Apply for Financial Aid
Financial aid at Bank Street assists families who demonstrate a need to bridge the gap between what they are able to contribute financially towards their child’s tuition and the full annual tuition fee. Bank Street considers a family’s investment in their child’s future one of the best investments a family can make, and we expect parents to give their children’s education a very high priority in their financial planning. In return, the Financial Aid Committee commits to working with you to ensure a Bank Street education is a sustainable investment for your family.
How to Apply
If you are applying for financial aid at Bank Street School for Children, the first step is to answer “yes” on the section of your admissions application that asks if you are requesting financial aid.
Like most independent schools, Bank Street works with a financial aid platform—called Clarity—to determine a family’s contribution amount. To start your financial aid application on Clarity, follow the button below and make sure to submit all required and requested documentation, as well as the $55 processing fee.
Please also note that financial aid at Bank Street is available only to applicants for pre-K (4/5s) and above. There is no financial aid for applicants for the preschool (3/4s) program.
Dates and Deadlines
See below for important dates and deadlines regarding the financial aid application process:
For prospective families:
- The financial aid application opens on November 1
- The application and supporting materials are due on January 2
- If you are accepted to the Bank Street School for Children, you will receive your financial aid award decision when you receive your decision letter.
For current families:
- The financial aid application opens on October 1
- The application and supporting materials are due on November 1
- Current families must complete a new application each year to renew their financial aid award. You will receive your financial aid award decision when you receive your re-enrollment contract.
If you are a current family applying for financial aid for the first time, please contact Nell Madigan at firstname.lastname@example.org. Financial aid will not be available to families who enrolled in pre-K (4/5s) or older grades at Bank Street without financial aid unless their financial circumstances changed significantly since admission to the School for Children. This change must be verified by the previous two years of tax returns.
Frequently Asked Questions
What is financial aid?
Financial aid is a tuition discount based on a family’s ability to pay. It is not a loan. Financial aid awards are based on a percentage of tuition and not on a set dollar amount.
How does a family know if they qualify for tuition assistance?
Few families at independent schools find it easy to pay tuition. Most adjust their spending priorities and carefully manage family income and assets to do so. The assumption is that every family will determine their own resources and explore other possible sources of support before applying for financial aid. However, many families will need to apply no matter how carefully they manage their finances or secure other sources of support.
If a family thinks they will need financial aid, they should apply at the time of admission to be considered. Applications for the 2023–24 school year will be available as of November 1, 2022. Providing firm guidelines to help a family decide whether to apply for financial aid is difficult because each family’s combination of circumstances is different. Awards are based on many factors, including income, assets, and extended family support. The Financial Aid Committee must also consider the resources available for both returning families as well as applicant families when making our final decisions.
How is my financial aid award determined?
Financial aid awards are based on a family’s ability to pay as demonstrated by the information submitted to Clarity. The Clarity formula considers the following: income, assets, debts, cost of living/expenses, number of dependents, number of children at tuition-charging schools, after school and summer expenditures, and discretionary spending practices. Bank Street’s financial aid committee reviews all applications and makes awards decisions annually. Until the application is submitted, the committee is not able to determine the level of financial aid a family will receive. Financial aid award decisions are sent out with acceptance letters for prospective families and re-enrollment contracts for current families.
How do my income and/or assets affect my financial aid award?
Income refers to the pre-tax income from wages, business, or investments. The formula considers certain costs against this income in calculating a family’s ability to pay. If two parents reside in separate households, the income and expenses of both households are considered in the equation.
If a family has major assets, savings, and/or investments, the formula will compute an income supplement that will be added to the calculated gross income. The treatment of home equity is not matched to the actual market value of the New York City area, but calculates a value based on the price paid for the home/apartment and the years it has been owned.
How does divorce or separation affect the financial aid process?
Both custodial and non-custodial parents (regardless of legal settlements) who are divorced, separated, or never married are expected to contribute to educational costs and are required to submit an application for financial aid. In exceptional cases where one parent cannot comply, the custodial parent should submit a written explanation. Lack of information from either parent may prevent determination of a financial aid award or significantly affect the tuition amount.
What other expenses are considered when determining my financial aid award?
The formula for determining the family contribution also takes into account expenses such as alimony, child support, and the number of tuition paying family members in elementary school, high school, or college. Consideration is given to parents with multiple children within the school, families who are financially responsible for elderly family members, and other factors that can affect a family’s financial security.
Should families delay applying for financial aid until after a child has been accepted?
No, families with a child applying for the 4/5s program and up should apply for financial aid when submitting their application to the School for Children. Applications for the 2023–24 school year will be available on November 1. Financial aid will not be available to families if they have enrolled at Bank Street without financial aid unless their financial circumstances change significantly after admission to the School for Children.
Who sees the financial aid information that we submit?
The Financial Aid Committee processes all applications with the utmost respect for the privacy of each family submitting an application. All information submitted is confidential.
When are families notified?
Families who have applied for Financial Aid will be notified of the Financial Aid Committee’s decision at the same time they are notified of the admissions decision.