@ItsJustSchool - The $7.9M figure is for this years admission cycle. According to the annual financial report: "In 2013-14, our Financial Aid program awarded over $19.5 million in funds so that we can provide financial aid to 47% of our student body.
Here is the full report: http://www.exeter.edu/documents/Financial_Report_2013-14.pdf
You will notice that total revenue for tuition was about $29 Million and total increase in assets (including tuition revenue) was about $104 Million. This means that Exeter could offer free tuition to every student and would still make around $75 Million. For comparison, Choate made $43 Million with tuition revenue.
(Reference: https://www.choate.edu/uploaded/images/About/ChoateFinancialStatements2013.pdf)
So, Exeter could provide free tuition to every one of its students and would still have their endowment increase in value to a greater extent than other boarding schools.
I think Exeter should work towards eliminating financial aid and simply offer free tuition for every student. This would be a truly distinguishing aspect of the school. They could offer a “suggested donation” that wealthier families would happily contribute to with tax advantages.