Park is committed to making its education affordable to families from a wide economic range. Ensuring that a diverse student population has access to Park is an important objective of the Board of Trustees. We encourage families to consider Park whether or not they can afford the entire tuition.
Need-based Financial Assistance
Independent school education is expensive. Many Park families sacrifice significantly in order to pay the entire cost of Park's tuition or to pay their fair share in combination with a financial aid grant. All financial assistance at Park is based on need: the difference between the family's resources and the child's total educational expenses.
In determining family need, Park uses formulas devised by the School and Student Service for Financial Aid (SSS). Parents complete the Parents' Financial Statement (PFS) and send it with a processing fee to SSS in Princeton, New Jersey. Both the applicant family and Park receive the resulting Report of Financial Contribution (RFC) which, along with copies of W-2 forms and completed 1040 tax forms, becomes the basis for Park's decision on each grant.
Evaluating Need
Many aspects of a family's financial situation are considered when a financial aid application is processed. Among these are:
the incomes of both parents (taxable and non-taxable)
the assets held by the family as a unit
the number of dependents
the age of both parents
the number of children attending tuition-charging schools
The Application Process
We keep the admission process separate from the financial aid process. Applicants should note their interest in financial assistance on the application, and Park will send the necessary forms in early January. Enrolled families currently receiving assistance will automatically be sent a financial aid reapplication form.
Current families with a new need for aid usually request financial aid applications in January, when they receive the tuition announcement and re-contracting letters for the next school year. The Parents' Financial Statement (PFS) is due for processing at the School and Student Service for Financial Aid in Princeton, New Jersey, by the end of January. A copy of the PFS, along with W-2 forms and completed 1040 tax forms for the current year, is due at Park by mid-February.
In March, the Financial Aid Committee reviews all applications, both for current families submitting new or renewed applications, and for newly-admitted families requesting aid. The School holds places for these families until they can respond to the committee's decisions. Because funds are limited, it is crucial that families meet all financial aid application deadlines.
The Parents' Financial Statement forms (PFS forms) are available from the Business or Admission Offices. Staff in either office will be glad to answer your questions. The School carefully maintains confidentiality concerning financial aid; even teachers do not know which students receive assistance.
Sources of Park's Financial Assistance
The School's endowment funds supply only 15 percent of Park's financial aid budget. Income from the Marshall Coyne Scholarship Fund (started by a Park grandparent and supported by the Park faculty's and staff's annual giving), the Parents' Association Financial Aid Endowment Fund, and several endowment funds restricted by their donors to financial aid helps fund financial aid grants. In addition, over 90 percent of Park families make contributions to the Annual Fund, which also helps support financial assistance.
The other 85 percent of Park's yearly financial aid budget still must come from tuition, and other sources of revenue. In this way, each Park family makes a commitment to the importance of economic diversity in the School community.
Park is committed to making its education affordable to families from a wide economic range. Ensuring that a diverse student population has access to Park is an important objective of the Board of Trustees. We encourage families to consider Park whether or not they can afford the entire tuition.
