$3.3 Million Financial Aid Gift to Lead $10 Million Effort for Financial Aid
Posted 04/12/2010 09:53AM
Loomis Chaffee has announced a $3.3 million gift for financial aid. The gift, from an anonymous donor, will be used to encourage new gifts to the endowment as part of a $10 million Financial Aid Initiative.
 
The initiative reflects the school’s ongoing commitment to financial aid and to ensuring that a Loomis Chaffee education remains accessible to academically talented students from around the world, regardless of their family’s ability to pay tuition.
 
“This gift is an extraordinary demonstration of the power of philanthropy to transform the lives of children. We are immensely grateful to this donor who has made it possible for us to compete for the very best students from a range of backgrounds, which will, in turn, make us a stronger and better school,” Head of School Sheila Culbert said in an announcement to the faculty.  
 
In 2009–10, the school provided $6.5 million in aid to 33 percent of its students, with the average grant covering 75 percent of the cost of tuition. Grants ranged from $1,000 to the full cost of tuition.
 
The school was founded as a tuition-free school and has a long commitment to providing access to students from a range of backgrounds — racial, ethnic, geographic and socioeconomic. Even today, revenue from tuition does not fully cover the cost to educate each student, so the school relies on other revenue, including an annual draw from the school’s $185 million endowment and gifts to the annual fund, which totaled $2.3 million in 2008–09.
 
“A strong financial aid endowment enables us to remain committed to providing the highest quality secondary education to promising, intellectually curious, and engaged young people from around the country and around the world,” states Ms. Culbert. “The Financial Aid Initiative will be a great step in building that endowment.”