Financial Aid

Overview
 
Community Preparatory School is committed to making our education accessible to families from all socioeconomic backgrounds, especially to low-income families. As part of this mission, we strive to provide sufficient financial aid so money never becomes an obstacle that prevents a student from attending our school. While we are committed to helping families afford Community Prep, we do expect each family to make a reasonable contribution to their child's education.

For the 2016-2017 school year, the school awarded over $1,000,000 to more than 90% of our students. These financial aid dollars are raised by our Development Office and come from generous individuals, corporations and foundations who support our mission to provide financial assistance to low-income families. While we encourage all families who feel they cannot afford the full tuition to apply for financial aid, parents must understand we have a limited amount of money available, and we intend to award funds to those families who truly need assistance.
 
Tuition and Fees 2020-2021

Regular Academic Program:

Tuition for the 2020-2021 school year is $16,800. Other fees include field trips and meals. While most field trips are covered by the tuition, some may involve a fee or ask families to contribute what they can. Students can bring their own lunch if they choose. For those who wish to eat school breakfast, the full price is $1.95. Lunch is offered at the full price of $3.00. Some students may qualify for free or reduced priced breakfast and lunch. Fees may be waived for students who cannot afford them. 

After-School Program:

Community Prep offers a five-day after-school program, CP after 3. The fee for the after school program is $10 a day or $100 per month, paid monthly. Click here for more information.

Financial Aid and Special Scholarships:

Financial aid at Community Prep is need-based. Awards are made on the basis of a family's ability to pay. The cost of full tuition, minus the amount which we determine that a family can pay, will equal the family's financial aid award. This award comes in the form of a grant, which is applied directly to a student's tuition account.

The Merit Scholarship is a $500 stipend awarded to a rising sixth grade Community Preparatory School student who exhibits a history of school-appropriate behavior, an outstanding grade point average, an exemplary report with his/her teachers and classmates, above-average standardized test scores, and financial need. Only students who rank in the top 10% of applicants will be considered.  The award will be disbursed as a stipend for three years to the student who meets the criteria as outlined above.
 
Calculating Financial Aid Awards

All families are asked to complete a Community Prep Financial Aid Form (CPFAF). If the information a family provides on this form is sufficient, we will make an award based on the CPFAF. If we feel that we would like to have more information, we will ask a family to complete a Parents' Financial Statement (PFS) and send it to the School and Student Service for Financial Aid (SSS) in Princeton, New Jersey for calculation. Generally, families who have income of more than $50,000/year or who own a business will be asked to complete the PFS. SSS will analyze and process the PFS and send a report to Community Prep, which includes a suggested family contribution. Community Prep will consider this report when determining the actual financial aid award.

In calculating awards, both Community Prep and SSS consider gross taxable income, untaxed income/benefits, assets, family size, and the number of students in tuition-charging schools. Allowances are made for basic necessities and taxes. We also take into consideration other liabilities such as uninsured medical expenses, parent's student loans and unusual expenses which a family feels are significant. The resulting discretionary income is money that can be used for educational expenses.

In case of divorce or separation, Community Prep requires that both birth parents submit financial information. If the non-custodial parent is not involved in the child's life, the custodial parent should submit a statement explaining the situation. If a custodial parent is re-married, we require that the stepparent provide financial information as well. If you have questions regarding this issue, please feel free to call the Admission Office.
 
Required Financial Aid Application Materials

To apply for financial aid for the 2020-2021 school year, a family must submit the following:

    The Community Prep Financial Aid Form (CPFAF)
    If necessary, Parents' Financial Statement (PFS)
    If applicable, copies of the 2018 and 2019 Federal Income Tax Return (1040) and all schedules
    If applicable, copies of the 2019 W-2 Form(s)

We may request other information or documentation if necessary.
 
Adjustments to a Financial Aid Award

If a family's financial status changes significantly after a financial aid award has been granted, the school will want to review the award taking into consideration the changes. If a family's discretionary income decreases significantly due to a loss or change of employment or benefits, the family should notify the Head of School so that we can review the award. Similarly, if discretionary income increases significantly, again the family should notify the school.
 
Renewing Financial Aid Awards

Families must reapply for financial aid each year. Unless the financial situation of the family changes significantly, renewed financial aid awards can be expected to remain close to the amount of the original award. All tuition and fees of a returning student must be paid in full before the school will award a new financial aid package.
 
Returning Students:

Parents of returning students must submit the CPFAF by February 15. Those who are required to complete the PFS should mail the original to SSS in Princeton, N.J. by February 15 (post-mark) and send a copy to Community Prep by February 15. Tax returns and W-2's for all returning students are due by February 15.

If you have questions regarding our financial aid program, please call the Head of School at 521-9696 ex. 301.
 
Payment Plans

All families must pay a deposit, which is 20% of their tuition. This non-refundable deposit is due upon signing the Enrollment Agreement. The deposit is applied to the total tuition owed. It is not an extra fee.
The remaining tuition can be paid in one of three ways:

    Payment in full by August 1.
    Half the total tuition by August 1, and the remainder by January 1.
    Monthly payment plan: Payments are due on the first of each month starting August 1 and ending March 1 (8 payments).