Apply for 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.

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 2024–25 school year will be available as of November 1, 2023. 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.

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.

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. 

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.

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.

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 2024–25 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.

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.

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.