Philosophy and Objectives

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 diverse social and economic backgrounds to attend NYA. Financial aid awards are made independently from admission decisions and in no way affect a candidate’s application for admission.

All financial aid grants are need based (i.e., a family’s ability to pay or not pay full tuition for their child). 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 determined on an annual basis through our application process. (For a more detailed description of NYA’s financial aid policies and processes, please click here.)

Policies

Selection and Competition for Funds: NYA is fortunate to have many outstanding applicants. 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. NYA’s Financial Aid Committee also considers the student’s overall academic and personal strengths.

We make every effort to meet the needs of all students. However, while our resources are significant, they are finite. As a result some students who are admitted to NYA may not receive financial assistance. Those who are accepted to NYA, but who do not receive a financial award, are placed on a financial aid waiting list.

Note: Students who enter NYA and do not qualify for financial assistance should not expect to receive financial assistance in future years unless there is a significant change in the family’s financial status. To determine eligibility for financial assistance, families must complete a financial aid application annually.

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.

1. Applications from current recipients who have completed all renewal requirements on time.
2. New applications from currently enrolled students that have been completed on time.
3. New applications from candidates accepted by the Admission Committee for enrollment, which have been completed on time.
4. New and renewal applications completed after the specified deadlines, if funds remain available.

Financial Aid Application Procedure

A family who seeks financial assistance must complete the Parents’ Financial Statement (PFS) form online at sss.nais.org (Student and School Services) no later than January 4. In addition, a family must submit photocopies of 2011 W-2 form(s), 2010 Federal Income Tax Form 1040 and a completed IRS 4506 form (signed, but not dated), directly to SSS 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 if the student is not receiving aid, include a copy of the college bill.

Note: The PFS and required documents must be submitted by January 4 to ensure consideration among the first group of awards. An award will not be considered final, however, until the entire application procedure, including receipt by SSS of the tax forms and other required documents, 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. Note: Funds are not reserved for families who submit their Parents’ Financial Statement (PFS) or tax forms late.

We cannot emphasize enough the importance of submitting the required forms on time.

Financial Aid Calendar

Black dates are for Current Families & new financial aid applicants
Blue dates are for New Student Applicants

Date	Action
November 1	Current Families receiving financial aid receive financial aid packets from North Yarmouth Academy. Please contact us if you have not received your packet by this date or if you are applying for the first time. New applicants can request packet and it will be included in their admission packet.
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. Final awards will be confirmed upon receipt of all required documents, no later than February 10.
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 2011 W-2 form(s), the IRS 4506 form (signed, but undated) and your 2010 and 2011 tax returns (including W-2s and all Schedules) to SSS, PO Box 449, Randolph, MA 02368-0449. Include a cover sheet with your PFS ID#.
February 6	Deadline for receipt of 2011 W2s and 1099, if applicable. If these documents are not received by the deadline, there is risk that the financial aid grant process will be delayed.
February 10	Re-enrollment offers are mailed to returning students. Financial Aid decisions are mailed to returning students meeting the January 4 financial aid application deadline.
March 1	Signed Re-enrollment and Early Decision contracts and deposits are due.
March 10	Admission decisions and financial awards mailed to all accepted applicants.
March 31	Signed contracts and deposits are due for all accepted students.
April 30	Photocopy of your completed and signed 2011 Federal Income Tax Form 1040, including all schedules must be received by SSS Application Processing Center.

(Click for a more detailed description of the process)