Childcare Program

How to Apply for Financial Aid

Financial aid at Bank Street assists families who demonstrate a need to bridge the gap between what they are able to contribute financially towards their child’s tuition and the full annual tuition fee. Bank Street considers a family’s investment in their child’s future one of the best investments a family can make, and we expect parents to give their children’s education a very high priority in their financial planning. In return, the Financial Aid Committee commits to working with you to ensure a Bank Street education is a sustainable investment for your family.

How to Apply

If you are applying for financial aid at Bank Street Family Center, the first step is to answer “yes” on the section of your admissions application that asks if you are requesting financial aid.

Like most early childhood programs, the Family Center works with a financial aid platform—called Clarity—to determine a family’s contribution amount. To start your financial aid application on Clarity, follow the button below and make sure to submit all required and requested documentation, as well as the $55 processing fee.

Dates and Deadlines

See below for important dates and deadlines regarding the financial aid application process:

For prospective families:

  • The financial aid application opens on November 1
  • The application and supporting materials are due on January 31
  • If you are accepted to the Bank Street Family Center, you will receive your financial aid award decision when you receive your decision letter.

For current families:

Apply for Financial Aid  Clarity Application Guide (pdf)

Frequently Asked Questions

  • How is my financial aid award determined?

    Financial aid awards are based on a family’s ability to pay as demonstrated by the information submitted to Clarity. The Clarity formula considers the following: income, assets, debts, cost of living/expenses, number of dependents, number of children at tuition-charging schools, after school and summer expenditures, and discretionary spending practices. Bank Street’s financial aid committee reviews all applications and makes awards decisions annually. Until the application is submitted, the committee is not able to determine the level of financial aid a family will receive. Financial aid award decisions are sent out with acceptance letters for prospective families and re-enrollment contracts for current families.

  • How do my income and/or assets affect my financial aid award?

    Income refers to the pre-tax income from wages, business, or investments. The formula considers certain costs against this income in calculating a family’s ability to pay. If two parents reside in separate households, the income and expenses of both households are considered in the equation.

    If a family has major assets, savings, and/or investments, the formula will compute an income supplement that will be added to the calculated gross income. The treatment of home equity is not matched to the actual market value of the New York City area, but calculates a value based on the price paid for the home/apartment and the years it has been owned.

  • How does divorce or separation affect the financial aid process?

    Both custodial and non-custodial parents (regardless of legal settlements) who are divorced, separated, or never married are expected to contribute to educational costs and are required to submit an application for financial aid. In exceptional cases where one parent cannot comply, the custodial parent should submit a written explanation. Lack of information from either parent may prevent determination of a financial aid award or significantly affect the tuition amount.

  • What other expenses are considered when determining my financial aid award?

    The formula for determining the family contribution also takes into account expenses such as alimony, child support, and the number of tuition paying family members in elementary school, high school, or college. Consideration is given to parents with multiple children within the program, families who are financially responsible for elderly family members, and other factors that can affect a family’s financial security.