Tuition and Financial Assistance
Aiming to promote and maintain socioeconomic diversity among our student population, Albuquerque Academy allots a sizable share of the school’s budget to fund the financial needs of its students. For 2018-19, the Academy is providing 21% of its students with need-based financial assistance totaling over $4 million. Albuquerque Academy does not give scholarships for academic, athletic, musical, or dramatic ability. Financial assistance is need based, does not require repayment, and is offered through the generosity of our philanthropic supporters. Tuition for each school year is typically set by the Board of Trustees in the late fall for the following school year. For the 2018-19 school year tuition is $23,990 which includes lunch.
Albuquerque Academy establishes the amount of financial assistance available for incoming sixth grade students and new students in other grades on an annual basis. This amount is determined by the funds available within the parameters of the operating budget. New families are awarded financial assistance based on the strength of the child’s application determined by the Admission Committee, the family’s level of demonstrated need, and other attributes that balance an incoming class.
Financial assistance decisions are made independently of admission decisions and require a separate application. Albuquerque Academy uses School and Student Services (SSS), a service of the National Association of Independent Schools (NAIS), to process financial assistance applications. The application is available online by November 1, 2018 at this link. Your application for assistance and all 2018 supporting tax documentation must be submitted to SSS no later than February 22, 2019.
To apply for financial assistance:
1. Submit the application (Parent’s Financial Statement) to School and Student Service for Financial Aid. The application must be submitted online.
2. Print two copies of the Parent Financial Statement (PFS) and keep one for your records and send one to the Financial Assistance Office at Albuquerque Academy (6400 Wyoming Blvd NE, Albuquerque, NM 87109). This will be a 4-5 page form summarizing the questions you answered on the application form. The Financial Assistance Office will not officially open your file for review until receiving the PAPER copy of the PFS. Emailed copies will not be accepted.
3. Upload 2018 income tax return, W-2 forms, and all applicable schedules (A, B, C, E, K-Is, 1120, 1065, etc.) to SSS. Please note that families need to complete their taxes early enough to meet the published deadline in order to receive a financial assistance award. If you have questions about this policy or are unable to meet this deadline, please call the Financial Assistance Office for clarification.
If you do not apply for assistance by the published deadline, you will not be allowed to apply afterwards even if your child is admitted to the school.
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 education 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. Click here to download the Non-Custodial Waiver Form.
The application process is designed to determine financial need, which is defined as the difference between what it costs to attend Albuquerque Academy and a family’s ability to pay. Factors used in determining financial need include income, assets (home equity, college funds, investments, etc.), family size, and the number of children attending tuition-charging institutions. The Academy uses the information submitted to SSS as a starting point. The school will also consider its policies and practices, as well as the available budget.
For more information, contact the financial assistance office.
Financial Assistance Calendar
For School Year 2019-20 Applicants
November 1, 2018
Financial assistance application for 2019-20 available online at http://sssbynais.org/parents
February 22, 2019
Deadline to submit Parents’ Financial Statement (PFS) to School and Student Service for Financial Aid (SSS).
Deadline to upload 2018 tax return, W-2 forms and all applicable schedules (A, B, C, E, K-1s, 1120, 1065, etc.) to SSS.
Philosophy of Awarding Financial Assistance
The Academy Commitment to Affordability and Access
Aiming to promote and maintain socioeconomic diversity among its student population, Albuquerque Academy demonstrates a strong commitment to need-based financial assistance by providing a sizeable share of the school’s resources to fund the financial need of its students. Albuquerque Academy is fortunate to have one of the largest financial assistance budgets among all independent schools in the United States, awarding over $4.5 million in need-based assistance each year.
Our program exists to help ensure admitted students with demonstrated need have the opportunity to attend; however, the budget is limited. Albuquerque Academy establishes the amount of financial assistance available for incoming sixth graders, as well as new students in other grades, on an annual basis. The amount is determined by the funds available within the parameters of the school’s operating budget. As these funds are expended each year, some families who have qualified for assistance unfortunately will not receive it.
- We use the following guiding principles to ensure that we distribute grants fairly and equitably:
- To the extent they are able, parents and students have the primary responsibility to contribute to educational expenses.
- Families with similar overall financial profiles will be expected to contribute similar amounts.
- Both income and assets are evaluated as part of the assessment of a family’s ability to pay.
- The exercise of “professional judgment” by the Financial Assistance Committee in assessing a family’s ability to pay recognizes unique or extenuating financial circumstances in individual cases.
- Applicants are informed of the policies and practices applied by the school when measuring a family’s ability to pay.
- Policies are applied fairly and impartially across students and throughout a student’s tenure at the Academy.
Should our family apply for financial assistance?
Who may apply for financial assistance?
Does the Academy offer scholarships or merit awards?
What does it cost to attend the Academy? Does financial assistance cover books, school trips and other costs beyond tuition?
Does applying for financial assistance influence the admission decision?
Is financial assistance automatically renewed each year?
Does any portion of the assistance granted have to be repaid?
How are financial assistance awards prioritized?
Do I have to apply for financial assistance before I know my child has been admitted?
If my student is admitted and awarded assistance, will we get the full amount for which we qualify?
How does the financial assistance application process work?
- A copy of your IRS 1040 tax form, and all supporting schedules (Schedules A, B, C, E, etc.)
- All W-2 forms
- Partnership and corporate tax returns, if applicable
This process must be completed by the stated deadline in order 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 application and tax forms to determine your child’s potential grant. The RFC serves only as a guideline and does not bind the Academy to any specific grant. Please note that SSS assesses each household a $51.00 fee for the application and for the collection and verification of uploaded documents.
In making our decisions on need-based financial assistance grants, we rely on all financial, employment, and other information families provide to us and School and Student Services for the processing and evaluation of financial assistance applications. Financial assistance grants may be modified or terminated at any time during the school year if the school discovers that inaccurate, misleading or false information was submitted in connection with an application.
What does SSS do?
Is the information we provide to the Academy and to SSS held in confidence?
How is financial need determined?
How much will I have to contribute?
If my family can’t afford the SSS fee, how can we apply for financial assistance?
If we are requesting financial assistance for more than one student at Albuquerque Academy, are there special instructions?
I can’t do my taxes until close to the April 15 deadline. How will this affect my financial assistance grant?
What happens if I am divorced, separated, or never married?
In view of this policy, it is necessary for both parents and their current spouses or partners, if any, to fill out separate PFS forms. As a courtesy, the Admission Office sends admission 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. Requests will not be considered until both custodial and non-custodial parents have submitted required documentation. Therefore, the Financial Assistance Committee will not grant awards to students with incomplete files.
Waiving of Requirement:
Waiving the requirement of the non-custodial parent will be considered ONLY under the following circumstances:
- Documentation is provided that states that the location of the non-custodial parent is unknown.
- Documentation is provided that the non-custodial parent has given no support AND has had no contact with the family for at least two years.
In order to waive the requirement, the custodial parent must complete a Noncustodial Parent Waiver Petition form. All questions on the form must be completed. In addition, a personal statement outlining the extenuating circumstances regarding your child’s noncustodial parent must be provided along with statements from two impartial third parties who can attest to the situation.
The form and supporting documentation should be sent directly to:
Financial Assistance Office
6400 Wyoming Blvd NE
Albuquerque, NM 87109
My spouse/partner does not work. How will that affect our financial assistance grant?
I am self-employed. How is my child’s grant determined?
If I am attending school or decide to attend school during my child’s tenure at the Academy, how will this impact our financial assistance grant?
What if I am planning to leave my current job or to change careers?
If I have another child who attends a tuition-charging institution, will the Academy take this into consideration when calculating the grant?
My child has assets in his/her name. Are these considered in the calculation?
My family is here on a nonimmigrant visa (H-1B, F-1, H-3, etc.). Can my family apply for financial assistance?
If my child is admitted and we qualify for assistance, when and how will we be notified of the dollar amount of that assistance?
We have a child enrolled at the Academy and we are not currently receiving financial assistance. We have another child applying for admission to the Academy and we will need some assistance in order for him/her to attend. How does financial assistance work in our situation?
Can I appeal the amount granted to my family?
Can I find out what my grant would have been if my student had been admitted?
Is there a limit to the total financial assistance dollars awarded annually?
What are our options if our child qualifies for financial assistance but there is no assistance available (a Financial Assistance Wait List decision)?
What are the chances additional financial assistance funds will become available before July 1?
If my family qualifies for financial assistance and it is not available for my child when he/she is first admitted, can I apply in following years if he/she enrolls without assistance?
If my family experiences a major financial emergency, will the financial assistance program help us?
What payment plans are available?
- Payment in Full:Tuition paid in full no later than August 1st.
- Semi-Annual Payments:Tuition paid in two installments due on August 1st and December 1st. This plan incurs a $10 annual fee.
- Monthly Payments:Tuition is paid over 10 or 12 monthly payments based on the preference of the family. Plan incurs a $45 annual FACTS fee.
- Bi-Monthly Payments:Tuition is paid over 10 or 12 months with bi-weekly payments being made, resulting in 20 or 24 payments being made. Plan incurs a $45 annual FACTS fee.