NYA Financial Assistance Overview
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:
- FA grants are made independently from the admission decision and in no way affect a candidate’s application for admission.
- FA is awarded based on demonstrated family need. NYA attempts to meet the demonstrated need but, because of a fixed FA budget, only a portion of demonstrated need is typically met and only in limited cases will more than 80% of the tuition be offered.
- The large majority of FA awards are granted to middle and upper school students. FA awards 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.
- Over 35% of all families received some form of assistance.
- 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.
Financial Assistance Process and Application
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 to the Director of Admission.
January 15*: Current NYA families must have a complete FA application submitted.
February 1*: Priority deadline for new applicants to NYA.
*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 Application
Before getting started, it is advised to have at least 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 (the current year return and schedules are due by April 15)
- Current year’s W2s and 1099s
- Most recent paystubs
- Debt statements (credit card, automobile, educational loans, bank loans, private loans, etc.)
- Mortgage statements
- Household expenses (rent, utilities, real estate taxes, etc.)
- Supporting tax documents (for business income/loss)
- Retirement account statements
- Checking and savings account statements
- Value of other assets (cars, additional real estate, boats, recreational vehicles, etc.)
The Financial Assistance Application (through FACTS) can be found here.
- 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 will need to complete their own application reflecting their individual financial situation.
- For new families, FA decisions are communicated via email, shortly after admission decisions are sent.
- Returning families, who have met the deadline, will receive their FA decision during the re-enrollment process in early February.