FINANCIAL AID

As a nonprofit 501(c)(3) organization, The Novus Academy does not receive any state or federal funding whatsoever. It’s operational costs must be raised solely through tuition and fees, grants, and donations.

Although our costs are competitive, we understand that families must often make sacrifices so that their child can attend our school. Additionally, in order to build and maintain a socioeconomically diverse student body, we offer financial assistance to a limited number of qualified families.

Financial Assistance will be awarded annually on the basis of financial need. So that The Novus Academy may fairly allocate the limited funds we have available for financial assistance, we are using F.A.S.T. (Financial Aid for School Tuition), an independent third-party provider. https://www.ismfast.com/FastPage.php?id=972e04318af191f7e3c91396ea58ae3a

F.A.S.T. will confidentially review and analyze a family’s financial situation and make a recommendation of what the family may reasonably be able to contribute. F.A.S.T.’s recommendations are reviewed by The Novus Academy’s Financial Assistance Committee.

 

Financing your Novus Academy education

Tax Law Extends 529 Plans To Certain Pre-College Educational Costs For many, families have been able to use tax-advantaged 529 plans to save for future college costs. The tax law passed in 2018 broadens the use of these plans to include certain costs associated with elementary, middle, and high school education. Please check with a tax adviser or 529 plan operator to see if you might be eligible to take advantage of the new law.

Some families with dependents who attend specialized schools for medical reasons may be able, with a doctor’s recommendation, to deduct tuition as a medical expense on their income taxes. This can be a significant deduction for families with already high out-of-pocket medical expenses. Please consult your tax advisor as only you and your tax adviser can decide whether this applies to you.

FREQUENTLY ASKED QUESTIONS

How do I apply for tuition assistance? The Novus Academy uses F.A.S.T. to collect all tuition assistance application information.  More information can be found here: https://www.ismfast.com/pdf/EN/FamilyManual.pdf

If I am divorced or separated, do both parents need to submit financial information? Yes, all financially responsible parties must submit the required financial information.

What information is required for the application? Examples of required information are personal and business tax returns, w-2s, 1099s, and recent pay stubs.

What is the deadline to apply for tuition assistance? We consider applications year round.

Do I have to apply every year? Because a family’s financial situation may change from year to year, all current tuition assistance recipients must reapply each year.

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