Financial Aid and Payment Information
Payment Plans for the 2014-15 Academic Year
Financial aid and payment plans are not available to families that enroll at the Second Quarter or Second Semester of the Academic Year.
While families are welcome to pay for the school year upfront, most families find it easier to manage smaller payments. R-MA offers two different payment plans: the Two-Payment Plan and the Monthly Payment Plan. Financial Aid is available.
The first payment, which is 60% of the tuition plus the campus services fee and the personal account, is due August 1, 2014. The second payment, or 40% of the tuition, is due no later than December 1, 2014. A 5% late fee is added to each payment if it is not received in the Finance Office by the specified date.
The tuition fee is divided into 12 payments beginning June 1st and ending May 1st. There is a 6.5% interest fee added to this plan and credit approval is required.
Methods of Payment
Preauthorized Debit: You may make your payments automatically from either your checking or savings account. Since payments are automatic, you don’t have to remember to write or mail checks, and payments are never late or missed. You will receive an itemized bill each month from R-MA.
Credit Card: R-MA accepts Visa, MasterCard, Discover, and American Express. You may leave your credit card information on file with the Finance Office, and your payments will be charged to your credit card automatically or make payments online. As with the preauthorized debit, you will receive an itemized bill each month from R-MA.
Personal Check: Parents may also pay by personal check. You will receive an itemized bill each month from R-MA.
R-MA provides financial aid to qualified students and families through financial support from a student loan program, endowment funds, foundations, alumni, the United Methodist Church, and other friends of the Academy. A limited number of scholarships for work assignments are also available.
Only accepted students can apply for financial aid.
Once a student is accepted to the school the family can apply for financial aid online. Please make sure before completing your financial aid application, that you have filed your 2013 taxes. You will be asked to provide your 2013 tax statement, 2013 W-2 forms, and recent pay stubs for your household.
- Review these tips and videos courtesy of School and Student Services by NAIS for Help With Successfully Completing the PFS Online and Help With Uploading Documents in the PFS Online.
- Understanding Private School Financial Aid: What it is and How to Apply by Brian Fisher, AdmissionsQuest
Please note that financial aid is available on a limited basis, so please apply early. Aid is not available for the Summer Program.
Randolph-Macon Academy’s financial aid policy supports the school’s mission and objectives by providing monetary assistance to those students who may not be able to attend R-MA without such assistance. The Board believes that the primary responsibility for financing a student’s education rests with his/her family. R-MA distributes financial aid funds based upon demonstrated financial need and uses a uniform methodology to assess annually, in a consistent and equitable manner, each family’s ability to pay for education. R-MA does not discriminate in the administration of its financial aid policies. Financial need is not a consideration in determining a student’s eligibility for admission. Once a student is enrolled, R-MA will continue to provide financial aid in subsequent years provided parents continue to demonstrate financial need.
General Scholarships: R-MA offers General Family Assistance to students based on their family's needs. Need is determined by annual income, W-2 forms, and tax returns. The average award is $4,000-$7,000 for boarding students and $1,800-$4,000 for day students. This aid is awarded on a first-come first-served basis, with returning students having priority. Scholarships are not available for the summer session.
United Methodist Scholarships: Through R-MA's affiliation with the United Methodist Church (UMC), we offer scholarships to families who are members of the UMC. A letter from the pastor of the family's church must verify membership. The average scholarship is 10% of tuition (20% for children of United Methodist ministers). This scholarship is not available for the summer session.
Work Scholarships: A number of part-time employment opportunities are open to students 14 years of age and older. R-MA administers the work programs in strict accordance with state and federal laws. Time available for such employment is limited, so earnings provide only a small portion of total funding.
Merit Scholarships: R-MA awards a small number of merit-based scholarships without regard to financial need. These scholarships are intended to recognize outstanding accomplishments and exceptional potential for contributions to R-MA while enrolled and to society in the future.
Scholarships are not available to International students.
Multiple Family Member Discount: R-MA gives a 10% tuition discount to families with two or more students attending R-MA. The first student pays full price. Each additional student receives a 10% discount on tuition.
Additional Resources: R-MA works with several financial organizations that help parents fund their students' education. Parents are encouraged to contact these companies that offer alternative financing options, such as longer repayment terms and loans that cover the entire cost of an R-MA education.