Financial Frequently Asked Questions
What is Apple Financial Services?
Apple Financial Services has been providing bursary and financial assistance analysis to private schools in Canada since 1993. The service was started at the request and with the assistance of several heads of finance at private schools who wanted an organization at “arm’s length” to evaluate financial aid applications and provide an unbiased evaluation of the applicant's financial resources and ability to fund their private education. The organization of Financial Aid for Canadian Students (FACS) provides an analysis of a student applicant’s financial supporters’ financial ability to contribute towards educational expenses.
What is a bursary as opposed to a scholarship? What kind of scholarships or bursaries are available?
Bursaries are awards based on demonstrated financial need. A day student can expect up to 30% of the fees whereas a boarding student can qualify for up to 50% of fees based on need. Most financial assistance offered by TCS is based on bursaries. Scholarships are merit-based and hold specfic requirements.
What merit-based scholarships does the School offer?
The School has the following merit-based scholarship programs. Click on the program that you are interested in learning about:
- Cirne National Scholarships (for Canadian boarding students) (part of the National Scholarship Program)
- National Scholarship Program
- 20th Anniversary Scholarship Program (for girls)
- Hunter Scholarships (for Canadian day students)
- Cayman Scholarship (for students living in the Cayman Islands)
While not a scholarship, the School also offers a $50,000 incentive to Canadian boarding students through the Canadian Families Boarding Incentive Program.
Are there other factors that are taken into account when being considered for financial assistance?
Students applying to TCS are evaluated on their test scores, school reports, performance in the interview, and follow-up on references. We weigh quite heavily the overall contribution a student is likely to make to the TCS community. Please note that this is just to be considered for financial assistance. If assistance is granted, the amount is determined based solely on need.
Are the awards renewed annually? Does financial assistance carry over to subsequent years?
The award will be reassessed annually based on the family's financial need as well as on the student’s performance both academically and as a citizen of the School.
Before we go to through the application process, can we get an idea of how much we might expect to receive in financial assistance?
Awards are limited to a maximum of 50% of the tuition fee for boarding students and 30% of the fee for day students. The average award for the last three years has been $20,000 for boarding students, $7,000 for Senior School day students and $3,000 for Junior School day students.
Are there financial awards given for athletics or arts?
No. The awards are determined based on need and not ability. While being a strong student or co-curricular contributor would put a student into consideration for admission to the School and possible financial assistance, if the Financial Aid for Canadian Students (FACS) analysis indicates that no support is required, a student will not receive a financial award, regardless of merit. In the case of scholarships, the School is looking to enrol well-rounded young people.
Do we have to pay back the financial assistance that we receive?
No. The awards are given from the School’s endowment and were gifted to TCS from alumni and parents. This financial assistance is in place to help families who would otherwise not be able to afford a TCS education.