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 2016-17, Park distributed $2.9 million in need-based financial aid to 21 percent of our students. We encourage you to consider Park whether or not you 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).
The School carefully maintains confidentiality concerning financial aid.
Each January, the Board of Trustees determines the tuition for the following year. In 2016-17, the tuition ranges from $26,180 for Pre-K to $37,300 for Grade VIII.Tuition Payment:
All tuition and many fees are processed by Smart Tuition
. Tuition may be paid in full, semi-annually (50%/50%), or in ten equal monthly payments. Installment payments will be processed directly from a credit card, checking, or savings account. Those choosing to pay in full or semi-annually will have the additional option to pay by check or money order. Incidental charges such as After-School Program, Tuition Refund Plan, Accident Insurance, and bus fees will be invoiced through Smart Tuition in the fall. The first tuition payment for 2017-18 will be due in June 2017.
Please contact Kimberly Boyd
, Assistant Head for Finance & Operations, at 617-274-6011 with any questions about the tuition payment process.
Evaluating Need: Many aspects of a family's financial situation are considered, inlcuding:
- 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 10, 2017
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: Each year, the School sends information about the financial aid process in early January to the entire school community. Current families with a new need for aid are asked to be in touch with Kimberly Boyd as soon as possible if they intend to apply for financial aid for the following year.
Sources of Park's Financial Assistance
The School's endowment funds supply only 7 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 other endowment funds helps fund financial aid grants. The remainder of Park's yearly financial aid budget still must come from tuition 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.