Taft is one of the most selective schools in the nation, attracting applicants from around the world. We are committed to offering need-based financial aid in order to ensure the most gifted and deserving students can receive an extraordinary education. And just as importantly, the school is committed to creating a campus marked by diversity at all levels, which provides a dynamic learning environment and which prepares all students for the future. And yet, each year we turn away too many highly qualified students because there isn’t enough aid available.
Our ability to enroll these highly talented students is also influenced by our peer schools. To be competitive and offer comparable awards, Taft commits a larger percentage of its budget to financial aid than other schools. But this is not sustainable.
Taft’s current scholarship aid budget of $9.2 million supports 210 students. This past year, 788 from a total of 1,704 applicants requested financial aid—a 27% increase since 2010. Awards range from several thousand dollars to virtually full support, with the median being $41,000.
Many alumni have generously supported the School for its commitment to and investment in them. These gifts have been donated over the years from grateful alumni, parents, and friends to establish named endowed scholarships. Many are family scholarships, which generations of family members have added to after their initial commitments. At a 4% draw on Taft’s endowment, these endowed funds support not quite half of the financial aid budget.
To attract and enroll students from all socioeconomic backgrounds, we must increase our commitment to financial aid. Taft has a goal of establishing 50 new endowed scholarships over the next five years. It is the school’s number one fundraising priority.
Full Boarding Scholarships are $1,500,000, Full Day Scholarships are $750,000, and partial scholarships start at $100,000. These are all named endowed funds, for which the donor receives an annual report on the students they sponsor.
- Tuition and fees: $61,200
- Total financial aid budget: $9,200,000
- Number of applicants seeking aid: 788
- Students receiving aid: 210 or 35%
- Median size of grant: $41,000
- Percent supported by endowed funds: 45%
- Full Boarding Scholarship: $1,500,000
- Full Day Scholarship: $750,000