Applying for Financial Aid

November 1: Financial Aid Application Process Opens
February 14: Financial Aid Application Due
March 10: Admission and Financial Aid Decisions
April 10: Acceptances Due

At Park, we partner with the National Association of Independent Schools (NAIS) to review applications for financial aid, and they have developed a tool for parents to apply to many independent schools with one application. The tool is the Student Service for Financial Aid (SSS), and parents should complete the Parents’ Financial Statement (PFS). 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. Their application process opens on November 1, and you can access it here.

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.

New Families: 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 information in early January.

Current Families: Financial aid application forms must be submitted each year. Families can expect the same level of assistance throughout each child's years at Park if their demonstrated need remains the same. The financial aid grant is likely to change if the family situation changes significantly.

If a family does not qualify for aid upon admission, it is unlikely they will qualify in subsequent years unless there is a significant change in family finances. Current families with a new need for aid are asked to be in touch with Kimberly Boyd as soon as possible to notify the School about their request.

Evaluating Need: Many aspects of a family's financial situation are considered, including:

  • 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

Sources of Park's Financial Assistance

The School’s financial aid budget is funded through tuition, endowment funds, and other sources of revenue. Over 90 percent of Park families make contributions to the Annual Fund, which supports all aspects of the operating budget, including financial assistance. In this way, each Park family makes a commitment to the importance of economic diversity in the School community.

 

Financial Aid Resources

Guiding Principles for Families
This page delineated families’ responsibilities as partners in the financial aid process.

How to Apply for Financial Aid
Park partners with School and Student Services (SSS) by NAIS for processing financial aid applications. To begin your application, please complete SSS’s Parents’ Financial Statement (PFS).

The Parents' Financial Statement (PFS) Workbook 2019-2020
This instruction booklet walks you through completing your Parents’ Financial Statement (PFS) as part of your application for financial aid for the 2019-20 academic year.

Tax Primer for Parents for Completing the PFS
Use this primer to get an understanding of which few tax forms will be most helpful to you as you complete your PFS.