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.