Questions About Financial Assistance

List of 24 frequently asked questions.

  • Does the Academy offer grants or scholarships?

    Albuquerque Academy does not give scholarships for academic, athletic, musical, or dramatic ability. All financial assistance is need based and is provided through the generosity of our philanthropic supporters.
  • Does applying for financial assistance influence the admission decision?

    No. Albuquerque Academy accepts students based on academic merit, test scores, and personal qualities. Financial assistance files are reviewed and awards made only after a student is admitted. However, financial assistance applications must be submitted by the published deadline in order to be considered for an award. If a student is neither admitted nor placed on the wait list, the financial assistance file is shredded and destroyed.
  • Who may apply for financial assistance?

    Families applying for admission and families of current students may apply for assistance.
  • How does the financial assistance application process work?

    The Academy partners with School and Student Services (SSS) in our financial assistance process. Families submit an online application, called the Parents’ Financial Statement (PFS). In addition, we require families to upload the following to the SSS web site:

    1. A signed copy of your IRS 1040 tax forms
    2. All supporting schedules and W-2’s
    3. Partnership/sole proprietorship and/or corporate returns (if applicable)

    All information related to the parents' financial circumstances will be treated confidentially. These forms will only be used to arrive at a fair determination of financial need.

    The application must be completed by the published deadline in order for a student to be considered for financial assistance. SSS then generates a Report of Family Contribution (RFC). The RFC provides the Academy with a preliminary assessment of a family’s ability to pay for education. The Financial Assistance Committee reviews the RFC in conjunction with your tax forms to determine your child’s award. The RFC serves only as a guideline and does not bind the Academy to any specific award.


  • How is financial need determined?

    Financial need is defined as the difference between what it costs to attend Albuquerque Academy and a family's ability to pay. Major factors in determining financial need include, but are not limited to, income, assets (including home equity, college funds, and investments), family size, and the number of children attending tuition-charging institutions. We use the information submitted to SSS as a starting point. We will also consider our school policies and practices, as well as the budget we have available.
  • If my family can't afford the SSS fee, how can we apply for financial assistance?

    SSS will automatically evaluate eligibility for families to receive a fee waiver. Fee waiver eligibility will be based on the information families submit on their PFS’s regarding total income, family household size, and other factors.

    To be waiver-eligible, the family must meet all of the following criteria:

    · Neither parent owns or shares ownership in a business or farm
    · Parents must be US or US territory residents (i.e., waivers are not available for international families)
    · The parents’ total assets must be less than $25,000
    · Family must be eligible for the federal free lunch program
  • If parents are requesting financial assistance for more than one student at Albuquerque Academy, are there special instructions?

    Parents only need to file one Parents' Financial Statement for up to three children and should list the other children in the proper place on the PFS form.
  • I never do my taxes until close to the April 15 deadline. How will this affect my financial assistance award?

    You will need to complete your taxes early enough to meet the published deadline in order to receive a financial assistance award. If you have questions about this policy, please call the Financial Assistance Office for clarification.
  • What happens if the parents are divorced, separated, or never married?

    The Financial Assistance Committee considers the assets of both parents, if living, before making any award and cannot be bound by the assertion that one parent has disclaimed legally or otherwise any responsibility for educational expenses. If either parent has remarried, the committee will also consider the income and assets of the stepparent, always bearing in mind the obligation of that stepparent to his or her own natural children. If either parent lives in a household with another adult, we may consider the income and assets of that individual depending on the circumstances.

    In view of this policy, it is necessary for both natural/adoptive/biological parents and their current spouses or partners, if any, to fill out separate PFS forms. As a courtesy, the Admission Office sends financial assistance information to the non-custodial parent. It is the responsibility of the custodial parent to ask the non-custodial parent to fill out the PFS form. If this information is not provided, the Financial Assistance Committee will not grant an award to the student.

    Waiving of Requirement

    To request a non-custodial parent waiver, download and complete the Non-Custodial Parent Waiver Petition.

    Waiving the requirement of the non-custodial parent will be considered ONLY under the following circumstances:

      1. Documented information is provided that states the location of the non-custodial parent is unknown.
      2. Documented information is provided that the non-custodial parent has given no support AND has had no contact with the child/children for at least two years.

  • My spouse/partner does not work. How will that affect my financial assistance award?

    Since it is our belief that families bear the primary responsibility for financing the education of their children, it is our policy to expect both parents to contribute financially. If your spouse/partner chooses not to work, then an annual salary amount equal to the Academy’s current tuition will be added to the income calculations for evaluation. There are circumstances such as caring full time for a disabled or preschool child that may exempt a family from this policy. Each application and circumstance is evaluated individually.
  • How is my child's financial assistance award calculated if I have other children attending tuition-charging institutions?

    Our award calculation takes into account tuition paid for children attending other institutions. The amount that a family is asked to contribute to educational expenses (based on the SSS calculation and school revisions) is allocated toward the total tuition costs for all children attending tuition-charging schools on a pro rata basis. However, for the purposes of the pro rata calculation, tuition expenses in excess of the Academy’s current tuition are disallowed.
  • Will a change in family financial circumstances during the school year change the financial assistance award?

    If your circumstances change during the school year, please contact the Financial Assistance Office and submit your new information. Do not submit a new PFS to SSS. The Financial Assistance Committee will review the new information and any change in your child’s award will be based on your need and our remaining resources.
  • Is financial assistance automatically renewed each year?

    Albuquerque Academy requires families receiving financial assistance to reapply each year. However, as long as the student remains at our school, and funds are available, your child’s financial assistance will be renewed each year according to demonstrated need. Changes in such things as income, family status, and the number of children attending private institutions may result in increases or decreases in an award. Every application is reviewed annually.
  • Do I have to apply for financial assistance before I know whether or not my child has been admitted?

    Yes. If you do not apply for assistance by the published deadline, you will not be allowed to apply afterwards.
  • If my student is admitted and we qualify for assistance, will we get the full amount for which we qualify?

    Provided we have not already expended our financial assistance budget, it is our policy to award the full amount for which an admitted student qualifies.
  • Can I find out what my award would have been if my student had been admitted?

    No. The Financial Assistance Committee makes an award only if a student is admitted.
  • Does any portion of the assistance awarded have to be repaid?

    No. Through the generosity of donors, all assistance is awarded as grants which do not require repayment.
  • How are financial assistance awards prioritized?

    Families of newly admitted students are awarded financial assistance based on several factors including their student's standing within the admitted class and the family's level of demonstrated need.
  • If my child is admitted and we qualify for assistance, when and how will we be notified of the dollar amount of that assistance?

    If you apply for financial assistance, your award decision letter—including the specific dollar amount of assistance offered to your child—will arrive at the same time as your child’s admission decision letter.
  • Is there a limit to financial assistance dollars awarded?

    Yes. Although the Academy awards over $4.1 million in financial assistance each year, requests for assistance exceed available funds. Once awards are made and funds are depleted, remaining admitted students who have qualified for assistance will receive an “Admit/Regret” decision letter. This letter will notify your family that, although your child has been offered admission, regrettably, financial assistance is unavailable.
  • What are our options if our child receives an "Admit/Regret" decision?

    If your child receives an “Admit/Regret” decision, we automatically will place him/her on a wait list for assistance.
  • What are the chances additional financial assistance funds will become available before July 1?

    Although it is unlikely, it does happen occasionally that funds are freed when another student who has been offered an award no longer is able to attend the Academy. If funds become available, we will make an award to a child on the wait list based on factors to include the following: 1) the strength of his/her application as determined by the Admission Committee, 2) your family’s level of demonstrated need, and 3) other attributes that balance an incoming class. If you have not received notification of an award by July 1, financial assistance will not be available for your child.
  • What payment plans are available?

    There are several payment plans available. Please visit the Business Office web page or call 505-828-3226 for information.
  • What should I do if I have additional questions about financial assistance?

    Please call Pam Scanlon (505-828-3232) in the Albuquerque Academy Financial Assistance Office between 8 a.m and 5 p.m., Monday through Thursday, and 8 a.m. and 4 p.m on Friday, MST.

Financial Assistance Calendar

For School Year 2017-18
Applicants

November 1, 2016
Financial assistance application for 2017-18 available online at http://sssbynais.org/parents.

February 22, 2017
Deadline to submit Parents' Financial Statement (PFS) to School and Student Service for Financial Aid (SSS). Application must be submitted online.

Deadline to upload 2016 income tax return, W-2 forms, and all applicable schedules (A, B, C, E, K-1s, 1120, 1065, etc.) to SSS.
Albuquerque Academy is a private, coeducational, college preparatory day school serving middle school and high school students in grades 6 through 12, located in Albuquerque, NM.

ALBUQUERQUE ACADEMY © 2014

6400 Wyoming Blvd NE
Albuquerque, New Mexico 87109-3899
ph: 505-828-3200