Affording an R-MA Education
Financing an independent school education is a major investment in a child’s future. We appreciate that you value our small classes, excellent faculty, personalized attention and leadership training. Financial need is not a consideration in determining a student’s eligibility for admission. Randolph-Macon Academy’s scholarship and 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.
Scholarships and Financial Aid are not available for the summer sessions.
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).
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.
Eagle Merit Scholarship: A $5,000 Eagle Scholarship is available to new, upper school (grades 9-12) boarding students who are American citizens or who have green card status in the United States. They must have a 3.5 GPA and must have exhibited good conduct and character in their previous school. The school has a limited number of Eagle Scholarships available. A student may continue to receive an Eagle scholarship during their time at R-MA provided they continue to meet the criteria set forth by the scholarship.
Randolph-Macon Academy’s financial aid to qualified students is provided through financial support from endowment funds, foundations, and generous donors. 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.
Once a student is enrolled, R-MA will continue to provide financial aid in subsequent years provided parents continue to demonstrate financial need.
Once a student is accepted to R-MA the family can apply for financial assistance online. Along with completing the Parent’s Financial Statement (PFS) you will be asked to upload your 2017 1040 tax return along with all schedules and attachments, as well as your 2017 W-2 forms, and recent pay stubs for all in your household.
Please note that financial aid is available on a limited basis, so please apply early. This aid is awarded on a first-come first-served basis, with returning students having priority. Due to limited funds and a desire to provide some assistance to as many students as possible R-MA cannot guarantee full funding of a student’s financial need. The average award is $4,000-$7,000 for boarding students and $1,800-$4,000 for day students.
Financial Aid is not available for the Summer Programs.
Applying for Financial Aid courtesy of School and Student Services by NAIS
Parents' Financial Statement (PFS) Workbook and Instruction Booklet courtesy of School and Student Services by NAIS
Step by Step Guide courtesy of School and Student Services by NAIS
Family Portal Overview webinar courtesy of School and Services by NAIS
Counting the Costs: An Introduction to Financial Aid for Private and Independent Schools webinar courtesy of School and Student Services by NAIS
Understanding Private School Financial Aid: What it is and How to Apply by Brian Fisher, AdmissionsQuest
Additional Resources: R-MA works with a couple 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.