Boarding Schools with 400+ Students with the Highest Percentage of Students on Financial Aid (2026-27 Rankings)

National Average Financial Aid Rate (Trends)

Showing 2016–2025. View full 21-year historical data

Total Growth: +15.1% (+5.5% since 2016)

Year	National avg
2025	41.9% (▲ 1.3 pp)
2024	40.6% (▼ 0.7 pp)
2023	41.3% (▲ 0.6 pp)
2022	40.7% (▲ 0.1 pp)
2021	40.6% (▲ 0.6 pp)
2020	40% (▲ 1.7 pp)
2019	38.3% (▲ 0.4 pp)
2018	37.9% (▲ 1 pp)
2017	36.9% (▲ 0.5 pp)
2016	36.4% (▲ 0.7 pp)
2015	35.7% (— 0 pp)
2014	35.7% (▲ 1.1 pp)
2013	34.6% (▲ 0.2 pp)
2012	34.4% (▼ 0.5 pp)
2011	34.9% (▲ 1.1 pp)
2010	33.8% (▲ 1.1 pp)
2009	32.7% (▲ 0.2 pp)
2008	32.5% (▲ 0.1 pp)
2007	32.4% (▼ 1.2 pp)
2006	33.6% (▲ 1 pp)
2005	32.6%

Schools counted: listing status from database copies near the year end in 2012–2014, 2019 and 2022–2025; estimated listing status in 2015–2018, 2020 and 2021; archive coverage in 2005–2011 (a lower bound of the schools listed). The downloads give the source date of each year.

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Show school map — National (% Students on Aid range: 10%–90%, avg 38%)

% Students on Aid Range: 10% 90% Avg. % Students on Aid: 38%

Frequently Asked Questions

Which boarding schools with more than 400 students have the highest percentage of students on financial aid?

The boarding schools with more than 400 students with the highest percentage of students on financial aid are Interlochen Arts Academy, Lyndon Institute and New Mexico Military Institute.

How many boarding schools with more than 400 students are ranked for the highest percentage of students on financial aid?

79 boarding schools with more than 400 students are ranked for the highest percentage of students on financial aid.

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Did You Know?

Keep in mind that challenging and creative education programs at boarding schools require a substantial amount of resources.

Generally, the full cost of educating a student at any boarding school exceeds the cost of tuition by several thousand dollars - schools rely on other revenue sources (e.g., endowments, annual giving, etc.) in addition to tuition revenue to cover their costs.

In that sense, all students at boarding schools receive financial aid.

When schools offer "financial aid" (in the traditional sense of the phrase) to reduce tuition, those reductions are in addition to the already subsidized cost of full tuition.

Keep this in mind when assessing the full value that boarding schools provide for your investment.