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

1. Phillips Exeter Academy

Exeter leads because its $27.9 million financial aid budget meets 100% of demonstrated need for every admitted student, with an average grant of $55,300 covering tuition, room, and board. The endowment, exceeding $1.5 billion, funds no-loan policies, and 48% of students receive aid. Families earning under $75,000 pay a median contribution of $1,500 annually. Grants replace loans entirely, ensuring graduates leave debt-free.

Exeter suits high-achieving students from low- and middle-income families who can thrive in a rigorous Harkness-table seminar environment. It trades away geographic diversity for a competitive, fast-paced culture, and its rural New Hampshire setting limits urban amenities. Compared to Phillips Academy Andover below, Exeter's average grant is slightly higher, but Andover offers a larger aid pool. Both meet full need, yet Exeter's lower median family contribution for the poorest households edges it out.

2. Phillips 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, with all aid given as outright grants. The school also waives fees for families under $150,000 income.

Andover is ideal for students seeking a more diverse, urban-adjacent campus in Massachusetts, with stronger STEM and robotics programs than Exeter. It trades away Exeter's slightly larger per-student grants for a broader range of extracurricular offerings 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.

3. St. Paul's School

St. Paul's secures third place by providing 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. For families below $75,000, the median contribution is $2,500. Its aid package includes full coverage of books, travel, and personal expenses.

This school is best for students who value a close-knit, all-boarding community in rural New Hampshire, with 100% of students living 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. Compared to Andover, St. Paul's has a smaller aid pool, yet its expense coverage is more comprehensive. Families seeking total cost coverage beyond tuition will find St.

4. Groton 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 all mandatory fees, plus $1,500 for incidental costs. The school also provides free laptops to all aid recipients.

Groton is suited for families seeking a small, intimate boarding school with strong classics and humanities programs, located near Boston. It trades away the larger endowments of 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. Its smaller size means fewer advanced STEM electives, but the close faculty-student ratio supports individualized learning.

5. The Lawrenceville School

Lawrenceville takes fifth place with a $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. Aid packages are recalculated annually, ensuring adjustments for changing family circumstances.

Lawrenceville is ideal for students interested in its unique 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.

6. Deerfield 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 all tuition, room, board, and fees, plus a $1,000 personal expense allowance. Deerfield also offers emergency travel grants for international students.

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 (650 students) allows for more individualized attention.

7. The Hotchkiss School

Hotchkiss secures seventh place with a $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. The school also provides free summer session tuition for aid recipients.

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.

8. Milton 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. Milton also offers a $1,000 technology credit for new aid students.

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. Its smaller boarding population (50%) means fewer residential resources, yet the day student integration provides a different social dynamic.

9. The Taft School

Taft takes ninth place with a $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. The school also offers a $1,500 travel subsidy for students living more than 200 miles away.

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.

10. Cate 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. The school provides free outdoor education trips for all aid recipients.

Cate is best for students seeking a smaller boarding school (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 percentage of students receiving aid, and the maximum family income threshold for full-ride eligibility. We weighted aid generosity at 50%, accessibility at 30%, and transparency of published policies at 20%, using 2026-2027 data 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 endowment size, as these do not directly reflect a family's out-of-pocket cost. Our focus was solely on the actual financial aid packages offered to admitted students, not on institutional wealth or prestige.

What to look for

When choosing between these schools, what matters is the net price after aid, not the sticker price. Compare the average grant amount and the income cutoff for full aid. For example, a school with a $50,000 tuition but a $45,000 average grant is more affordable than a $40,000 school with a $20,000 grant. Also check whether aid covers books, travel, and personal expenses, not just tuition.

The most common mistake is assuming a higher tuition means better aid. Many families overlook schools with lower sticker prices but more generous aid formulas. Another error is ignoring the difference between grants and loans—some packages include loans that must be repaid. Always ask for a personalized aid estimate before applying, and verify that the aid is renewable for all four years.

Related questions

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

At the top 10 private high schools with the best financial aid packages, the average need-based grant covers 70-90% of tuition. For example, schools like Phillips Exeter and St. Paul's meet 100% of demonstrated need, with average grants ranging from $40,000 to $60,000. However, the exact amount varies by family income and assets.

How do private high schools calculate financial aid?

Private high schools typically use the School and Student Services (SSS) by NAIS or the College Board's Institutional Documentation Service (IDS) to assess family need. They consider income, assets, number of dependents, and other factors. Each school has its own formula, but most require the Parents' Financial Statement (PFS) and tax documents.

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

Need-based aid is awarded based on a family's financial situation, while merit-based aid is given for academic, athletic, or artistic achievement. Need-based aid is more common at top private high schools and is designed to make tuition affordable. Merit aid is often limited and may not be renewable.

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

Yes, many top private high schools offer aid to families earning up to $200,000 or more, especially with multiple children. For example, Phillips Exeter provides full tuition for families earning under $75,000, and significant aid for those up to $200,000. However, the amount decreases as income rises.

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

You typically need to submit the Parents' Financial Statement (PFS) through SSS, along with tax returns and W-2 forms. Some schools also require the CSS Profile. Deadlines are usually in January or February for the following fall. Check each school's specific requirements and deadlines.

Are financial aid packages renewable each year?

Most financial aid packages are renewable for all four years, but they require annual reapplication. Your family must submit updated financial information each year to confirm continued eligibility. If your financial situation improves, the aid amount may decrease, but it rarely disappears entirely.

Do private high schools offer full-ride scholarships?

Yes, several top private high schools offer full-ride scholarships for families with very low incomes. For example, St. Paul's School covers 100% of tuition, room, and board for families earning under $60,000. Others, like Phillips Andover, have similar programs. These are need-based, not merit-based.

FAQ

What is the best private high school for financial aid?

Based on our ranking, Phillips Exeter Academy, Phillips Academy Andover, and St. Paul's School are the top three for financial aid. They all meet 100% of demonstrated need and have generous income thresholds for full aid. However, 'best' depends on your family's specific financial situation and the school's fit.

How much does private high school cost without financial aid?

The average tuition for top private high schools in 2027 is around $50,000 to $60,000 per year for day students, and up to $70,000 for boarding students. This includes tuition, room, and board. Without aid, these costs are prohibitive for most families, making financial aid essential.

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

Income limits vary by school. For example, Phillips Exeter provides full tuition for families earning under $75,000, while St. Paul's covers everything for families under $60,000. Some schools, like Lawrenceville, offer full aid for families under $100,000. Always check the specific school's policy.

Do private high schools consider assets in financial aid calculations?

Yes, most private high schools consider both income and assets, including home equity, savings, and investments. However, some schools have moved to a more income-based approach. For example, Phillips Exeter does not consider home equity for families earning under $150,000. Assets can reduce aid eligibility.

How can I estimate my financial aid package before applying?

Many schools provide net price calculators on their websites. You can also use the SSS's 'Financial Aid Estimator' to get a rough idea. Input your income, assets, and number of dependents to see an estimated grant. However, the final award is determined after you apply and submit documents.

Are there separate financial aid applications for boarding schools?

Most boarding schools use the same application (SSS or CSS Profile), but some have additional forms. For example, St. Paul's requires the PFS and tax documents, while Phillips Andover also asks for a parent statement. Always check each school's financial aid page for specific requirements.

Can international students receive financial aid at private high schools?

Yes, but it is limited. Some schools, like Phillips Exeter and Andover, offer need-based aid to international students, but the amount is often smaller and more competitive. International students must also provide additional documentation, such as proof of income and assets from their home country.

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

A grant is free money that does not need to be repaid, while a loan must be repaid with interest. Top private high schools typically offer grants, not loans, as part of their need-based packages. However, some schools may include a small loan component, so read the award letter carefully.

How do private high schools verify financial information?

Schools use the SSS or CSS Profile to collect data, and then they may request tax returns, W-2s, and bank statements. Some schools use third-party verification services. It is crucial to provide accurate information, as discrepancies can delay or reduce your aid award.

Is financial aid at private high schools taxable?

No, financial aid grants for tuition and fees are generally not taxable. However, if the aid covers room and board, that portion may be considered taxable income. It is best to consult a tax professional, as rules can change. Most families do not owe taxes on their aid.

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.choate.edu/admission/financial-aid
• https://www.groton.org/admission/financial-aid

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