Tuition & Financial Aid

Apply for Financial Aid

  • How to Apply for Financial Aid

    The option to apply for financial aid is available only to applicants for the 4/5s program (Pre-Kindergarten) and above. There is no financial aid for applicants to the preschool (3/4s) program.

Key Dates for Financial Aid

  • For Prospective Families
  • For Current Families

What to Know About Tuition and Financial Aid

  • Income Defined

    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.

  • Assets Defined

    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.

  • Alimony & Child Support Payments, Day Care, and/or Elderly Care Expenses

    The formula for determining the family contribution for educational expenditures takes into account certain unusual expenses such as alimony and child support and the care of an aging grandparent.

  • Contributions to Education

    The ability to pay is divided by the number of tuition-paying family members at any elementary school, high school, or college (including adult students), to determine the financial aid award for any one student.

  • Divorced, Separated, or Never Married Parents

    Financial aid awards are based on the family’s ability to pay as demonstrated by the information submitted to TADS. 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.

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.

  • What is TADS?

    Tuition Aid Data Services (TADS) is a third-party company that processes financial aid applications and assesses a family’s financial need, providing schools with a recommended tuition contribution for each family.

  • 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 2022–23 school year will be available as of November 1, 2021. 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.

  • 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 2022–23 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.