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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=rther if you know a little about the school and how budgeting orks most places.erished going to Prep. [/quote]

Actually I know of two boys at Prep who are from the Washington Jesuit Academy, families are low-income and they are on "full ride". Faculty members (and some parents) help out with incidentals and extra fees (anonymously). There may be a few more, but these two are students I'm familiar with.[/quote]

It's no surprise that Prep has some kids from the Washington Jesuit Academy with Prep being a Jesuit school. The are highly supportive of the WJA and it's leadership and have been since it was founded.

You can learn a lot about Prep's Financial Aid program by just looking at what they publish and extending it further.

Prep's Tuition for Day Students is $38,330.

"About 26% of families receive financial aid; average grant is $19,000. Day student grants range from $5,000 to $35,000, with an average grant between $10,000 and $15,000 in a given year."

What this says is a quarter of students get financial aid, while 74 % do not.

The average FA grant is $12,500 (between $10,000 and $15,000). So the average FA family is going to have to come up with the other $25,800.

If 26 kids get an average of $12,500 that means the entire FA budget for an incoming class of 100 Day students is $325,000. (26 x  $12,500)

You can see that the math just doesn't work for more than a few kids getting near full rides. Just one kid getting a full ride at $38,330 would eat up 10% of the entire budget. Two full ride kids would consume 20% of the FA budget. There's no way the school can offer more than a few full rides without impacting the 20+ other students they would like to have but who cannot afford list price.

Two other things.

The school says that it's maximum FA package is $35,000, so someone is going to have to pay the $3,330 additional.

And you'll notice that Prep's average FA package of $12,500 reduces the cost of the school to $25, 833 which puts it very close to Gonzaga's tuition of $21,500, especially when commuting and lunch expenses are also considered.

Prep's FA budget is pretty similar to the other privates with which it competes.

Private schools are a luxury good.

The idea that there's this huge pot of money and that these school's are so rich they can afford more than a very small number of full scholarships is a myth.

Harvard and Princeton with Billions of dollars in endowment can be "need-blind". Money is not even a consideration they have so much of it.

But these private schools don't have that much money. And they are reluctant to raise tuition any more beyond the stratospheric levels it has gotten to.

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Gonzaga is now 23k. I think you are underestimating the endowment budget. Gonzaga, DeMatha, and SJC have endowment pot of $500k or larger so I cant see Prep only have $300k. [/quote]

You are confusing the Endowment with the Financial Aid Budget.

They are two different things.

I'm pretty sure about the size of the Financial Aid Budget based on the numbers they publish on their web site.

There's only about $325,000 total.

If the average FA recipient gets between $10,000 and $15,000 ($12,500) and there are 26 FA recipients (26% of 100 Day Students) than multiplying the number of students times the average FA grant gives you the total FA budget.

Gonzaga has 1,000 students or twice as many as Prep. They are also located in the middle of the city and have a longstanding tradition of accepting kids from that area as part of the school's mission. So their FA budget could be higher even though their tuition is lower.
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