UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13D


                    Under the Securities Exchange Act of 1934



                            TFS Financial Corporation
--------------------------------------------------------------------------------
                                (Name of Issuer)


                     Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                   87240R 10 7
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                 Ned Quint, Esq.
                          Luse Gorman Pomerenk & Schick
                           A Professional Corporation
                                    Suite 400
                           5335 Wisconsin Avenue, N.W.
                             Washington, D.C. 20015
                                 (202) 274-2000
--------------------------------------------------------------------------------
    (Name, Address, Telephone number of Person Authorized to Receive Notices
                              and Communications)


                                 April 20, 2007
                                 --------------
             (Date of Event which Requires Filing of this Statement)



If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and if filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box.




                         (Continued on following pages)
                                Page 1 of 6 Pages





 CUSIP NO.     87240R 10 7            13D                     Page 2 of 6 Pages

--------------------------------------------------------------------------------

1. NAME OF REPORTING PERSON
   S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Third Federal Savings and Loan Association of Cleveland, MHC
     EIN:  52-2054945
--------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                     (a) [ ]
                                                                        (b) [ ]
--------------------------------------------------------------------------------

3. SEC USE ONLY

--------------------------------------------------------------------------------

4. SOURCE OF FUNDS

     OO
--------------------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS PURSUANT TO ITEMS 2(D) OR
     2(e)                                                                   [ ]

     Not Applicable
--------------------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

     United States
--------------------------------------------------------------------------------

7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE VOTING
     POWER

     227,119,132
--------------------------------------------------------------------------------

8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER

           -0-
--------------------------------------------------------------------------------

9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER

           227,119,132
--------------------------------------------------------------------------------

10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
     DISPOSITIVE POWER

     -0-
--------------------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     227,119,132
--------------------------------------------------------------------------------

12.CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES    [ ]
--------------------------------------------------------------------------------


CUSIP NO.     87240R 10 7            13D                     Page 3 of 6 Pages
--------------------------------------------------------------------------------

13.PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     68.34%
--------------------------------------------------------------------------------

14.TYPE OF REPORTING PERSON

     HC
--------------------------------------------------------------------------------

Item 1.  Security and Issuer
----------------------------

     The  securities  as to which this  Schedule  13D  ("Schedule")  relates are
shares of common  stock,  par value  $0.01 per share  ("Common  Stock"),  of TFS
Financial Corporation, a federal corporation (the "Issuer") and sole stockholder
of Third Federal Savings and Loan Association of Cleveland (the  "Association").
The address of the Issuer's principal  executive office is 7007 Broadway Avenue,
Cleveland, Ohio 44105.

Item 2.  Identity and Background
--------------------------------

     This  Schedule  is  filed  on  behalf  of Third  Federal  Savings  and Loan
Association of Cleveland, MHC, a federally chartered mutual holding company (the
"Company"). The Company's principal business is the ownership of the majority of
the Issuer's shares of Common Stock. The business address of the Company is 7007
Broadway Avenue, Cleveland, Ohio 44105.

     Pursuant  to  General   Instruction   C  of  Schedule  13D,  the  following
information  is being  provided  with  respect  to each  executive  officer  and
director of the Company ("Insiders"):

Directors and Executive Officers




         Name                                              Occupation
------------------------------  -----------------------------------------------------------------------------------------------
                             
Marc A. Stefanski               Chairman of the Board, President and Chief Executive Officer of the Company, the Issuer and the
                                Association
Thomas J. Baird                 Managing partner of Baird & Roselli, a law firm
Martin J. Cohen                 Managing partner of H & M Management Company
Robert A. Fiala                 President of the architecture firm, ThenDesign
John J. Fitzpatrick             Founder and partner of Fitzpatrick Associates dba The Family Business Resources and Business
                                Leadership Centers
James S. Gascoigne              Founder and managing member of Baywater Capital Partners LTD, Baywater Associates, LTD, and
                                Baywater Realty Company Limited
Bernard S. Kobak                Executive Vice President and Corporate Secretary of the Company
William C. Mulligan             Managing Director of Primus Venture Partners, a private equity firm
Marianne Piterans               Director of Human Resources of the Association
Paul W. Stefanik                Retired
Anthony W. Zepp                 Retired
Judith Z. Adam                  Chief Accounting Officer of the Company, the Issuer and the Association
David S. Huffman                Chief Financial Officer of the Company, the Issuer and the Association
Paul J. Huml                    Chief Operating Officer of the Company and the Issuer
John P. Ringenbach              Chief Operating Officer of the Bank


                                       3


CUSIP NO.     87240R 10 7            13D                     Page 4 of 6 Pages

(d)      During the past five years, neither the Company nor any of the Insiders
         have  been  convicted  in  a  criminal  proceeding  (excluding  traffic
         violations or similar misdemeanors).

(e)      During the past five years, neither the Company nor any of the Insiders
         have been a party to a civil proceeding of a judicial or administrative
         body of competent  jurisdiction  and as a result of such proceeding was
         or is subject to a  judgment,  decree or final order  enjoining  future
         violations  of, or  prohibiting  or  mandating  activities  subject to,
         federal or state  securities  laws or a finding of any  violation  with
         respect to such laws.

(f)      All of the Insiders are U.S. citizens.

Item 3.  Source and Amount of Funds or Other Consideration
----------------------------------------------------------

     The  Issuer was formed in May 1997 for the  purpose of  becoming  the stock
holding  company of the  Association  and the Company was formed in May 1997 for
the purpose of becoming  the mutual  holding  company  parent of the Issuer.  On
April 20, 2007 and pursuant to the Issuer's  Stock  Issuance  Plan (the "Plan"),
227,119,132 shares of Common Stock were issued to the Company,  5,000,000 shares
were issued to Third Federal Foundation,  and 100,199,618 shares of Common Stock
were issued to depositors  and the  Association's  tax-qualified  employee stock
benefit plans of the Association (the "Stock Offering").

Item 4.  Purpose of Transaction
-------------------------------

     The primary  purpose of the Issuer's Stock Offering was to allow the Issuer
and the  Association  to grow through  expanded  operations,  as well as through
increased branching.  In addition,  the Stock Offering gives the Association and
the Issuer  greater  flexibility  to  structure  and  finance the  expansion  of
operations,  including  possible de novo branching,  and to diversify into other
financial  services.  Because  the Issuer  only  issued a minority of its common
stock for sale in the Stock Offering, the Association's mutual form of ownership
and  its  ability  to  remain  an  independent   savings  bank  and  to  provide
community-oriented financial services is expected to be preserved.

     However,  while the  Company  intends to  exercise  its rights as  majority
stockholder,  neither the Company nor the Insiders  currently  have any plans or
proposals  that relate to or would result in: (a) the  acquisition by any person
of additional  securities of the Issuer or the  disposition of securities of the
Issuer;  (b)  an  extraordinary   corporate  transaction,   such  as  a  merger,
reorganization or liquidation,  involving the Issuer or any of its subsidiaries;
(c) a sale or  transfer  of a material  amount of assets of the Issuer or any of
its subsidiaries; (d) any change in the present Board of Directors or management
of the Issuer,  including any plans or proposals to change the number or term of
directors  or to fill any  existing  vacancies  on the board;  (e) any  material
change in the present  capitalization or dividend policy of the Issuer;  (f) any
other  material  change in the  Issuer's  business or corporate  structure;  (g)
changes in the Issuer's charter or bylaws or instruments  corresponding  thereto
or other  actions which may impede the  acquisition  of control of the Issuer by
any person; (h) causing a class of securities of the Issuer to be deleted from a
national  securities  exchange  or to cease to be  authorized  or  quoted  in an
inter-dealer  quotation system of a registered national securities  association;

                                       4


CUSIP NO.     87240R 10 7            13D                     Page 5 of 6 Pages

(i) a class of equity securities of the Issuer becoming eligible for termination
of  registration  pursuant to Section  12(g)(4) of the Exchange  Act; or (j) any
action similar to any of those enumerated above.

     In the future,  the Company  and/or the Insiders may  determine to purchase
additional  shares of the  Issuer's  common  stock (or other  securities  of the
Issuer) or the Company  and/or the Insiders may  determine to sell shares of the
Issuer's  Common  Stock.  Any such  determination  will  depend  on a number  of
factors,  including  market  prices,  the  Issuer's  prospects  and  alternative
investments.

Item 5.  Interest in Securities of the Issuer
---------------------------------------------

     a. As of April 20,  2007,  the  Company  directly  and  beneficially  owned
227,119,132 shares of the Issuer's Common Stock, which represented 68.34% of the
issued and outstanding shares of Common Stock on such date.

     b. The  Company has the sole power to vote and the sole power to dispose of
the shares of Common Stock it owns.

     c. Other than the issuance to the Company of the shares of Issuer's  Common
Stock as of April 20, 2007, the Company has not effected any  transaction in the
Issuer's Common Stock within the past 60 days.

     d. No person or entity other than the Company has the right to receive,  or
the power to direct the receipt of,  dividends  from,  or the proceeds  from the
sale of, the shares of the Issuer's Common Stock reported in this Schedule.

     e. Not applicable.

Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect
         to Securities of the Issuer
------------------------------------------------------------------------------

     As of the  date  of  this  Schedule,  neither  the  Company  nor any of the
Insiders is a party to any contract, arrangement,  understanding or relationship
among  themselves or with any other person with respect to any securities of the
Issuer,  including  but not  limited to  transfer or voting of any of the Common
Stock,  finder's fees,  joint  ventures,  loan or option  arrangements,  puts or
calls,  guarantees  of  profits,  division  of  profits  or loss,  the giving or
withholding of proxies,  or otherwise subject to a contingency the occurrence of
which  would give  another  person  voting or  investment  power over the Common
Stock.

Item 7.  Material to be Filed as Exhibits
-----------------------------------------

         None.


                                       5


CUSIP NO.     87240R 10 7            13D                     Page 6 of 6 Pages

                                    SIGNATURE

     After reasonable inquiry and to the best of the knowledge and belief of the
undersigned,  the  undersigned  certifies that the information set forth in this
Statement on Schedule 13D is true, complete and correct.

                                            THIRD FEDERAL SAVINGS AND LOAN
                                            ASSOCIATION OF CLEVELAND, MHC


                                        By: /s/ Marc A. Stefanski
                                            ----------------------------------
                                            Marc A. Stefanski
                                            Chairman, President and Chief
                                            Executive Officer


Date: April 24, 2007


                                       6