Understanding Financial Aid at Prep Schools
Most families assume they won't qualify. Most families are wrong.
Many families never apply for financial aid at prep schools because they assume their income is too high. This is one of the most common and costly mistakes in the process. Schools like Phillips Exeter, Andover, St. Paul's, and Groton routinely award aid to families earning well over $150,000 per year. The formula is more nuanced than income alone — it accounts for assets, home equity, family size, other dependents, and unusual expenses. The only way to know what you qualify for is to apply.
How the SSS works
The Student Scholarship Service (SSS) is the financial aid application used by most independent boarding and day schools — think of it as the FAFSA of prep schools. You complete one SSS application and can send it to as many schools as you apply to. The SSS collects information about your family's income, assets, home equity, retirement accounts, business interests, and family size. It uses this to generate a Parent Financial Statement (PFS) which each school then uses to determine its own aid award. The SSS application typically opens in October and most schools want it submitted by January or February alongside your admission application. Start early — it takes longer than you expect. Visit solutionsbysss.com to begin.
What “meets full demonstrated need” actually means
You will see this phrase on almost every school's financial aid page. It sounds like a guarantee but it is worth understanding what it means in practice. A school that meets full demonstrated need is committing to cover the gap between what the SSS says your family can contribute and the school's cost of attendance — with grants, not loans. This is genuinely significant. However, the key variable is how each school calculates demonstrated need. Two schools can look at identical families and arrive at different numbers. A school with a larger endowment can afford to be more generous in its calculation. When comparing financial aid offers between schools, look at the actual dollar amount of the grant, not just whether the school claims to meet full need.
Which schools offer the most aid
Based on the data in our school database, here are the schools with the highest percentage of students receiving financial aid. Use this as a starting point for research — always verify current figures directly with each school's financial aid office.
| School Name | Location | % of Students Receiving Aid |
|---|---|---|
| Foxcroft School | Middleburg, VA | 62% |
| Interlochen Arts Academy | Interlochen, MI | 55% |
| Northfield Mount Hermon School | Gill, MA | 55% |
| Rabun Gap-Nacoochee School | Rabun Gap, GA | 55% |
| Chatham Hall | Chatham, VA | 52% |
| Christ School | Arden, NC | 50% |
| George School | Newtown, PA | 50% |
| McCallie School | Chattanooga, TN | 50% |
| Shattuck-St. Mary's School | Faribault, MN | 50% |
| Phillips Academy (Andover) | Andover, MA | 47% |
| Phillips Exeter Academy | Exeter, NH | 47% |
| Colorado Rocky Mountain School | Carbondale, CO | 45% |
| St. Andrew's-Sewanee School | Sewanee, TN | 45% |
| St. Andrew's School | Middletown, DE | 44% |
| Brewster Academy | Wolfeboro, NH | 42% |
Figures shown reflect data from each school's most recently published report. Verify current figures directly with each school.
Want to estimate what you might pay?
Every school's financial aid formula is different, which means we can't give you a reliable number without risking misleading you. What we can do is point you to the official net price calculators run by the schools themselves — these are the most accurate estimates available. Check the financial aid page of any school you are seriously considering and look for their net price calculator. Here are direct links for some of the most commonly considered schools:
The financial aid timeline
September/October
SSS application opens at solutionsbysss.com. Start now even if you are not ready to apply — it takes 2 to 4 hours to complete.
October/November
Begin school visits and financial aid information sessions. Ask each school directly about their aid philosophy and average grant size.
November/December
Complete and submit your SSS Parent Financial Statement. Submit your federal tax return or use estimated figures if taxes are not yet filed.
January/February
Most financial aid application deadlines fall here, alongside admission application deadlines. Submit everything together.
March/April
Financial aid award letters arrive with admission decisions. You will see a breakdown of the grant amount and your expected family contribution.
April/May
Compare award letters between schools. You can ask schools to reconsider their award if your financial situation has changed or if another school offered significantly more.
Questions to ask every school's financial aid office
- 1What percentage of your students receive need-based aid, and what is the average grant size?
- 2Do you meet 100% of demonstrated financial need for every admitted student?
- 3How do you treat home equity in your aid calculation?
- 4If our financial situation changes after enrollment, can we apply for more aid?
- 5Is your aid renewable every year, and what do we need to do to maintain it?
- 6Do you offer merit scholarships separate from need-based aid?
- 7What is your appeal process if we feel the award does not reflect our true financial situation?
- 8Are there any additional fees not included in the tuition figure — travel, uniforms, activities, trips?