During his tenure as Deerfield’s headmaster, Boyden proclaimed, “Pay what you can” to families struggling to afford an education at Deerfield. His statement has served as a core principle regarding Deerfield’s approach to financial aid. Today, Dr. Austin outlined the approach to financial aid as such: “Deerfield’s commitment to affordability and access in the form of need-based financial aid is historic, deep, and central to its educational mission.” Due to financial aid’s importance to Deerfield’s values, the current financial aid package for the upcoming 2025-2026 academic year will be updated.
This year, forty percent of current families are under the umbrella of financial aid, thirteen percent of students impacted by financial aid being international. The average boarding grant is $60,850, consisting of roughly eighty-two percent of the total $74,440 tuition. The changes constituting the 2025-2026 school year are the following: families making less than $150,000 will pay nothing in tuition, and domestic families making above $150,000 will pay a maximum of ten percent of their yearly income in tuition per child (not including ensuing fees). Matthew Sheehy, Chief Financial Officer of Deerfield, laid out the costs of the new initiative, stating: “The academy is planning to spend $16 million on financial aid, close to a million dollars year over year.”
Financial aid and similar programs are made possible by the support of Deerfield’s endowment. After being asked about the effect of financial aid on endowment, Mr. Sheehy responded, remarking, “I hope that it has a positive effect on the endowment …That this is hopefully an area where people appreciate our commitment and therefore support it.” The success of students creates a loop of positive feedback continuing the school’s mission in providing the best education possible. Many alumni valuing the impact of Deerfield on their formative years donate to help support the next generation of Doors.
Beyond providing monetary support, financial aid simplifies the application process for unfamiliar families. Mr. Sheehy summarizes the beliefs behind the adjustments, saying, “We were looking creatively for ways to better express the value of a Deerfield education and, more importantly, simply for many families.”
The new financial aid package being put into effect during the 2025-2026 school year expands on Deerfield’s commitment and tradition to need-based financial aid, not only offering the opportunity of a Deerfield education but also streamlining the application process for families applying.