College Confidential’s “Dean,” Sally Rubenstone, put together 25 of her best tips. Get your free copy of the "25 Tips from the Dean" eBook and get helpful advice on how to choose a college, get in, and pay for it: http://goo.gl/9zDJTM
St. Pauls School Increases Financial Aid to Middle-Income Families
In an effort to open its doors to more middle-income families, St. Pauls School has announced that admitted U.S. studentswhose families earn $200,000 or less annually will be expected to contribute no more than 10 percent of the familys household income toward their childs St. Pauls education.
The School has had a longstanding commitment to maintaining and continually enhancing a robust financial aid program, in order to remain as accessible as we possibly can be to qualified students, said Rector Mike Hirschfeld 85. I am hopeful this initiative will highlight our historic commitment to bringing talented youth to the School regardless of their socioeconomic backgrounds.
The policy makes official the financial aid practices of the SPS Admission Office over the last several years.
At St. Pauls, where all students live on the grounds, this financial support includes room, board, and other expenses. The School has a long history of providing financial aid and, according to Financial Aid Director Tim Caryl-Klika, remains committed to helping families from all backgrounds afford the tuition. The aid under the new policy will come entirely in the form of grants; the School will require no loans to be repaid.
Building on a policy announced in 2006 that awarded full tuition to families of admitted students whose household income was $65,000 or less, the policy was expanded in 2008 to offer full financial aid to families with household incomes of $80,000 or less. Now, families with a household income between $80,000 and $200,000 per year will be asked to contribute between zero and 10 percent of their yearly income, as determined by a needs analysis. Families in all income ranges who have significant, non-residential and non-qualified retirement assets will be asked to pay more than families without those resources.
According to Caryl-Klika, the new policy also means that there is no income cut-off for financial aid eligibility, so families with incomes higher than $200,000 per year may still qualify for aid.
This policy clarifies our financial aid philosophy to prospective families, said Director of Admission Scott Bohan 94. It recognizes that [the SPS tuition of] $50,000 is a lot of money, and it outlines what your actual contribution might be if your child considers applying to St. Pauls. It is a very logical next step to our most recent practice of providing full financial aid to families making less than $80,000 per year.
The policy is intended to increase the range of families who can take advantage of a boarding school education, added Bohan.
We want a St. Paul's education to be accessible to all, said Bohan. I hope that defining our philosophy in such clear terms will show people that they have not been priced out of this opportunity. The best St. Pauls School is one that is full of students of diverse backgrounds and experiences.