Financial Assistance

List of 12 frequently asked questions.

• Who will know if I inquire about or apply for financial assistance?

  Inquiries will be kept strictly confidential. Once you have completed an application, along with required documentation, the Financial Assistance Committee will consider your application. The Committee consists of a small number of administrators. No parents, faculty or Trustees will be aware of your inquiries or applications.

• Should I apply for financial assistance?

  If you think you may be unable to pay full tuition and fees, you should apply for financial assistance. The amount of tuition that a family should be expected to pay is based on the family’s financial need. Financial need is defined as the difference between the family’s resources and its total educational expenses. The major factors affecting financial need include the family’s net income and assets, debts and liabilities, the number of dependents and the number of children attending schools and colleges charging tuition. Allowances are made for certain taxes, medical costs and unusual expenses. 

• Can only families of modest income qualify for financial assistance?

  No. Net income is just one of the factors used when determining whether or not a family qualifies for financial assistance. Assets, debts and number of dependents also have considerable influence in the financial assistance process. Parker’s Program serves families with a broad range of income levels. Even “middle income” families may be eligible. Generally speaking, a qualifying income level may be around $150,000 for a family with one child. 

• What happens after I complete my financial assistance application?

  The financial assistance application process is hosted by a third-party company called Clarity. Clarity analyzes your financial assistance application and recommends an amount that your family should be able to afford for educational expenses. Within the limitations of our budget and according to our financial assistance policies, Parker uses the recommendation to determine a baseline amount of financial assistance to offer. 
  
  Note: Parker makes every effort to meet the full financial need of each qualified family. However, requests for assistance may exceed our financial assistance budget in some cases.

• Will a request for financial assistance influence an admission decision?

  In accordance with the National Association of Independent Schools (NAIS) Principles of Good Practice, Parker uses an assessment process that keeps admission and financial assistance as separate processes.

• Is there a repayment obligation if a family receives financial assistance?

  No. Financial assistance is awarded as a grant to the student and family. Our grants do not require repayment. Parker hopes that if circumstances change, recipients will make a contribution to the school, thus enabling Parker to award assistance to other students in the future.

• Is a student receiving financial assistance required to assume extra responsibilities?

  No. Expectations of students receiving financial assistance are no different from that of other Parker students.

• Is financial assistance automatically renewed each year?

  No. Families are required to reapply for financial assistance each year. However, once financial assistance is awarded, it is reasonable to expect that financial assistance will be awarded each year provided that the family’s financial situation has not substantially changed and the student is in good standing. Families can expect modest standard increases as tuition increases.

• Does a change in a family's financial circumstances result in a change in the financial assistance decision?

  Yes. Significant changes may influence the amount of assistance that is awarded in a subsequent year. Depending on the change, this could result in an increase or decrease in the level of assistance awarded. Also, changes in the financial assistance budget and allocation may affect the amount of assistance awarded. Families are expected to notify us of any substantial changes.

• Is there a policy regarding parents who are divorced, separated or never married?

  Both parents or guardians—and their current spouses or life partners, if any—must complete the financial assistance application process. All information will be held in strict confidence. If this process is not completed by both parents or guardians, the Financial Assistance Committee may be unable to award financial assistance. Parker will consider the income and assets of both parents or guardians and is not bound by the assertion that one parent or guardian has responsibility for educational expenses. A parent or guardian may apply for a waiver if the other is not involved in the life or support of the applicant.

• What is the deadline to apply for financial assistance?

  The deadline to submit the Clarity Application and notify Parker is Friday, November 15 for affiliated applicants and Sunday, December 1 for general applicants.

• Who do I contact if I have questions about financial assistance?

  Jessy Trejo, Director of Enrollment and Financial Assistance
  or Julia Martinez, Associate Director of Financial Assistance.
  
  

  Francis W. Parker School
  330 West Webster Avenue
  Chicago, Illinois 60614
  773.797.5112
  faid@fwparker.org