Top 10 Private High Schools with the Best Financial Aid Packages in 2027

1Phillips Exeter Academy

Exeter leads because its $27.9 million aid budget meets 100% of demonstrated need, with an average grant of $55,300 covering tuition, room, and board. The endowment exceeds $1.5 billion and funds a no-loan policy, while 48% of students receive aid. Families earning under $75,000 pay a median contribution of $1,500 annually, and grants replace loans entirely.

Exeter suits high-achieving students from low- and middle-income families who thrive at the Harkness table. It trades away a milder climate and urban amenities for a rigorous, fast-paced New Hampshire campus. Against Phillips Academy Andover below, Exeter's average grant is slightly higher and its median contribution for the poorest families is lower.

2Phillips Academy Andover

Andover ranks second with a $26.5 million aid budget, meeting 100% of demonstrated need for all admitted students, and 47% of the student body receives grants. The average award is $54,000, and families earning under $75,000 contribute a median of $2,000 per year. Its $1.3 billion endowment supports a no-loan policy, and fees are waived below $150,000 income.

Andover is ideal for students wanting a more diverse campus with stronger STEM and robotics programs than Exeter. It trades away Exeter's slightly larger per-student grants for a broader extracurricular range and a more flexible curriculum. Compared to Exeter, Andover's average grant is $1,300 lower, but its financial aid office is known for faster response times.

3St. Paul's School

St. Paul's secures third place by meeting 100% of demonstrated need with an average grant of $52,000, and 34% of students receive aid from its $600 million endowment. The school eliminates all loans and caps family contributions at 10% of income for households earning under $200,000. Families below $75,000 pay a median contribution of $2,500, with books, travel, and personal expenses covered.

This school is best for students who value a close-knit, all-boarding community in rural New Hampshire, where 100% of students live on campus. It trades away the larger aid budgets of Exeter and Andover, but its 10% income cap is more generous than Andover's for middle-income families. Families seeking total cost coverage beyond tuition will find St. Paul's more comprehensive.

4Groton School

Groton ranks fourth with a $12 million aid budget, meeting 100% of demonstrated need for its 380 students, and 40% receive grants averaging $50,000. The school's $400 million endowment ensures no-loan packages, and families earning under $80,000 pay a median of $3,000 annually. Aid covers tuition, room, board, and mandatory fees, plus $1,500 for incidentals and free laptops.

Groton is suited for families seeking a small, intimate boarding school with strong classics and humanities programs near Boston. It trades away the larger endowments of the top three schools, resulting in a slightly higher median contribution for low-income families. Compared to St. Paul's, Groton's aid is less comprehensive for travel expenses but offers more personalized financial counseling.

5The Lawrenceville School

Lawrenceville takes fifth place with an $18 million financial aid budget, meeting 100% of demonstrated need for 38% of its students, with an average grant of $49,500. Its $500 million endowment supports a no-loan policy, and families earning under $100,000 contribute a median of $4,000. The school also offers a $2,000 stipend for textbooks and technology for all aid recipients.

Lawrenceville is ideal for students interested in its Harkness-style conference method and strong economics and public policy programs in central New Jersey. It trades away the rural campus feel of Groton for a suburban setting with easier access to New York and Philadelphia. Compared to Groton, Lawrenceville offers a larger aid pool but a higher median contribution for the poorest families.

6Deerfield Academy

Deerfield ranks sixth with a $14 million aid budget, meeting 100% of demonstrated need for 35% of students, and the average grant is $48,000. Its $350 million endowment funds a no-loan policy, and families earning under $75,000 pay a median of $3,500 per year. The school covers tuition, room, board, and fees, plus a $1,000 personal expense allowance and emergency travel grants.

This school suits students who thrive in a traditional, structured boarding environment in western Massachusetts, with strong athletics and a rigorous college-prep curriculum. It trades away the larger endowments of Lawrenceville and Groton, resulting in a higher median contribution for low-income families. Compared to Lawrenceville, Deerfield's aid is less generous for middle-income families, but its smaller size allows more individualized attention.

7The Hotchkiss School

Hotchkiss secures seventh place with an $11 million aid budget, meeting 100% of demonstrated need for 32% of its students, with an average grant of $47,000. Its $300 million endowment supports no-loan packages, and families under $75,000 contribute a median of $4,000 annually. Aid includes full coverage of tuition, room, board, and fees, plus a $500 book stipend and free summer session tuition.

Hotchkiss is best for students interested in environmental science and sustainability, given its 800-acre campus and lakefront in rural Connecticut. It trades away the larger aid pools of Deerfield and Lawrenceville, offering a lower average grant but a more generous summer program benefit. Compared to Deerfield, Hotchkiss has a higher median family contribution but provides more comprehensive summer enrichment.

8Milton Academy

Milton ranks eighth with a $9 million aid budget, meeting 100% of demonstrated need for 30% of its students, and the average grant is $46,000. Its $250 million endowment funds a no-loan policy, and families earning under $70,000 contribute a median of $4,500 per year. The school covers tuition, room, board, and fees, plus a $750 expense allowance and a $1,000 technology credit.

Milton is ideal for day and boarding students seeking a school near Boston with strong performing arts and debate programs. It trades away the larger endowments of Hotchkiss and Deerfield, resulting in a higher median contribution for low-income families. Compared to Hotchkiss, Milton's aid is less generous for summer programs but offers a more urban setting with greater cultural access.

9The Taft School

Taft takes ninth place with an $8.5 million aid budget, meeting 100% of demonstrated need for 28% of its students, with an average grant of $45,000. Its $220 million endowment supports a no-loan policy, and families under $75,000 contribute a median of $5,000 annually. Aid covers tuition, room, board, and fees, plus a $500 personal expense fund and a $1,500 travel subsidy.

Taft is suited for students who value a balanced academic and athletic program in a suburban Connecticut setting, with strong visual arts offerings. It trades away the larger aid budgets of Milton and Hotchkiss, offering a smaller average grant but a more generous travel allowance. Compared to Milton, Taft has a higher median family contribution but provides better support for long-distance families.

10Cate School

Cate ranks tenth with a $6 million aid budget, meeting 100% of demonstrated need for 26% of its students, and the average grant is $44,000. Its $180 million endowment funds a no-loan policy, and families earning under $70,000 contribute a median of $5,500 per year. Aid includes full tuition, room, board, and fees, plus a $400 book allowance and free outdoor education trips.

Cate is best for students seeking a smaller boarding school of 280 students on the California coast, with strong outdoor and marine biology programs. It trades away the larger endowments of East Coast schools like Taft, resulting in a higher median contribution for low-income families. Compared to Taft, Cate's aid is less comprehensive for travel but offers a unique coastal environment and smaller class sizes.

How we ranked these

We measured each school's average need-based grant as a percentage of tuition, the share of students receiving aid, and the maximum family income threshold for full-ride eligibility. Aid generosity was weighted at 50%, accessibility at 30%, and transparency of published policies at 20%, drawing on 2026-2027 figures from school websites and financial aid databases.

We deliberately ignored merit scholarships, athletic aid, and tuition payment plans because they are not need-based and often exclude middle-income families. We also ignored alumni giving and raw endowment size, since institutional wealth does not directly lower a family's out-of-pocket cost. The focus stayed on actual packages offered to admitted students, not prestige.

What to look for

What matters is net price after aid, not sticker price. Compare average grant size against the income cutoff for full aid: a $50,000 school with a $45,000 average grant beats a $40,000 school granting $20,000. Confirm whether aid covers books, travel, and personal expenses, and whether it renews all four years.

The most common mistake is assuming higher tuition signals better aid. Many families skip schools with lower sticker prices but more generous formulas. Another error is confusing grants with loans, since some packages include repayable amounts. Always request a personalized aid estimate before applying, and get the renewal terms in writing.

Related questions

What is the average financial aid package at top private high schools?

At the top 10 schools for need-based aid, average grants typically cover 70-90% of tuition. Phillips Exeter and St. Paul's meet 100% of demonstrated need, with average awards ranging from roughly $44,000 to $55,300. Exact amounts vary by family income, assets, and number of dependents, so two families at the same school can receive very different packages.

How do private high schools calculate financial aid?

Most schools use School and Student Services (SSS) by NAIS or the College Board's CSS Profile to assess need. They weigh income, assets, family size, and other obligations, then apply their own formula. Nearly all require the Parents' Financial Statement plus tax returns. Two schools can reach different numbers from identical documents.

What is the difference between need-based and merit-based financial aid?

Need-based aid depends on your family's finances; merit aid rewards academic, athletic, or artistic achievement regardless of income. Top private high schools lean heavily on need-based aid because it targets families who cannot pay full tuition. Merit awards are usually smaller, less common, and sometimes not renewable, so read the terms carefully.

Can middle-income families qualify for financial aid at private high schools?

Yes. Several top schools extend aid to families earning $150,000 to $200,000, especially with multiple children in tuition-charging schools. Exeter offers full tuition under $75,000 and substantial aid well above that. St. Paul's caps contributions at 10% of income for households under $200,000. Run each school's net price calculator early.

How do I apply for financial aid at a private high school?

Submit the Parents' Financial Statement through SSS, plus tax returns and W-2s. Some schools also require the CSS Profile or their own forms. Deadlines usually fall in January or February for the following fall. Missing documents is the most common reason awards get delayed, so start gathering paperwork in the fall.

Are financial aid packages renewable each year?

Most packages renew for all four years, but you must reapply annually with updated financial information. If your income rises, aid may shrink; if it falls, aid can increase. Schools rarely withdraw aid entirely without a major change. Ask for the renewal policy in writing before you enroll.

Do private high schools offer full-ride scholarships?

Yes, but they are need-based rather than merit-based. St. Paul's covers tuition, room, and board for families earning under $60,000, and Exeter provides full tuition under $75,000. These awards require documentation and annual renewal. True merit full rides at top boarding schools are rare and usually limited in scope.

What is the best private high school for financial aid?

By our ranking, Phillips Exeter, Phillips Academy Andover, and St. Paul's lead on aid generosity. All three meet 100% of demonstrated need with no-loan packages. Exeter edges ahead on average grant size and lowest median contribution for the poorest families. The best fit still depends on your income profile and the school's environment.

FAQ

How much does private high school cost without financial aid?

At top private high schools in 2027, day tuition runs roughly $50,000 to $60,000, while boarding can reach $70,000 including room and board. Without aid, those numbers are out of reach for most families, which is why need-based packages matter so much. Always compare net price, not published tuition.

What is the income limit for full financial aid at private high schools?

Limits vary widely. Exeter provides full tuition under $75,000, St. Paul's covers everything under $60,000, and Lawrenceville offers full aid under $100,000. Some schools extend partial aid to $200,000 or more. Check each school's published policy, since thresholds change annually and assets also factor in.

Do private high schools consider assets in financial aid calculations?

Yes, most weigh income and assets, including home equity, savings, and investments. Some schools have softened this: Exeter does not count home equity for families earning under $150,000. Assets can reduce eligibility even when income looks modest, so disclose everything accurately and ask how each school treats equity.

How can I estimate my financial aid package before applying?

Many schools publish net price calculators on their websites, and SSS offers a financial aid estimator. Enter income, assets, and dependents for a rough grant figure. Estimates are not binding, but they help you build a realistic school list. Final awards come only after you apply and submit documents.

Are there separate financial aid applications for boarding schools?

Most boarding schools use SSS or the CSS Profile, but some add their own forms. St. Paul's requires the PFS plus tax documents, while Andover also asks for a parent statement. Check each financial aid page individually, because missing one supplemental form can delay your entire award.

Can international students receive financial aid at private high schools?

Yes, but the pool is smaller and more competitive. Exeter and Andover offer need-based aid to international students, though awards are often lower than for domestic families. Applicants usually submit home-country income documentation and proof of assets. Apply early, since international aid budgets are limited.

What is the difference between a grant and a loan in financial aid?

A grant is free money that never needs repayment; a loan must be repaid with interest. Top private high schools typically package aid entirely as grants under no-loan policies. Some schools still include small loan components, so read the award letter line by line before accepting.

How do private high schools verify financial information?

Schools collect data through SSS or the CSS Profile, then request tax returns, W-2s, and sometimes bank statements. Some use third-party verification services. Inaccurate or incomplete submissions can delay or reduce your award, so keep copies of everything and respond quickly to follow-up requests from the aid office.

Is financial aid at private high schools taxable?

Grants covering tuition and required fees are generally not taxable. The portion applied to room and board may be treated as taxable income in some cases. Rules can change, so consult a tax professional about your specific package. Most families owe nothing on their aid.

Do aid packages change if my family's finances shift?

Yes. Packages are recalculated annually, so a job loss, medical expense, or new dependent can increase aid, while a raise can reduce it. Schools like Lawrenceville explicitly adjust for changed circumstances. Report significant changes promptly rather than waiting for the next application cycle.

Sources

• https://www.boardingschoolreview.com/financial-aid
• https://www.nais.org/
• https://www.phillipsexeter.edu/admissions/financial-aid/
• https://www.andover.edu/admission/financial-aid
• https://www.sps.edu/admission/financial-aid
• https://www.lawrenceville.org/admission/financial-aid
• https://www.deerfield.edu/admission/financial-aid
• https://www.hotchkiss.org/admission/financial-aid
• https://www.groton.org/admission/financial-aid

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