Financial Aid

Financial Aid

Touchstone Community School’s commitment to economic diversity began in 1984 with the establishment of our financial aid program. While the school is not able to meet the full financial need of every family, parents who wish their children to attend Touchstone are encouraged to apply for financial aid if they feel that the tuition will be outside of their family’s financial reach.

Awards are made based on the financial need of the family, and do not need to be repaid. Affording a quality private education does take some planning and most families employ several strategies to keep costs within reach. In this planning, it is important to realize that the family bears primary responsibility for financing a child’s education to the extent it is able. Families adjust spending priorities, maximize parents’ earnings, and carefully manage assets in order to afford tuition; families are expected to scrutinize their resources and explore every source of support (such as grandparents) before applying to the school for assistance.

Funding for Touchstone Community School’s financial aid comes directly from the school’s operating budget (the tuition paid by families); there are no federal nor state funds involved.

In order to fairly and objectively assess each family’s need, the school uses the independent service of the School and Student Service for Financial Aid (SSS) in Princeton, NJ. In assessing need, a family’s financial circumstances are considered according to a standardized formula. This formula takes into account gross taxable and non-taxable income, assets, liabilities, and family size. After deducting an allowance for taxes and basic necessities, a portion of discretionary income is considered to be available for education according to a sliding scale. The greater the income and assets, the more parents are expected to contribute.

Families apply for aid directly to SSS by filling out the Parents’ Financial Statement (PFS). Paper copies are available at the school office, but the processing happens much more quickly for families who apply online. Families must submit signed copies of the prior year’s federal tax form and all attachments directly to Touchstone Community School.

Every adult who lives with and/or is responsible for a child must fill out a PFS. This means that in cases of divorce, separation, or in cases where the adults have never been married, each person must file. What’s important to remember is that the school can only be equitable to all families by having each family fully disclose the income(s) available in support of a child.

In families where there is a spouse who does not work outside the home but who is not caring for young children (who are not enrolled in school or daycare) or other dependents, the school will apply an imputed income representing an amount equal to part-time (20 hours per-week) employment at minimum wage. It is unfair to ask dual-income families to subsidize the educational costs of a family where one parent chooses not to be employed.

Families must apply for aid each year, and receipt of aid in one year is not a guarantee that aid will be available in subsequent years. Currently enrolled families are considered for aid first, and then awards are made to families who are applying for admission. Deadlines will be communicated clearly, but it is always wise to have tax returns prepared and finalized as early as possible; the first deadline for currently enrolled families is usually in February, and requires copies of tax returns that aren’t due for federal filing until April 15.

The school keeps all financial information in strict confidence. There is a small financial aid committee, comprised of employees of the school, who makes financial aid decisions. Decisions are communicated as quickly as possible.

The school is generally able to meet about 50% of a family’s demonstrated need, depending on the number of families who apply, their level of need, and the budget available for aid.