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. All completed applications submitted to Clarity are reviewed by Newark Academy’s Financial Aid Committee. Decisions are communicated to families in the spring of each year for the coming school year.

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.

Annual Financial Aid Application Process

Newark Academy requires that the Clarity financial aid application is submitted annually for all families requesting consideration for need-based financial aid. All applicants must provide all supporting documents directly to Clarity by the stated deadlines. Financial aid applications received after the deadline may not be considered. Completed applications are reviewed by the Financial Aid Committee. Awards are granted in the spring and are for one year only.

Reconsideration Process

Once financial aid awards have been distributed, a family has the right to ask the committee to reconsider the amount awarded if they have new or additional information that they believe would have a significant impact on the Financial Aid Committee’s decision.

Reconsideration requests should be initiated by sending an email to financialaid@newarka.edu within two weeks of the financial aid decisions being communicated, unless there are extenuating circumstances throughout the course of the school year. 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.