At Park, we believe that everyone benefits from a diverse student population. Beyond differences in backgrounds and cultures, we welcome families from a variety of economic circumstances. In 2018-19, Park distributed $3.4 million in need-based financial aid to 22 percent of our students. We encourage you to consider Park whether or not you can afford the entire tuition. 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 also helps support financial assistance. In this way, each Park family makes a commitment to the importance of economic diversity in the School community. Click here to see full list of Financial Aid funds.
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) developed by the National Association of Independent Schools (NAIS)
The School carefully maintains confidentiality concerning financial aid.
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
Applying for Financial Aid
Parents complete the Parents' Financial Statement (PFS) with Student Service for Financial Aid (SSS)
. 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. You may begin the application process on their website
beginning November 1. The applications are due on February 15, 2019.
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.
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.