Increased financial aid is a win-win for everyone
This articles statistics are from Fall 2017.
The size of a school’s endowment is generally a good indicator of how much scholarship and financial aid money it has to offer. In the U.S., Ivy League schools top the charts with Harvard University in the lead with a $34 billion endowment.
It’s not just universities that offer financial assistance, independent schools do too. Phillips Exeter Academy in New Hampshire is one of the oldest boarding schools in the country and its endowment sits at $1.15 billion. Students who earn admission and come from families who make less than $75,000 attend for free and 50% of the student body receives some amount of financial aid.
In recent years, Canadian independent schools, in particular boarding schools, have placed a much greater emphasis on growing their endowment, with Upper Canada College School and Trinity College School leading the way. UCC’s endowment is at $98 and benefits 20% of its student body. TCS’s is at more than $53 million with 31% of students on some type of financial assistance based on need.
Schools that invest in student aid, like CDS, are striving to achieve a culturally rich and diverse applicant pool, including a socio-economic mix. In the global world we now live in, it’s essential to be part of a community that embraces people from all cultural backgrounds, including a diversity of economic circumstances.
At 45 years young, CDS has started the journey of building its endowment, which now sits at nearly $7 million, with 16 named funds supporting various school activities, but primarily focused on providing financial aid and scholarship offerings.
One of our endowments is named after our third Headmaster, the Paul C. Duckett Endowment Fund, and supports returning families who have experienced an unexpected financial hardship. Another is named in honour of Edmond G. Eberts, one of our Co-founders, who endowed the Eberts Entrance Scholarship five years ago so that each year an incoming Grade 9/10 student who may not have considered CDS because of the expense, can attend CDS and experience an ‘education with balance’ in their high school years.
Sometimes, financial aid doesn’t have to be endowed to be disbursed each year. Most recently, an incredibly generous anonymous donor donated funds to be disbursed each year to cover up to 65% of tuition and fees for three incoming Grade 9/10 students to attend CDS for their high school career starting in September 2018. The York Scholarship Bursary is not only need based, but ideally suited for three students who will want to embrace all that CDS has to offer.
Endowments by nature have a long time horizon, but once established are designed to last in perpetuity. Perhaps the most important step is starting growing one. This is why we launched the Alumni Legacy Fund last year. We believe strongly in our future and will slowly and proudly build upon this endowment through alumni and past parent support, so that it too will one day impact future students.
We are at an exciting tipping point for CDS. The more diverse our student body, the more educated and worldly our graduates will become. There is a direct correlation and the result is a win-win for everyone.
Please help us to spread the word about these exciting scholarship opportunities among friends and family members!
Kim Sillcox
Director of Marketing and Communications