Caveat: I have not applied to CPS, nor do I have kids currently enrolled. However, I have done a lot of research (including attending open houses at Edison and Bell) into CPS, so might be able to shed some light.

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I was wondering is it possible to apply to Chicago Public schools while you live in suburbs? I am eager to explore that option so that way if my son gets into a CPS magnet school I could decide to move.
I thought you need a Chicago address to even apply.

I have been told that you do not need a Chicago address to apply. You do need a Chicago address by the summer before your child would begin the school year. So that would give you about 3ish months between notification and the deadline to move.

Something else to keep in mind is that CPS OAE has told me unequivocally that kids in CPS (including at the gifted schools) are not grade skipped, or accelerated in subjects, ever. I have not confirmed this with anyone else in the system, and I don't know how much pull individual principals might have.

I suspect that the CPS gifted schools are great for the kids who are at the right level of giftedness. However, I agree with Leslie -- given the large class sizes (making it difficult to differentiate within the classroom) and the rigidity of the system, I am concerned about how they do for kids who are HG or PG.

Oh, also, CPS has a strict cut-off date for enrollment. So if you have a kid who has a fall birthday, s/he will be the oldest in his/her class. The only way around this is to enroll your child in a preschool that will allow her/him to be the youngest in his/her class. (Technically a "year ahead" by CPS standards.) Keep him/her there for at least one year of preschool and Kindergarten. Then s/he will be eligible to move into CPS 1st grade directly after Kindergarten.

However. There are only two CPS schools that have a gifted program that starts at 1st grade: Bell and Beaubien. This means if you have more than one child, and only one of them has a fall birthday, they will not be going to the same school. It also means your child will be competing for fewer spaces (though I don't know the number of kids who apply for 1st grade).

I have also heard good things about Science and Arts.

We have also considered moving to District 97 and have spoken with a couple of the principals. I was impressed when one of the principals volunteered (unsolicited) that sometimes they have kids who are in Kindergarten going into 2nd grade classrooms for particular subjects. They also have a gifted program for older kids, but I don't know anything about it.

Hope this is helpful for folks!