
| November 1 | Applicants should receive financial aid packets from North Yarmouth Academy. Please contact us if you have not received your packet by this date. |
| December 1 | Applicants for Early Decision must submit all appropriate Financial Aid paperwork by this date. Contact our office for details. Parents' Financial Statements must also have been submitted online by this date in order to receive an award determination. |
| December 15 | Applicants for Early Decision will be notified of a conditional award determination. |
| January 4 |
Deadline for regular first round applicants and returning students to submit their PFS online to the School and Student Services (SSS). Mail photocopies of 2009 W-2 form(s), the IRS 4506 form and your 2008 and 2009 tax returns (including W-2s and all Schedules) to the NYA Office of Financial Aid as soon as possible. |
| February 8 | Financial Aid decisions and re-enrollment offers are mailed to returning students meeting the January deadlines. |
| March 10 | Financial Aid decisions and new enrollment offers are mailed to new financial aid applicants meeting the January deadlines. |