Admissions: Affording Independent School: How to Get Started

Financial aid decisions are made independently of the admissions decisions. Awards are granted on the basis of a family's ability to pay. Bank Street believes that all families should contribute some amount to their child's educational expenses.

How to apply for financial aid

Families must notify Bank Street of their interest in financial aid when they apply for admission by marking the Request for Financial Aid section. The Admissions Office will send the Bank Street Financial Aid Form beginning in early November. Please note: Bank Street uses its own Financial Aid Form; it does not use the PFS Form from the School and Student Service for Financial Aid in Princeton, New Jersey.

When to submit the Financial Aid Form

Families are strongly encouraged to complete and submit the Financial Aid Form as soon as they receive it, and no later than January 15.

What other information does the Bank Street Financial Aid Committee need?

A completed and signed Bank Street Financial Aid Form.
A signed copy of the IRS form 4506.
Last year's W-2 form
Last year's signed Form 1040 and schedules
The current signed Form 1040 and W-2 form as soon as it is available.

Financial Aid FAQs

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 a set dollar amount.

How does a family know if they qualify for tuition assistance?

If a family thinks they will need financial aid, they should apply at the time of admission to be considered. 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. The Financial Aid Committee's awards are based on many different factors, including family income, assets, and extended-family support. Moreover, since the school honors its commitment to current families already receiving financial aid, awards for new families are based on the availability of the financial aid budget for that year.

Should families delay applying for financial aid until after a child has been accepted?

No. Financial aid will not be available to families if they have enrolled at Bank Street without financial aid unless circumstances change after admission to the School. The School seriously considers each family's financial picture when deciding on financial aid awards, and assumes each family has provided a realistic assessment of its ability to pay tuition.

Who sees the financial aid information that we submit?

All information submitted in the financial aid process is strictly confidential. Only members of the Financial Aid Committee see this information.

When are families notified of the Financial Aid Committee's decision?

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 admissions decisions.