Financial Aid FAQ
Who may apply for financial aid?
We encourage all families to apply for aid if they believe they need any level of financial support in order to afford a TPS education. If you think that you will need financial aid at any point during your child’s time at TPS, we strongly encourage you to apply for aid during the admission process.
How do we apply for financial aid?
Domestic families must complete the Parent Financial Statement (PFS) online with School & Student Services (SSS) here.
How does The Philadelphia School determine financial aid awards?
Financial aid is determined through the analysis of a family’s financial resources, including both income and assets. Our goal is to determine the amount of money a family can contribute to educational expenses. Factors such as family size, number of children in tuition-charging schools, and cost of living expenses are all taken into consideration when determining a family’s financial aid award.
If I am self-employed or own my own business, do we need to include any additional forms?
For domestic families who are self-employed or own their own business, a copy of the 2015 and 2016 Schedule C, Schedule E, and/or K1, along with any other pertinent information, must be provided as part of the complete return. For any further questions, please do not hesitate to contact the The Admissions Office at TPS.
What if parents are divorced or separated?
The Financial Aid Committee will consider the income and assets of both custodial and non-custodial parents before making an award. Thus, both the custodial and the non-custodial parent must submit a financial aid application. If either parent is remarried, the income and assets of the stepparent are considered, bearing in mind the obligations of that stepparent to his or her natural children. Parents should contact The Office of Admissions if they have any specific questions regarding their divorced or separated status.
Does TPS impute a wage for a spouse who is not currently employed?
Typically the Financial Aid Committee will impute a wage for a spouse who is not currently employed. However, the committee makes exceptions when a spouse has a substantial reason for why he or she not employed, such as having non-school-age children at home, having children and/or parents who require significant assistance, or inability to find employment. If you have any questions regarding this policy, please do not hesitate to contact the Admissions Office
If we have more than one child applying for financial aid, do we have to complete more than one financial aid application?
No. The Parents’ Financial Statement (PFS) allows you to apply for up to three children.
What happens if a family's tax information is not available at the time of the application?
If a family’s 2016 tax forms are not completed by the application deadline, then estimate your tax information on the PFS. Returning families and new financial aid applicants (either new or returning students) must submit their financial aid application by the January 15th deadline to ensure that they are included among the initial group of awards. An award will not become final until the entire application—including the receipt of all tax information and TPS Supplement—has been completed with SSS.
What happens if a family misses the financial aid deadline?
Meeting the January deadlines is imperative (January 15th for all applicants - either new or returning). Funds are not reserved for late applicants. Families applying late, however, should proceed, realizing that limited funds, if any, may be available.
When will a family be notified about its financial aid award?
The Financial Aid Committee will mail financial aid awards to newly-admitted families shortly after admissions decisions. Financial aid awards are mailed to returning families at the end of February.
What kind of financial aid awards can a family expect in following years?
Financial aid awards are subject to review annually, and families must complete new applications each year. Provided that a family’s financial circumstances have not changed, the family may assume that its financial aid award will be renewed at the original level of funding. A change in a family’s financial circumstances may result from the loss of a job or job change, a death in the family, or another child entering or graduating from a tuition-charging school. If a family does not apply for or qualify for aid upon admission, it is unlikely that the family will qualify in subsequent years unless there is a significant change in a family’s financial circumstances. If you have any questions, please do not hesitate to contact the Office of Admissions.
Are there options available to help finance my child’s education?
Yes. We have various payment plan options available to help our families.
Is our application confidential?
Yes. All applications for financial aid are held in the strictest confidence throughout the application process. Only the members of the Financial Aid Committee have access to the applications.