Investing in Your Child's Future - North Yarmouth Academy

The NYA Experience is an Investment.

It’s much more than small class sizes and individualized attention. Our community is special, our faculty are mentors, and our students truly belong. An NYA education provides students with the knowledge and experience they need to be successful in college and in life. As you know, there is a cost associated with the attending NYA, and our goal is to provide you with the tools to help make tuition workable for your family.

TUITION AND EXPENSES

Affording NYA

We offer a variety of options to make tuition payments easier for families:

Flexible Payment Plans

- 50/50 payment plan
- 10 or 12 month payment plans

School Choice – Available in select towns

- Qualifying standards, implementation, and amounts vary and are set by individual towns.

Need-based Financial Assistance

- Through our financial assistance program, we help close the gap between the total cost of an NYA education and what a family is able to contribute.
- Unlike loans, our financial assistance is a grant that does not get paid back.

Savings Plans

- 529 Education Savings Plans
- Coverdell Education Savings Accounts

Tuition Refund Insurance

- NYA offers an optional insurance policy that provides coverage in the event a student withdraws from the Academy after entry. Annual costs for the insurance are 2.1% of yearly tuition fee.

Important Dates for Financial Assistance

Returning Families: January 15* is the deadline for current NYA families to submit a completed financial assistance (FA) application. FA grants will be included in the enrollment agreements sent in early February for families meeting this deadline.
New Families: February 1* is the priority deadline for new applicants to NYA to submit a completed FA application. Families meeting this deadline will learn of their grant decision at the time of their admission decision.

*FA and admission applications completed after the priority deadline are reviewed only when both applications are complete and as funds and space remain available.

Financial Assistance Program Overview & Process

NYA offers a need-based financial assistance (FA) program. FA grants awarded by NYA are not loans and do not need to be paid back. The goal of the program is to help bridge the gap between what a family can afford to contribute toward an NYA education and the cost of tuition. Below are some highlights from NYA’s Financial Assistance Policy:

Over 40% of all families received some form of FA this year.
FA grants are made independently of the admission decision.
FA is awarded based on demonstrated family need. NYA attempts to meet much of the demonstrated need. Only in limited cases will more than 80% of tuition be offered.
The large majority of FA awards are granted to students in grades 5-12. FA grants for Lower School students are extremely limited.
If a family has children over the age of six, it is expected that both parents are employed. There are circumstances that may exempt a family from this policy.
A family must re-apply for FA each year they wish to be considered. It is reasonable to assume a similar grant from year to year unless a family demonstrates less need than the prior year. In this case, a grant may decrease.

NYA uses a third party, FACTS Grant & Aid Assessment, to conduct the financial need analysis. Using a third party ensures a fair and confidential assessment for families. If there is additional information a family would like the NYA Financial Assistance Committee to consider, please communicate this information, in writing, to the Director of Admission.

Helpful Hints

NYA FA grants are not loans and are not paid back.
FACTS Grant & Aid Assessment also provides this helpful document.
“Applicant” and “Co-Applicant” refer to the parent(s).
The application does ask for a SSN. NYA does not need this information so please make one up.
In the case of a two household family, each parent must complete a separate application reflecting each individual financial situation.
Newly accepted students will receive their FA decision with news of their acceptance in early March.
Returning families, who have met the deadline, will receive their FA decision during the re-enrollment process in early February.
Families must re-apply for FA each year. Unless circumstances have changed significantly for the better (inheritance, bonus, promotion, etc.), it is reasonable to expect a similar grant from year to year.

Completing the Need-Based Financial Assistance Application

Before beginning the process, it is helpful to have the following on hand, some of which will need to be uploaded as part of the application:

- Previous year’s federal tax return and all schedules (current year taxes are due by April 15, for verification purposes).
- Current year’s W2’s and 1099’s
- Most recent paystub
- Debt statements (including mortgage)
- Supporting tax documents (for business income/loss)
- Checking, savings, investment, and retirement account statements
- Value of other assets (cars, real estate, boats, recreational vehicles, etc.)

Apply for Financial Assistance

Please contact us if you have any questions about affording NYA.

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207.846.9051 | 148 Main Street, Yarmouth, ME 04096

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