This article has been updated to reflect 2026 data and recent developments.
One of the major issues most families consider when thinking of sending their child to boarding school is the cost.
- Though it may seem daunting, the boarding school financial aid process isn’t as complex as you might think.
- Understanding the system will pay off in the long term.
Recently, boarding schools began reshaping their financial aid policies to allow more talented, middle-class students to attend their schools.
- Today, a large percentage of students at boarding schools receive some form of financial aid from grants; in some cases, that number is as high as 40%. In 2026, Boarding School Review reports that roughly 30% to 40% of boarding students receive some form of financial aid at many institutions.
- Each school’s aid policy is different, and officers are your best bet for accurate information.
- Contacting them will give you a better understanding of the steps you will need to take, but below are some basic tips that will apply to all schools.
Families looking for current information can also review Boarding School Review's Financial Aid for Boarding Schools: 2026 Guide.
What is financial aid?
Financial aid is funding intended to help students cover the cost of attending private schools (tuition, board, fees, etc.).
- Aid does not have to be repaid, unlike loans.
- Generally, a school's endowment correlates directly with the amount of financial aid that can be offered.
- Each year, a percentage of the budget is set aside for financial aid.
- Thus, it’s very easy for a boarding school to run out of financial aid.
Tip: sending in all the required documents as soon as possible increases your student's chances of getting an affordable package.
Families comparing schools can also review Boarding School Review's boarding schools with the highest percentage of students on financial aid.
What types of financial aid are there?
Aid generally comes in two forms: merit-based or need-based.
Merit-based aid
Merit-based aid examines the student's academic, artistic, athletic, and/or potential, regardless of their ability to pay.
- Usually, the criteria are laid out by the school or the sponsor of the scholarship.
- These scholarships can range from a small award to a full ride.
- Some schools do not offer merit scholarships, so check with the school your child is applying to.
They might, however, offer a scholarship for strictly non-academic purposes: Milton Academy’s scholarship opportunities, for instance, have included awards intended to broaden educational access.
- Students can also apply for non-affiliated scholarship programs, which will award outside grants based on certain criteria.
- The recipients of these scholarships usually undergo rigorous admissions tests that measure academic skills, leadership potential, diversity, or special achievement.
Below are a few major programs:
- A Better Chance (ABC) offers educational opportunities designed to help academically talented students access rigorous schools.
- Prep for Prep is a New York City-based program that prepares promising students for placement at independent schools nationwide.
- The National Association of Independent Schools (NAIS) provides information and resources for families considering independent schools.
Families weighing these two forms of assistance can also read Comparing Merit Aid vs. Need-Based Aid: Which Matters More Over Four Years?.
Need-based aid
Need-based aid does not look at the record of the student but rather their ability to pay the tuition and fees.
- Lately, many schools have been implementing a “need-aware” policy, meaning that they will try not to turn an application down simply because the family cannot pay.
- It does not mean, however, that the available funds will be able to cover a family’s needs.
A small number of schools are 100% “need-blind” and will not reject a student because of their inability to pay. Such schools include Phillips Academy Andover and Phillips Exeter Academy. Both schools state in 2026 that admission decisions are need-blind and that they meet 100% of demonstrated financial need.
- Thanks to a tremendous amount of fundraising, the financial aid budgets at these schools are large enough to ensure that accepted students with demonstrated need can receive substantial assistance.
- This assistance is provided primarily through grants, which families will not have to pay back.
In fact, some schools have pledged to cover the entire cost of tuition for qualifying lower-income families:
- St. Paul’s School states for 2026-27 that families of admitted U.S.-based students with annual household income up to $150,000 generally qualify for full tuition support. The school meets full demonstrated need.
- Phillips Exeter states that families making less than $125,000 pay no tuition, while generous aid programs are also available to qualifying middle- and upper-income families.
This video offers an overview of Girard College in Philadelphia. The school offers a tuition-free education.
Who can receive financial aid?
Grants generally go to students who have demonstrated a need for them.
- Some families earning $150,000 or more may still qualify for significant aid, depending on the school and their individual financial circumstances.
- The amount of aid can vary greatly, from as little as $500 to a full ride.
- With the right amount of information, boarding school financial aid can be more generous than that offered at private colleges.
In 2026, there is no single income cutoff that determines eligibility at every boarding school. Schools consider income alongside assets, family size, the number of children in tuition-charging schools, and other circumstances.
To determine a student’s need, the family will need to fill out and submit a few forms. The exact requirements now vary by school:
- The Parents’ Financial Statement (PFS), where required
- The School and Student Services for Financial Aid (SSS), where required
- Relevant tax documents (the W-2 and the federal tax return)
Some schools now use other financial aid platforms. For example, St. Paul’s School uses the Clarity financial aid application for domestic and international applicants.
The office will also look at other relevant factors, such as:
- Property value (stocks, inheritance, trust funds, property, debt, etc.)
- Whether the student’s siblings attend the same school
- Extenuating circumstances (divorce, death, natural disasters, health issues, etc)
In these cases, you should send a letter explaining your circumstances and relevant documentation.
Meeting the deadlines when applying for a grant is crucial, and it’s recommended that you submit your financial aid application along with your school application.
What if my aid package isn’t enough?
Most packages may need to be supplemented by family resources, payment plans, or loans, and several lenders make loans to parents wishing to finance a boarding school education. When applying for aid, ask the school about payment options and any lenders they’ve previously worked with.
Families should also remember that eligibility does not guarantee an award at every school. The amount available depends on the individual school's financial aid budget and policies. Boarding School Review's Financing a Boarding School Education provides additional guidance on how schools determine and distribute assistance.
The boarding school experience provides children with an opportunity like none other: they gain independence, receive a world-class education, and learn the essential tools for building and leading a community. Going to boarding school can be a life-changing decision and should be viewed as an investment. Now that a boarding school education is becoming more accessible than ever, the cost of attendance should be something that families are willing to discuss.
Conclusion
The financial aid process for boarding schools is designed to make these exceptional educational opportunities more accessible to a broader range of students. By understanding the different types of aid available and how to apply, families can navigate the system effectively. Whether your child is a high-achieving student or comes from a family with limited financial resources, there are options available to help make a boarding school education a reality. This investment can provide lifelong benefits, including independence, academic excellence, and leadership skills, making it well worth exploring.
