How to Apply for Financial Aid Applicants should indicate their interest in financial aid in the application for admission. Beginning in December, Penn Charter will send families instructions on how to start the financial aid process. Current families seeking grants for the first time should contact the Director of Financial Aid about how to proceed. Completing the Parent Financial Statement (PFS), an online form that is processed by the School and Student Service, is a first step. Families will often need to estimate income amounts from the past year so that the form can be processed and a report sent to the school as soon as possible. In addition, families must send directly to the school their most recent tax return, plus W-2 forms or yearend pay stubs showing the past year’s income. These materials should be completed and sent as soon as possible so financial aid grants can be made immediately following admissions decisions, which begin in January. Beginning in January, the Financial Aid Committee will review all requests, both for current families submitting new or renewed applications, and for newly admitted families requesting aid. Because funds are limited, it is crucial that families complete the process as soon as possible. If you have questions, please contact Director of Financial Aid Allan Brown at 215.844.3460 ext. 147 or abrown@penncharter.com.
Payment Options Penn Charter offers families three different plans for the payment of tuition and fees. 1. The complete tuition minus 1 percent discount, due August 1.
“Penn Charter allows differences to come together and be accepted. In some schools you can’t talk about differences. Or, what is said is so watered down it means nothing. In class, with so many different religions, races, cultures and life experiences here, we can turn to each other for answers. The only way that ignorance can be solved is if we answer the questions together … that’s the kind of community we have at PC.” — Penn Charter senior
2. Two payments, 50 percent of the cost due on August 1 and the remaining 50 percent due on December 15. 3. Monthly budgeting available through Higher Education Services (HES). Payments are spread over 10 months, usually May through February. There is a $45 enrollment fee per student.
Outside Funding Families are encouraged to explore sources of outside funding, including: The Ellis Foundation www.wwscholars.org The Children’s Scholarship Fund of Philadelphia www.csfphiladelphia.org
Office of Financial Aid William Penn Charter School 3000 West School House Lane Philadelphia, PA 19144 P: 215.844.3460 F: 215.843.3939 www.penncharter.com
Financial Aid Information
Need-Based Financial Aid
Evaluating Need
Financial aid at Penn Charter is based on need: the difference between the family’s resources and the child’s tuition expenses. Because demand for aid exceeds our resources, and in order to give financial assistance to more families, we cannot meet all demonstrated need. Every family applying to Penn Charter should expect to pay a portion of the expense.
The tradition of financial aid at William Penn Charter School has its
roots in the early writings of William Penn, a devout Quaker and enlightened thinker who believed that education should not be restricted to a wealthy few. Penn advocated for financial aid in the interest of fairness and because he believed that a society’s welfare and prosperity depended upon the education of its citizens. Penn Charter was established from a charter Penn wrote in 1689 and, more than 320 years later, the school remains committed to his vision of equality and diversity. The cultural, economic, ethnic, racial and religious diversity of Penn Charter’s student body reflects the broader community and enriches the education of all our students. Students, teachers, parents and alumni agree that Penn Charter’s diverse student body is central to the school’s unique character and a source of our strength.
Median Income: Approximately half of our families on financial aid earn a gross annual income of $95,000 or less. Financial Aid represents 17.2% of the school’s budget.
In order to determine need, Penn Charter uses formulas created by the school and Student Service for Financial Aid (SSS). Parents are required to complete the Parents’ Financial Statement (PFS) and send it with a processing fee to SSS. Penn Charter must then receive a Report of Family Contribution (RFC) from SSS, along with copies of W-2 forms, year-end pay stubs and completed 1040 tax forms provided by the family. Many aspects of a family’s financial situation are considered in the financial aid application process, including: • The incomes of all parents (taxable and non-taxable) • The incomes of stepparents where applicable • The assets held by the family unit • The number of dependents
Average Percentage of Tuition Covered * 63%
64%
52% TO
55%
Penn Charter maintains a substantial financial aid program that makes it possible to attract a diverse and talented student body. The school allocated more than $5.75 million in financial aid for the 2010-2011 school year.
Upper School Tuition $26,100
Middle School Lower School Tuition Tuition $23,600 $17,300-$20,600 *2010-2011
• The age of both parents • The number of children attending schools charging tuition
31% of the student body receives needbased financial aid: 34% in Upper School 33% in Middle School 23% in Lower School
How Financial Aid is Allocated Admissions decisions are made separately from and prior to financial aid decisions. There is no income ceiling or minimum.
Allowances are made for living expenses, retirement, taxes, medical costs, and unusual expenses and debts. Letters explaining unusual circumstances may be submitted to the school in support of the application. The SSS formula allows for maintaining all household members at a modest standard of living. If the family income increases beyond this level, the school considers that money to be available for discretionary purposes. The family is expected to make some of this money available for tuition.
The priorities for offering financial aid to families are: (1) returning families already receiving aid, (2) returning families requesting aid, and (3) new families. Once a family receives financial aid, it can expect continuing grants unless the family financial circumstances change significantly. Grants are made on a yearly basis, requiring application each year, and returning families are expected to have met, or have made arrangements to meet, their past tuition obligations before being considered for aid the next year.
The school holds all financial aid information and decisions in strict confidence and expects that families will maintain that confidentiality as well.
Financial aid is unlikely to be available for new families applying only to grades 1-5.
Penn Charter admits students of any race, color, national or ethnic origin, or sexual orientation to all the rights privileges, programs and activities generally accorded or made available to students at the school. Penn Charter does not discriminate on the basis of race, color, national or ethnic origin, or sexual orientation in administration of educational policies, admissions policies, scholarship or loan programs, and athletic and other school-administered programs.