Financial Aid Process and Deadlines

The primary responsibility for financing a Concord Academy education rests with the family. If the cost of attending Concord Academy exceeds a family’s ability to contribute, a family may apply for financial aid. Applying for financial aid will not affect one's admissions decision; applicants are accepted for admission on a need-blind basis.

Once accepted, candidates for financial aid are referred to the Financial Aid Committee which awards aid to families who demonstrate financial need as determined by the guidelines of the School and Student Service for Financial Aid (SSS) and Concord Academy’s own policies.

Financial need is determined taking into account many factors including income and essential expenses such as taxes, medical expenses and basic living expenses, parental and student assets, debts, and a retirement allowance, family size and the number of children attending tuition-charging schools and colleges. As the Financial Aid Committee recalculates all financial aid applications to correct errors and to apply Concord Academy’s policies, the family contribution we determine may differ from the one contained on the SSS Family Report and from figures computed by other schools.

Because of CA’s strong commitment to our financial aid program and to enrolling an economically diverse student body, as well as our commitment to funding 100 percent of a family’s demonstrated financial need, each year the number of accepted applicants who qualify for financial aid is greater than the school is able to support. Therefore, some students who have been admitted to CA will be denied aid and placed on the financial aid waiting list.

Recipients of financial aid are expected to meet the same standards of performance as all other students; they are not subject to special standards or requirements. To be eligible for continued financial aid, students must reapply each year, demonstrate financial need, and remain enrolled at Concord Academy.

All information received by the Financial Aid Committee is held in strict confidence.

Financial Aid Awards

Concord Academy is committed to awarding financial aid that meets 100% of a student’s computed financial need. In addition to tuition costs, families who are awarded financial aid receive a bookstore grant to help defray additional, ongoing expenses such as books, school supplies, tutoring, athletic equipment, school trips, standardized testing and the college search process. Financial aid packages consist of various combinations of grant, loan, and supplement. Grants range from $1,000 to the full cost of tuition and have no repayment requirement. Student loans are voluntary and normally $1,000 per year to a maximum total of $4,000 over four years. The annual interest rate is one-half the prime rate, but in no case is less than five percent. No interest accrues while the recipient is a student at Concord Academy. For the first four years following graduation, interest is paid in quarterly installments. An additional financial aid supplement is available to support our highest need students for such things as monthly spending money and transportation costs.

Please contact the Financial Aid Office at (978) 402-2253 for more information.

Financial Aid Waiting List

Qualified financial aid applicants whom the budget is unable to support will be placed on a financial aid waiting list. As funds become available, all students on the list will be considered equally, and will be offered aid according to the current enrollment needs of the school.

To remain on the financial aid waiting list, families are not required to submit the contract and deposit; however, we cannot guarantee that a place will be available if aid becomes available unless the contract and deposit are submitted. In order to reserve a place at Concord Academy, the family must sign the registration contract and return it along with the registration deposit by April 10 regardless of whether aid is offered before April 10.

Options for students placed on the financial aid waiting list include:

• declining Concord Academy's offer of admission and enrolling at another school
• alerting Concord Academy that you would like to remain on the financial aid waiting list, but will not be submitting the non-refundable deposit by April 10. While we will consider you for aid if additional funds become available, we cannot reserve a place in the class for you.
• submitting the non-refundable enrollment deposit and informing the Admissions Office that you would like to remain on the financial aid waiting list. You will remain under consideration for funds that become available in the spring or summer, but we cannot guarantee our ability to meet your financial aid needs. If you find other means to pay the full tuition, please contact the Admissions Office.

Renewal Applications

Annually, Concord Academy guarantees the previous year’s level of aid to each returning student as long as a family’s financial need does not change. If the family's ability to contribute to the student's education increases, the level of aid awarded will decrease accordingly. If the family's ability to pay decreases, we will make every effort to raise the level of aid awarded. However, we can guarantee only the level of aid equal to that received during the previous year. Only applications that are received by January 31 will be considered for an increased award.

The Financial Aid Committee will consider applications from returning families who have not received financial aid in the past. However, we cannot guarantee that we will be able to meet the financial need of these families. It is our expectation that families who begin at Concord Academy paying the full tuition will continue to do so.

Parents Who Are Separated or Divorced or Who Never Married

Financial need is determined by a family's ability to meet educational expenses, not on a willingness to pay. Both parents retain the obligation to contribute what they can afford to the education of their children, regardless of any divorce or other agreements stating otherwise. In most cases, the Financial Aid Committee will make an award only after considering the financial resources of all parents. Therefore, each parental household must complete the full application process.

If either parent remarries, the financial information of the stepparent must be included on the financial statement in order to allow us to assess the true financial position of the applicant family. We will take into consideration individual financial arrangements as well as obligations of the parent and stepparent to their other children as we process this financial information.

If one parent is not involved in the child's life, a statement to this effect from a third party who is aware of the situation in a professional capacity (a lawyer, member of the clergy, school official, for example) may be substituted for the financial documents from that parent. If a parent who is involved in the child’s life is reluctant to participate in the financial aid process, please contact the Financial Aid Office to discuss the situation.

International Students

Concord Academy considers applicants for financial aid only if they are United States citizens or US permanent residents holding current green cards.

Music Scholarships

Each year, music scholarships are awarded to new and returning students to cover the cost of lessons taken at Concord Academy. Once a student receives a music scholarship, he or she will continue to receive the scholarship as long as the lessons and need continue. Music scholarships are awarded only to students who qualify for financial aid. Please contact the Financial Aid Office at (978) 402-2253 for a music scholarship application.

Financial Aid Decisions

Each financial aid applicant who is accepted for admission will be notified that the financial aid committee has made one of the following decisions:

• Does Not Qualify—The computed family contribution exceeds the total cost of education (tuition and expected additional expenses)
• Financial Aid Award—The family qualifies for financial aid and is being offered a financial aid package to meet their demonstrated need
• Financial Aid Waiting List—The family qualifies for financial aid, but Concord Academy is unable to offer a financial aid package in the initial round

Financial aid decisions are mailed on March 10 in conjunction with admissions decisions.

Appeals Process

Families who feel they are unable to meet the financial expectations outlined in the financial aid award agreement may request a second review of their financial aid application.

In order to initiate the appeals process, the parent should call the Financial Aid Office and prepare the following:

• a detailed monthly or annual budget showing all income and expenses
• a statement of changes, if any, in financial circumstances since the financial statement was completed
• detailed explanations, if any, of unusual expenses and/or debts that were not fully explained on the original financial statement(s)

Tax Treatment of Financial Aid Awards

The amount of a financial aid grant (and supplement, if included) that exceeds the cost of tuition and course-related fees may be considered by the Internal Revenue Service to be taxable income to the student. For more information, please contact the Financial Aid Office at (978) 402-2253.