At Elite Prep Schools, College-Size Endowments - New York Times

http://www.nytimes.com/2008/01/26/business/26prep.html?ex=1359003600&en=0458a47643f064c8&ei=5088&partner=rssnyt&emc=rss
At Elite Prep Schools, College-Size Endowments - New York Times

By GERALDINE FABRIKANT
Published: January 26, 2008

EXETER, N.H. —
When Curtis Thomas, a 14-year-old from a poor family living in St. Rose, La., arrived here two years ago to attend Phillips Exeter Academy, he brought little more than a pair of jeans and two shirts. That would hardly do at a 227-year-old prep school where ties are still required for boys in class.

So Curtis’s history teacher, armed with Exeter funds, took him shopping for a new wardrobe.

That outlay was just a tiny fraction of what Exeter spends on its students. With its small classes, computers for students receiving financial aid, lavish sports facilities and more, Exeter devotes an average of $63,500 annually to house and educate each of its 1,000 students. That is far more than the Thomas family could ever afford and well above even the $36,500 in tuition, room and board Exeter charges those paying full price...MORE