FINANCIAL AID GUIDELINES 2022-2023
PHILOSOPHY The Financial Aid Program at Newark Academy (NA) supports the mission of the school by attracting and supporting an engaged student body instilled with a passion for learning, a standard of excellence, and a generosity of spirit. To achieve that end, NA is committed to providing financial aid to admissible students whose families demonstrate some level of financial need. The financial aid program ensures that NA remains accessible and affordable to families of varying socioeconomic backgrounds.
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FINANCIAL AID AT NA Need-Based Financial Aid All financial aid at Newark Academy is need-based. NA does not offer merit-based scholarships. Need is defined as the difference between the cost of attendance and the family’s ability to pay, which is calculated through Clarity, a third-party provider. https://auth.clarityapp.com/en/signup/ Clarity takes into account a number of criteria in determining a family’s ability to pay including income, assets, debt, living expenses, the number of dependents, the age of the parents, and the number of children in tuition-charging schools. For this reason, there is no stated maximum income above which a family does not qualify for financial aid, and awards may change from year to year if or as a family’s financial situation changes as well. The admission process is separate from the financial aid process; however, there are times when “need aware” admission decisions must be made as the Admission Committee’s decisions are weighed against available financial aid funds. Families who do not apply for financial aid during their child’s admission process will not be considered for financial aid in future years unless they demonstrate a significant change in financial circumstances.
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Annual Financial Aid Application Process Newark Academy requires that the Clarity annually for all families requesting
Reconsideration Process
consideration for need-based financial aid.
Once financial aid awards have been
All applicants must provide all supporting
distributed, a family has the right to ask
documents directly to Clarity by the stated
the committee to reconsider the amount
deadlines. Financial aid applications
awarded if they have new or additional
received after the deadline may not be
information that they believe would have
considered. Completed applications are
a significant impact on the Financial Aid
reviewed by the Financial Aid Committee.
Committee’s decision.
financial aid application is submitted
Awards are granted in the spring and are for one year only.
Reconsideration requests should be initiated by sending an email to financialaid@newarka.edu within two weeks of the financial aid decisions being distributed, unless there are extenuating circumstances. Families will be required to complete a reconsideration form and provide additional supporting documentation as necessary. The Financial Aid Committee will complete a second review once materials have been received and decisions will be communicated to families by the committee within approximately two weeks.
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FAMILY CIRCUMSTANCES Divorced Families, Separated Families, Unmarried Parents Unless a parent is deceased, the Financial Aid Committee expects that both biological parents contribute to a student’s tuition expenses. Therefore, financial information is requested from both biological parents. An award may not be granted if data from only one biological parent is provided. If one parent is not in contact with the student and has no role in the student’s life, NA will request the custodial parent complete a waiver as part of the financial aid application and awarding process. If a biological parent does not complete the financial aid process, they will not be given access to or receive any information from Newark Academy about their child.
Remarried Parents The income and assets of stepparents will be taken into consideration when determining a student’s financial aid grant. The Financial Aid Committee will also take into consideration the stepparent’s financial obligation to his, her, or their own biological children.
Non-Working Parent The Financial Aid Committee will impute wages of $30,000 annually for any non-working parent who has a child over the age of five. Consideration is made in the case of extenuating circumstances, for example, if the non-working spouse is responsible for a special needs child and/or elderly parent(s). All extenuating circumstances must be documented, in writing, at the time of application.
Privacy and Security Information provided to the Financial Aid Committee either through the Clarity application or other communication methods is kept secure. Access to Clarity data is only available to the Financial Aid Committee. Details of a family’s financial picture are only shared with other Newark Academy faculty members or school leaders if they are relevant and necessary to providing the best possible support for a student.
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COSTS TO ATTEND Newark Academy has made the monitoring and limiting of costs beyond tuition an important institutional priority. The school’s budget has been expanded in order to absorb incidental costs traditionally borne by families, such as entrance fees at school-wide events, and has reduced the number of fundraising efforts done by school groups. In our ongoing effort to increase transparency about costs to attend Newark Academy, please find an overview of potential annual incidental costs within the chart on page 9.
SCHOOL YEAR ABROAD All Upper School students at Newark Academy interested in School Year Abroad (SYA) should apply through the Upper School office. The Upper School Office will oversee the internal selection process for applying to SYA. Students who are approved to apply for an SYA program (semester or full year) and are seeking financial aid must complete the financial aid application process through SYA directly and must have also completed NA’s financial aid application process. If the student qualifies for need-based financial aid, as determined by Clarity, the amount of financial aid awarded will be prorated to reflect the student’s enrollment at NA for the given school year. For example, if the student is attending a SYA semester program, the financial aid award will be halved to reflect the half year/one semester enrollment at NA.
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FINANCIAL AID ALLOWANCE While Newark Academy strives to minimize incidental costs, NA has set aside funds to help families receiving financial aid with incidental expenses. Each student receiving financial aid is provided an allowance from NA’s discretionary budget. Allowances are calculated individually based on the student’s financial aid grant for the current academic year and relative to all other recipients and the total Financial Aid Discretionary budget. The Financial Aid Committee will communicate the amount of the student’s discretionary aid allowance at the start of each school year. Parents and students can utilize an allowance by emailing financialaid@newarka.edu, noting the item/experience and amount. The financial aid team will work directly with the Business Office to apply financial aid to incidental charges through FACTS, Newark Academy’s electronic billing system.
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PROCEDURES FOR INCIDENTAL COSTS MANAGED OUTSIDE OF FACTS Summer Programs Parents are asked to email the financial aid team at financialaid@newarka.edu when in the process of enrolling in Summer Programs. The Financial Aid Committee will confirm a student’s financial aid grant towards Summer Programs, which will be proportional to the percentage of financial aid that the student is receiving towards tuition, up to $1,000. The Financial Aid Committee will communicate the award amount to Summer Programs staff, who will apply the grant amount on the student’s account. The balance of tuition and other required forms are the responsibility of the family.
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ITEM
DIVISION
REQUIRED/ OPTIONAL
APPROXIMATE COST
Books
All
Required
$500-$750
Music Lessons
All
Optional
$700 (for 10 sessions)
Summer Session
All
Optional
$500-$1,000 per course
Transportation
All
Optional
$4,000-$7,000
FINANCIAL AID OR SUPPORT AVAILABLE
Families who demonstrate a greater level of need are eligible for books at no cost.
Families receiving financial aid can utilize their allowance to offset costs.
Proportional aid provided up to $1,000.
Parents who send their child to NA may be eligible to receive a partial reimbursement of up to $1,022 from their resident school district to cover part of the cost of providing their own transportation to school. Transportation is provided without cost for NA students living in Newark, Irvington, Orange, East Orange, and Hillside, subject to change based on student population.
Capstone
MS
Required
$575-$600 per attendee
Families receiving financial aid can utilize their allowance to offset costs.
AP and IB Fees
US
Required
$50 per exam
Proportional aid provided.
Athletic Banquets
US
Optional
Up to $40 per attendee
Families receiving financial aid can utilize their allowance to offset costs.
Athletic Pre-season Training and Off-site Trips
US
Optional
$850-$1,600 per trip
Proportional aid provided.
Athletic Team Gear Web Stores
US
Required
$100 per sport
Proportional aid provided.
Immersion Experience
US
Required
$1,800-$3,800 (one-time expense)
Proportional aid provided.
Senior Fee
US
Required
$325
Proportional aid provided. 9
91 South Orange Avenue Livingston, NJ 07039 973.992.7000 financialaid@newarka.edu www.newarka.edu