It is some of the most exciting news to come out of the private school community in years. Basically Exeter is free to those with need. Families with incomes less than $75,000 will contribute nothing for an Exeter education. Same thing at Groton! St. Paul's is close behind with a $65,000 threshhold. Deerfield's limit is $80,000. Phillips Andover offers 'need-blind' assistance to all deserving applicants.
Read At Elite Prep Schools, College-Size Endowments to understand why this has come about. What is exciting to see is that these private schools state their threshholds clearly. Sometimes financial aid pages require a lawyer to decipher who is eligible for assistance.
The Rationale For An Affordable Education
So, what's happening here? Why are these highly competitive schools offering a free education to children from families with incomes below $75,000? Simply because they want to make their excellent educations available to a wider constituency. When tuition and expenses creep into the $45,000 range, it means that only a tiny percentage of American families can afford to attend those schools. Schooling has to be free in order to attract students from families making less than $75,000.
Top Colleges Lead The Way
Harvard University took the initiative in fall of 2007 by announcing that children from families making less than $60,000 would not pay if they were admitted to the university. Yale and Dartmouth offer similar programs. Just about every university offers financial aid. However, Harvard, Yale and Dartmouth simply draw a clear line and state unequivocally that families below that $60,000 threshhold don't have to pay.
Ask About Financial Aid
Financial aid sounds complicated. It often is. On the other hand, with institutions like Exeter, Groton and St. Paul's blazing a need-based trail for financial aid, the process just became a whole lot easier. Make sure you ask about financial aid programs. The financial aid officers at the schools in which you are interested are experienced and helpful. Ask.
Free Schools
Several schools around the country are tuition free or virtually so by design:
- De Marillac Middle School, San Francisco, CA
- Epiphany School, Dorchester, MA
- Girard College, Philadelphia, PA
- The Glenwood School, Glenwood, IL
- Harlem Episcopal School, New York
- Milton Hershey School, Hershey, PA
- Regis High School, New York, NY
The Cristo Rey Model
Another option is the Cristo Rey model. The Jesuits came up with a work study approach to helping families in inner cities finance a private school education. It has been highly successful and has attracted substantial corporate support. The Bill and Melinda Gates Foundation has championed this model as it tries to transform American education.
Suggested Reading
- Financing a Private school Education
- The Motley Fool's Guide to Paying for School
- Pay for Private School
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