Profile of Previous Financial Aid Class
Concord Academy’s need-based financial aid program enables the school to enroll students whose families are unable to afford the full cost of attendance, awarding need-based grants and loans ranging from $1,000 to the full tuition. Admissions applications are considered on a need-blind basis; decisions of the Financial Aid Committee do not affect the admissions process. Accepted admissions applicants whose need we cannot meet are placed on the financial aid waiting list. Financial aid awarded in the first year of attendance will continue throughout a student’s career as long as the need continues.
Financial Aid Budget 2007–08
| Tuition Grants | $2,051,679 |
| Loans | $35,000 |
| Other Grants | $78,000 |
| Total | $2,164,679 |
Financial Aid Recipients 2006–07 |
|
| 9th Grade | 21 |
| 10th Grade | 17 |
| 11th Grade | 16 |
| 12th Grade | 22 |
| Total | 76 |
Applicants for and recipients of financial aid include students whose annual family income ranges from below $21,000 to over $120,000. The chart below shows the total number of applicants who filed financial aid applications for Concord Academy through the School and Student Service for Financial Aid (SSS) for the 2005–06 academic year, by income range; the numbers of those applicants who qualified for financial aid according to SSS guidelines and Concord Academy’s policies; and the numbers of Concord Academy’s current financial aid recipients and their average family contribution.
Financial Aid Applications 2006–07
| Gross Income | All Financial Aid Applicants | Applicants Who Qualified For Aid | Financial Aid Recipients | Average Family Contribution |
|---|---|---|---|---|
| <$21,000 | 28 | 28 | 9 | $791 |
| $21,000-$30,000 | 24 | 24 | 5 | $1,320 |
| $31,000-$50,000 | 41 | 41 | 18 | $3,766 |
| $51,000-$85,000 | 51 | 51 | 16 | $10,604 |
| $86,000-$120,000 | 46 | 40 | 14 | $10,281 |
| >$120,000 | 59 | 19 | 13 | $22,185 |
Financial need is determined taking into consideration many factors including income, certain expenses, assets, allowable debts, family size, age of the parents, and the number of children attending tuition-charging schools and college.
Because the figures in the chart above show income as the only factor, they may be used only as a general guide. Other family financial circumstances will result in higher or lower family contributions.