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. In addition to completing the PFS you will be asked to submit a copy of your Federal 1040 including all attachments (W2s and 1099s) directly to SSS. If you own your own business you must also complete and submit a Business/Farm Statement to SSS as well. The Business Office will not be accepting and storing tax information this year.
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 butwho is not caring for young children (who are not enrolled in school or daycare), children with particular needs, or other dependents, the school may apply an imputed income representing an amount equal to part-time (20 hours per-week) employment at minimum wage. The premise for this policy is that it is unfair to ask dual-income families to subsidize the educational costs of a family where one parent chooses not to be employed. We do understand there may be circumstances where it may not be possible for both parents to work outside the home, and will take those circumstances into account during the financial aid process.
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. The deadline to submit applications and tax documents for the 2011/2012 school year is Friday, February 18, 2011. Any Financial Aid applications submitted after February 18 (or any applications that do not include required tax returns by the deadline) will be held and reviewed after initial awards are made. A late or incomplete application risks that the available pool of aid will be smaller, and therefore the potential award may be smaller. Significantly late applications may risk that the pool has been depleted.
If you have met the above deadlines, the award notifications will be mailed on or before Friday, March 18, 2011 and your acceptance of aid will be due Friday, April 8, 2011.  If the SSS processing fee will be a hardship for you, please let Dave Secor know as SSS provides the school with some fee waiver vouchers.
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.
Complete a Parent’s Financial Aid Statement (PFS)
Financial Aid Deadline: Friday, February 18, 2011